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 regarding cybercrime stats:
We gathered some of stats for you small business owners out there, looking to understand just how far small business cyber security has come.
- 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.
- 25% of Wordpress plugins used in Alexa's most popular sites are flagged with critical vulnerabilities that could let cryptojacking bots into your network.
- Data breaches cost businesses $114 Billion USD, annually.
- 3rd party app stores are responsible for 99.9% of mobile malware.
- 62% of businesses experienced phishing and social engineering attacks in 2018.
- In 2021, COVID-19 related social engineering attacks are on the rise for small businesses.
- 3 out of 4 businesses believe they don’t have enough personnel to address their IT security. (Recently updated for 2021!)
- 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.
- Fake invoices are the #1 disguise for distributing malware.
- 68% of business leaders feel their cyber security risks are increasing in 2021.
- Canadian small businesses spend more than $12,000 per employee to recover from a data breach.
- Canadian small businesses suffering a breach were down for an average of 59 hours at a cost of $1.1 million (2018).
- Remote work has increased the cost of a data breach by $143,000.
- In the 2021 Data Breach Investigation Report, 94% of malware was delivered by email.
- 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.
- 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.
- Ransomware attacks were responsible for $20 Billion in losses in 2020.
- Damage related to cybercrime is projected to hit $10.5 trillion annually by 2025.