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Small Business Cyber Security Statistics You Need to Know

Maddie Shepherd - fundera December 16, 2020
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Cyber security statistics are surprisingly pertinent for small businesses. Unfortunately, because small businesses handle customer data—and don’t necessarily have the resources to keep it as secure as larger businesses—they’re often targets for cyber crimes. As a result, it’s worthwhile to get an idea of the landscape by reading up on small business cyber security statistics.

 

Learning about the numbers on where cyber crime and small businesses collide might be a bit intimidating—it’s not quite comforting to hear all the different cyber risks your business might face. That said, educating yourself on the climate of small business cyber security is certainly worth any discomfort it might cause. After all, what you learn here could very well get you heighten your small business cyber security, which could end up saving your business. 

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1. 43% of cyber attacks target small businesses.

Surprisingly enough, 43% of cyber attacks are made against small businesses. And this number has seriously increased—it was a mere 18% just a few years ago. As larger businesses are dedicating more resources to and becoming more savvy about cyber security, cyber criminals seem to be turning to smaller businesses as a result. And because they’re most often after a business’s money, they typically target the employee who handles a business’s finances. 

 

2. 60% of small businesses that are victims of a cyber attack go out of business within six months.

According to the US National Cyber Security Alliance, 60% of small businesses that suffer a cyber attack go out of business within half a year. That’s right—if a cyber criminal successfully breaches your small business’s data, then odds are that your business will have to shutter within just six months. We’ll dig into the details soon, but cyber attacks cost a lot of money to bounce back from. And, unfortunately, most small businesses aren’t able to come up with the funds to do so.

 

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3. Cybercrime costs small and medium businesses more than $2.2 million a year.

To broadly understand just how much cyber attacks cost businesses, consider that cybercrime costs small and medium businesses more than $2.2 million a year. These costs can come from various mishaps that occur in the wake of a cyber attack or vulnerability—not the least of which is downtime.

 

4. There was a 424% increase in new small business cyber breaches last year.

The rate at which cyber attacks against small businesses grew last year is a staggering 424%. This means that small business cyber breaches grew more than 5 times last year when compared to the previous year.It seems that cyber criminals are targeting small businesses in hoards. It’s easy to intuitively assume that cyber criminals would target larger businesses—more customer data and revenues equals more money, right? Unfortunately, this doesn’t seem to be the case.

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