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Small businesses are increasingly targeted by cyberattacks, challenging the misconception that hackers only focus on large enterprises. In reality, are directly targeted towards small to mid-sized businesses (SMBs). 

Cybercriminals exploit weaker security measures, assuming that small businesses are easier to crack than larger corporations. Unfortunately, most small businesses lack financial preparedness and cyber insurance, making them vulnerable. For some, a successful cyberattack could even lead to business closure. In fact, are forced to close their doors within six months. 

However, awareness is growing. Small businesses now recognize they are prime targets and are actively enhancing their security practices. 

Let's explore the latest relevant to small businesses and discover how they can defend themselves. 

What's In This Article?

Impact of Breaches:

1.  ⇾   46% of all cyber breaches affect companies with fewer than 1,000 employees. 

2. ⇾&²Ô²ú²õ±è;In 2021, 61% of SMBs were targeted by cyberattacks.

3. Malware Prevalence ⇾&²Ô²ú²õ±è;Malware accounts for 18% of cyberattacks on small businesses.

4. ⇾&²Ô²ú²õ±è;82% of ransomware attacks in 2021 hit companies with fewer than 1,000 employees.

5.   â‡¾ 37% of ransomware victims had fewer than 100 employees. 

6. &²Ô²ú²õ±è;⇾ Small businesses receive one targeted malicious email per 323 emails.

7. ⇾&²Ô²ú²õ±è;Employees at small businesses face 350% more social engineering attacks than those at larger enterprises.

8. ⇾&²Ô²ú²õ±è;87% of small businesses hold customer data that could be compromised.

9. ⇾&²Ô²ú²õ±è;27% of small businesses without cybersecurity protections collect customers' credit card information.

Cost of Cybersecurity:

10. ⇾&²Ô²ú²õ±è;66% of U.S. consumers would hesitate to continue business with breached companies.

11. ⇾&²Ô²ú²õ±è;Cybersecurity incidents cost SMBs between $826 and $653,587 on average.

12. ⇾&²Ô²ú²õ±è;50% of SMBs take 24 hours or longer to recover from an attack.

13. ⇾&²Ô²ú²õ±è;51% of small businesses experience website downtime of 8-24 hours.

14. ⇾&²Ô²ú²õ±è;In 2020, over 700,000 attacks on small businesses resulted in $2.8 billion in damages.

15. ⇾&²Ô²ú²õ±è;Nearly 40% of small businesses lost crucial data due to attacks.

16. ⇾&²Ô²ú²õ±è;51% of ransomware victims pay the ransom.

17. ⇾&²Ô²ú²õ±è;75% of SMBs cannot continue operating after a ransom attack.

18. ⇾&²Ô²ú²õ±è;Only 17% of small businesses have cyber insurance.

19. ⇾&²Ô²ú²õ±è;48% of insured companies purchased insurance after an attack.

20. ⇾&²Ô²ú²õ±è;64% of small businesses are unfamiliar with cyber insurance.

Preparedness Measures:

21. ⇾&²Ô²ú²õ±è;47% of businesses with less than 50 employees lack a cybersecurity budget.

22. ⇾&²Ô²ú²õ±è;51% of small businesses have no cybersecurity measures in place.

23. ⇾&²Ô²ú²õ±è;36% of SMBs are not concerned about cyberattacks.

24. ⇾&²Ô²ú²õ±è;59% of owners without measures believe their business is too small to be attacked.

25. ⇾&²Ô²ú²õ±è;Only 17% of small businesses encrypt data.

26. ⇾&²Ô²ú²õ±è;53% of companies have implemented multi-factor authentication.

27.  ⇾&²Ô²ú²õ±è;80% of hacking incidents involve compromised credentials. 

Conclusion

The increasing frequency of cyberattacks on small businesses highlights the urgent need for enhanced cybersecurity measures. Despite the prevalent misconception that only large enterprises are targeted, statistics reveal that small to mid-sized businesses are often more vulnerable due to weaker security protocols. The financial and operational impacts of these breaches can be devastating, with many businesses unable to recover.

However, growing awareness among small business owners is a positive trend. By investing in robust cybersecurity practices, including data encryption and multi-factor authentication, and considering cyber insurance, small businesses can significantly reduce their risk and protect their assets. Prioritizing cybersecurity is no longer optional but a critical component of sustaining business operations. 

At ºÚÁÏÍø, we understand the unique cybersecurity challenges that SMBs face. Our comprehensive cybersecurity solutions are designed to protect your business from the evolving threat landscape. From data encryption and multi-factor authentication to tailored cybersecurity strategies, we have the expertise to safeguard your assets.

Take Action Today!

• Discover how our IT Services can strengthen your cybersecurity posture. 
• Explore our Managed IT Services to ensure your business is always protected.
• Contact us for a Free Consultation to assess your cybersecurity needs. 

Don't wait until it's too late. Protect your business with ºÚÁÏÍø's expert cybersecurity solutions and ensure your operations are secure and resilient.