27 Must-Know Cyber Security Statistics for Small Businesses

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:

  1. Worldwide spending on cyber security is forecasted to reach $133.7 billion in 2022.
  2. Authentic and new data breaches geared towards small businesses increased by over 400% in 2018 alone.
  3. 62% of businesses experienced phishing and social engineering attacks in 2018.
  4. 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).
  5. 3 out of 4 businesses believe they don’t have enough personnel to address their IT security.
  6. Hackers attack every 39 seconds, on average 2,244 times a day.
  7. 54% of SMBs believe their companies are “too small” to be hacked.
  8. 71% of breaches were financially motivated and 25% were motivated by espionage.
  9. Human error and system failures account for 52% of data security breaches.
  10. 65% of SMBs have failed to act following a cyber security incident.
  11. According to Verizon, 52% of breaches featured hacking, 28% involved malware and 32–33% included phishing or social engineering.
  12. On average, only 5% of company folders are properly protected.
  13. 48% of malicious email attachments are office files, with the top attachment types being .doc and .dot.
  14. 68% of business leaders feel their cyber security risks are increasing.
  15. Canadian small businesses spend more than $12,000 per employee to recover from a data breach.

business documents on office table with smart phone and digital tablet and graph financial with social network diagram and man working in the background

  1. By the end of 2020, the estimated number of passwords used by humans and machines worldwide will grow to 300 billion.
  2. Canadian small businesses suffering a breach were down for an average of 59 hours at a cost of $1.1 million (2018).
  3. In the 2019 Data Breach Investigation Report, 94% of malware was delivered by email.
  4. 83% of enterprise workloads will move to the cloud by the end of 2020.
  5. IoT devices experience an average of 5,200 attacks per month, with 61% of organizations experiencing an IoT security incident.
  6. 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.
  7. 69% of organizationsdon’t believe their anti-virus software can block the threats they’re seeing.
  8. Industry experts believe downtime costs businesses $5,600 per minute on average.
  9. By the end of 2020, security services are expected to account for 50% of cyber security budgets.
  10. 54% of SMBs do not have a plan in place to effectively deal with a cyber attack.
  11. Experts recommend organizations spend between 7% and 10% of their IT budget on security.
  12. Damage related to cybercrime is projected to hit $6 trillion annually by 2021.

How at risk is your business? Find out with the help of our Free Risk Assessment. Or, for more information on our fully comprehensive managed IT services, book your Free Consultation today.

Source: Varonis.com

Posted by Adrian Ghira on May 14, 2020 7:38:22 PM

Topics: cybersecurity, business, breach, data, SMB, cyberattack

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