For many years, cyber attackers were unlikely to target small businesses; after all, they had lesser known brand names and fewer financial resources. That’s not the case today.

Cyber criminals now know small business owners do not prioritize cyber security and that many of them do business online using services that don’t have strong encryption technologies. These mean giving hackers potential access to thousands of sensitive and personally-identifiable data like customer names, billing addresses, and credit card information. If you do B2B and you have big corpos as customers, you make for an even more attractive target because then you become an entry point.

Here are some important statistics on cybersecurity that every small business owner should know about.

43% of cyber attacks target small business (source)

According to Jeremy Grant, an adviser at the U.S. Department of Commerce’s National Institute of Standards and Technology, they have seen a sharp increase in hackers and cyber criminals targeting small businesses. Small companies are enticing to attackers because they tend to have weaker (or worse, zero) online security.

60% small companies go out of business within six months of a cyber attack (source)

It’s been found that many majority of small companies cannot sustain their businesses over a period of 6 months after suffering from an attack. This comes as no surprise; according to the Ponemon Institute, the average price that small businesses need to recover after their businesses have been hacked stands at about AU$900,000.

Small businesses are not proactively preparing against cyber attacks (source)

While many small business owners are concerned about the risk, small businesses are not prepared for attacks. Only 38% regularly upgrade software, and 31% monitor business credit reports, 22% encrypt databases. Moreover, more than half (51%) of small companies are not allocating any budget at all to mitigate cybersecurity risks.

As cyber criminals and hackers continue to target small enterprises, it becomes imperative for owners and employees to know how to protect both their company and their customers. Learn about cybersecurity best practices or contact Club IT today to get a free, no-obligation IT Basics Check.