Did you know that 43% of recent cyber attacks are directly targeted towards small to mid-sized businesses (SMBs)? Or that 60% of SMBs victimized by an attack are forced to close their doors within six months? As a business owner, having access to relevant information can help you make better decisions when it comes to keeping your organization safe.
Here’s what you need to know:
- Worldwide spending on cyber security is forecasted to reach $133.7 billion in 2022.
- Authentic and new data breaches geared towards small businesses increased by over 400% in 2018 alone.
- 62% of businesses experienced phishing and social engineering attacks in 2018.
- The average cost per lost or stolen records per individual is $141 — but that cost varies per country. Breaches are most expensive in the United States ($225) and Canada ($190).
- 3 out of 4 businesses believe they don’t have enough personnel to address their IT security.
- Hackers attack every 39 seconds, on average 2,244 times a day.
- 54% of SMBs believe their companies are “too small” to be hacked.
- 71% of breaches were financially motivated and 25% were motivated by espionage.
- Human error and system failures account for 52% of data security breaches.
- 65% of SMBs have failed to act following a cyber security incident.
- According to Verizon, 52% of breaches featured hacking, 28% involved malware and 32–33% included phishing or social engineering.
- On average, only 5% of company folders are properly protected.
- 48% of malicious email attachments are office files, with the top attachment types being .doc and .dot.
- 68% of business leaders feel their cyber security risks are increasing.
- Canadian small businesses spend more than $12,000 per employee to recover from a data breach.
- By the end of 2020, the estimated number of passwords used by humans and machines worldwide will grow to 300 billion.
- Canadian small businesses suffering a breach were down for an average of 59 hours at a cost of $1.1 million (2018).
- In the 2019 Data Breach Investigation Report, 94% of malware was delivered by email.
- 83% of enterprise workloads will move to the cloud by the end of 2020.
- IoT devices experience an average of 5,200 attacks per month, with 61% of organizations experiencing an IoT security incident.
- 37% of Canadian small businesses affected by a data breach estimate the attack cost over $100,000, while 20% (one in five) had no idea of the cost of the breach.
- 69% of organizationsdon’t believe their anti-virus software can block the threats they’re seeing.
- Industry experts believe downtime costs businesses $5,600 per minute on average.
- By the end of 2020, security services are expected to account for 50% of cyber security budgets.
- 54% of SMBs do not have a plan in place to effectively deal with a cyber attack.
- Experts recommend organizations spend between 7% and 10% of their IT budget on security.
- Damage related to cybercrime is projected to hit $6 trillion annually by 2021.