Cybersecurity is important for all businesses — and small businesses are no exception. Whether you operate a sole proprietorship, or if you have a small team of employees, you should take precautions to secure your small business’s information technology (IT) infrastructure. Without an iron-clad cybersecurity strategy, your small business may become the victim of a cyber attack. Below are five facts about small business cybersecurity that you need to know.
#1) 43% of Cyber Attacks Involve Small Businesses
It’s not always the Fortune 500 companies and other large businesses that are targeted by cyber attacks. Statistics show that 43% of all cyber attacks involve small businesses. Hackers view them as low-hanging fruit. Small businesses have fewer resources to defend against cyber attacks than large businesses. With their weakened state of cybersecurity, they are easier for hackers to target.
#2) Over Half of All Small Business Cyber Attack Victims Go Out of Business
If your small business is targeted by a cyber attack, you may be forced to shut it down. It’s estimated that over half of all small businesses that experience a cyber attack go out of business within six months. Some of them lack a disaster recovery plan, others simply don’t have the tools or experience to deal with a cyber attack. The bottom line is that many small businesses go out of business due to a cyber attack.
#3) Phishing Is One of the Most Common Types of Attacks
Of all the different types of cyber attacks to which small businesses are susceptible, phishing remains one of the most common. Phishing is a social engineering-based cyber attack. It involves an attacker deceiving or otherwise tricking a business into revealing sensitive information. Phishing is often used to obtain credit card numbers, Social Security numbers and other sensitive information.
#4) Four in Five Ransomware Attacks Involve Small Businesses
Another disturbing fact about small business cybersecurity is that four in five ransomware attacks involve small businesses. Ransomware is a type of malware that’s designed to lock — typically through encryption — the files on a computer while requesting a payment from the victim.
#5) Less Than Half of All Small Businesses Have a Disaster Response Plan
Does your small business have a disaster response plan? If not, you aren’t alone. Statistics show less than half of all small businesses have a disaster response plan. They assume they are protected from disasters like cyber attacks, so they don’t bother creating a plan.