Thu. Nov 26th, 2020

Why Small Business Should Care About Cyberattacks, in 5 Charts

Although cyber attacks on big companies continue to dominate the news, small businesses are targets, too. New information shows that nearly half of all cybercrime targets small businesses. Admittedly, smaller companies have less data to steal, but, in many instances, they act as a secret passage to the larger companies they work with, which makes them the ideal target for hackers.

 

However, most small business owners do not have a plan for response if they’re hit, which is a major problem because cyber attacks targeting small businesses can range from mildly annoying to highly destructive.

 

1. The United States is the top target for attack groups.

 

How likely you are to have your computer security compromised depends on the city you live in. Florida has two spots on the list of top ten cities with the most malware infections: Orlando comes in second and Tampa comes in fifth. But, Atlanta topped the list.

 

Source: Enigma Software

 

2. Business owners face an endless array of cyber threats.

 

More small businesses are experiencing highly sophisticated and targeted cyber attacks. However, roughly 47 percent of business owners say they do not know how to protect against cyber attacks.

 

Source: Small Business Trends

 

3. The average cost of a cyber incident increases as your company grows.

 

For small businesses, the estimated direct cost of a cybersecurity incident is $34, 604. The indirect cost, however, can include lost customers, damage to your brand’s reputation and worst case scenario, loss of your business — 60 percent of small companies close within six months of falling victim to a cyber attack or a data breach.

 

Source: Hiscox 2018 Small Business Cyber Risk Report

 

4. People are the weakest link in the cybersecurity chain.

 

Most malicious attacks rely on human nature rather than technical vulnerability. In fact, more than 99 percent of today’s cyber attacks are human activated. To succeed, a person at the other end must open the weaponized document, click on an unsafe link, type in their credentials, or, in some cases, directly carry out the attacker’s command (wiring money or sending sensitive files).

 

Source: Proofpoint 2018 The Human Factor Report

 

 

5. Hackers continue to strengthen and evolve their cyber tactics.

 

83 percent of spear-phishing attacks involve brand impersonation. In most brand impersonation attacks, scammers use email to impersonate a trusted entity.

 

Source: Barracuda 2019 Spear Phishing: Top Threats and Trends