According to the Kaspersky Lab, the average annual cost of cyber-attacks to small and medium-sized businesses was over $200,000 in 2018. Unfortunately, most small businesses don’t have that kind of money lying around and, as a result, nearly 60 percent of the small businesses victimized by a cyber-attack go out of business within six months of the attack. Why do hackers target small sized businesses? Simply put it this way…it’s because they CAN and they will continue to attack until you secure your online assets and data with a professional cybersecurity solution.

Nearly 60 percent of the small businesses victimized by a cyber-attack go out of business within six months of the attack.

It is typical for small business owners to not pay attention to cybersecurity because they believe their business is not worth being attacked. Instead, SMBs tend to focus their energy on generating sales and leveraging revenue in order to make sure their operations run smoothly and for their business to grow. Of course, business growth should always be the primary objective for owners. However, this is the exact reason they are perfect targets for hackers. According to Towergate Insurance, “small businesses often underestimate their risk level, with 82 percent of small business owners saying they’re not targets for attacks because they don’t have anything worth stealing.” Not taking the proper steps to make sure your company data is secured could lead to a potential breach that could be irreversible.

Small businesses are appealing targets for hackers because they have more digital assets to target than an individual consumer but less security than a larger enterprise. Hackers are aware that small businesses do not always have the funds and personnel available to enact strict security protocol and regulations. Due to the low priority of computer and network protection, hacking a small business is relatively easy for criminals. There’s a low chance of being caught, and it still offers lucrative financial rewards. This makes your small business a prime target for hackers.

Here are a few statistics regarding cybersecurity you should know if you are a small business owner:

• 43 percent of cyber attacks target small businesses.
• 45 percent of small businesses do not formally train their employers in cybercrime prevention.
• 69 percent of small businesses are unaware of the true risk of hacking.

So, what can you do from here? Reach out to Communications Deployment Partners today to learn more on how you can protect your company from potential threats. Also, keep an eye out for our upcoming posts that will focus on different types of cyber attacks, cybersecurity solutions, and best security practices for your small business.