Small Business Cyber Security Statistics doesn’t need any introduction. Each day you might be reading thousands cyber attacks cases throughout the globe. Moreover, evidence of the growing number of cyber attackers is prevalent. If you are among one of those small businesses that don’t consider the state of their IT security needs, then you must consider the SMB cybersecurity statistics. Nearly 60 per cent of small businesses will be forced to shut within six months of a data breach. Companies don’t need to be massive corporations or a treasure of sensitive information to be frequent targets of cybersecurity breaches. In fact, despite their size, small businesses account for the majority of data breaches which is 58%.
Are you still having the “this won’t happen to me mentality,” then you must give this fact a concern that 43 per cent of the time small businesses are targeted by the cyber attackers? These statistics are presented not to scare you, but rather to make you understand where your business is most vulnerable. Many of you won’t have the slightest idea of what attackers can do with your company data. This concern is not just for the individuals, but for EVERYONE!
However, you may find the above information unrealistic, but the reality is hard-hitting. So let’s move ahead with insights, statistics, and trends related to Cybersecurity Statistics for 2020.
Small Business Cyber Security Statistics
The numbers below, show that small businesses are not only at the verge of risk but have already been attacked as per the latest cybersecurity statistics:
- 55 per cent of respondents report that their companies have experienced a cyber attack in the past 12 months.
- On the other hand, 50 per cent report they had data breaches involving customer and employee information in the past 12 months.
This can happen even after enabling two-step verification for your accounting and other financial software.
What Information Must You Protect From Cyber Attackers?
No matter whether you own a small business or a large enterprise, data security must be your foremost concern when it comes to cybersecurity issues. Here, with the help of the bar graph, we have tried to make the users aware as what information do they need to protect from the attackers as per the Small Business Cyber Security Statistics.
What Kind Of Attacks Can Your Business Experience?
When it comes to cybersecurity risks, we can break it down in the following way
Now, you might be wondering what can be the reason behind such attacks. To know more about the Small Business Cyber Security Statistics, stay tuned!
What Are The Root Causes Of The Data Breaches That Businesses Experience?
1: RANSOMWARE CAN TARGET ANY BUSINESS
Just imagine, one day when you visit your workplace and find out that all your computers or laptops have been locked out. Additionally, a threatening message flashes on the screens of all the computers, asking for a considerable amount as a ransom for unlocking those hacked systems.
Stressful. Well, that’s not even an inch closer. Here’s why.
Well, it is not something that takes place once in a blue moon. Such an incident is an excellent example of ransomware that locks up all your crucial company data. The rest is evident enough; if you are unable to fulfil the ransom demand, the consequences can be terrifying. It can be in the form of stolen data, hacked systems and destruction of backup files. It is a common problem of both small and medium-sized businesses; thus, it is essential to consider the SMB cybersecurity statistics.
Currently, the situation is getting worse, and things are out of control. Thus, you must know how to protect QuickBooks from ransomware attacks. No matter how advance technology has become, cybercrime is no way behind. Here, we have mentioned some of the troubling evolutions that demand an increased SMB’s cybersecurity.
- According to the small business cyber attack statistics, you nearly have to pay $133,000 for a ransomware attack on SMB businesses.
- In the year 2019, an average ransomware payment has seen a hike from US$12,762 to US$36,295. It is approximately thrice of the initial value.
- As per the current records, at least 1 SMB falls victim to ransomware every 14 seconds.
The targets of the cybercriminals are those firms who lack proper data backup and avail a low monetary backup. You’ll be shocked to know that the U.S tops the ransomware attack rank with a staggering 18.2%. It’s easy to resolve every error you come across; all you need is the right resource. QuickBooks Cloud Hosting is one such service that can eliminate all your data damage issues effortlessly.
2: NEGLECTING SMALL BUSINESS CYBERSECURITY AWARENESS TRAINING
A report from Fraudwatch about the latest cyberattacks highlighted the fear of cybersecurity breaches. Nearly 95% of the breaches were related to human errors. All these signify that it is high time when SMBs need to be well prepared to handle cyber-attacks. One such reason for this can be inexperienced staff. At times, your team doesn’t know how your software works due to lack of proper training, nor they have an effective small business cybersecurity plan to tackle such adverse situations. Sadly, once the damage has occurred, you can’t do enough to recover your data.
But, there is an alternative that asks for a one-time investment and avails more than what you paid for it. You can keep all your data secure by hosting QuickBooks on a server. No matter what adversity your data comes across, your service provider will recover your data for you
No one wants to keep their data at risk, but it’s just lack of awareness that one has that make them the victim. Thus, you must be aware of all the crucial Cybersecurity facts as per the Small Business Cyber Security Statistics.
3: PHISHING ATTACKS
Microsoft published a report that highlighted the gradual increase of phishing scams. When recorded in September 2018, the scam percentage was approximately 0.31%. However, the numbers saw a spiking increase of 0.62% in September 2019.
Phishing attacks have become a tool, wherewith the help of your email one can extract all your confidential information. A minor mistake and all your data will fall in the lap of a scammer. Sometimes, you may find the mails authentic when seen at first, but it confuses most of the tech-savvy individuals, and they end up losing all their valuable information.
Here, we have attached a comparative graph that distinguishes the different types of cyber-attacks that businesses come across. When compared with social engineering and malware, the threat levels have gone down considerably level by 2019.
To get rid of all such risks, you need to take into account some considerations of QuickBooks Cloud hosting to keep your data protected from any malware or data breach.
Apart from all these, there are several reasons. We have simplified it for you with the help of the graph below:
Conclusion
Once you have identified and compared the Small Business cybersecurity statistics, you can’t leave the problem without knowing a potential solution. You can tackle the risks that we have highlighted above with utmost efficiency if SMBs provide proper training to their staff and switch to a better option like QuickBooks cloud hosting services. You can reduce the chances of you getting scammed or hacked by moving to the cloud platform. If you need any further assistance, you can take the aid of our cloud expert by dialing our cloud hosting helpline number +1(855)-738-0359.
Oriana Zabell, a professional cloud engineer, has over three years of experience in desktop, online QuickBooks support and troubleshooting. She is currently working as a cloud hosting consultant with Asquare Cloud Hosting. She loves to read and write about the latest technologies such as cloud computing, AI, DaaS, small businesses, manufacturing. When not writing, she is either reading novels or is indulged in a debate with movie fanatics.