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June 10, 2017

Cyber Security Statistics – Numbers Small Businesses Need To Know

We’ve collected these cyber security statistics for small businesses from a variety of sources.

General Small Business Cyber Security Statistics

  • 43 percent of cyber attacks target small business.
  • Only 14 percent of small businesses rate their ability to mitigate cyber risks, vulnerabilities and attacks as highly effective.
  • 60 percent of small companies go out of business within six months of a cyber attack.
  • 48 percent of data security breaches are caused by acts of malicious intent. Human error or system failure account for the rest.
  • Small businesses are most concerned about the security of customer data:

CYBER SECURITY STATISTICS - Numbers Small Businesses Need to Know

Small Business Cyber Security Attack Statistics

The numbers show that small businesses are not only at risk of attack, but have already been attacked:

  • 55 percent of respondents say their companies have experienced a cyber attack in the past 12 months(May 2015 -May 2016), and
  • 50 percent report they had data breaches involving customer and employee information in the past 12 months (May 2015 -May 2016).

CYBER SECURITY STATISTICS - Numbers Small Businesses Need to Know

  • In the aftermath of these incidents, these companies spent an average of $879,582 because of damage or theft of IT assets.
  • In addition, disruption to normal operations cost an average of $955,429.
  • The types of cyber attacks broke out as following:

CYBER SECURITY STATISTICS - Numbers Small Businesses Need to Know

  • The root causes of data breaches broke out as following:

CYBER SECURITY STATISTICS - Numbers Small Businesses Need to Know

Small Business Cyber Security Prevention Statistics

  • While many small businesses are concerned about cyber attacks (58 percent), more than half (51 percent) are not allocating any budget at all to risk mitigation.
  • Dangerous disconnect: one of the more popular responses as to small businesses they don’t allocate budget to risk mitigation was that they, “feel they don’t store any valuable data.” Yet a good number reported that they in fact DO store pieces of customer information that are of significant value to cyber criminals:
    • 68 percent store email addresses;
    • 64 percent store phone numbers; and
    • 54 percent store billing addresses.
  • Small businesses reported that only:
    • 38 percent regularly upgrade software solutions;
    • 31 percent monitor business credit reports; and
    • 22 percent encrypt databases.
  • If a company has a password policy, 65 percent of respondents say they do not strictly enforce it.
  • 16 percent of respondents admitted that they had only reviewed their cybersecurity posture after they were hit by an attack.
  • 75 percent of small businesses have no cyber risk insurance

 

Cyber SEcurity Photo via Shutterstock

This article was written by and originally appeared on Small Business Trends, 1/3/17

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