27 Must-Know Statistics on Cybersecurity for Small Businesses in 2021

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 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.

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. 25% of Wordpress plugins used in Alexa's most popular sites are flagged with critical vulnerabilities that could let cryptojacking bots into your network.
4. Data breaches cost businesses $114 Billion USD, annually.
   
   
5. 3rd party app stores are responsible for 99.9% of mobile malware.
   
   
6. 62% of businesses experienced phishing and social engineering attacks in 2018.
   
   
7. In 2021, COVID-19 related social engineering attacks are on the rise for small businesses.
   
   
8. 3 out of 4 businesses believe they don’t have enough personnel to address their IT security. (Recently updated for 2021!)
   
   
9. Hackers attack every 39 seconds, on average 2,244 times a day.
   
   
10. 54% of SMBs believe their companies are “too small” to be hacked.
    
    
11. 71% of breaches were financially motivated and 25% were motivated by espionage.
    
    
12. Human error and system failures account for 52% of data security breaches.
    
    
13. 65% of SMBs have failed to act following a cyber security incident.
    
    
14. According to Verizon, 52% of breaches featured hacking, 28% involved malware and 32–33% included phishing or social engineering.
    
    
15. On average, only 5% of company folders are properly protected.
    
    
16. Fake invoices are the #1 disguise for distributing malware.
    
    
17. 68% of business leaders feel their cyber security risks are increasing in 2021.
    
    
18. Canadian small businesses spend more than $12,000 per employee to recover from a data breach.

1. Canadian small businesses suffering a breach were down for an average of 59 hours at a cost of $1.1 million (2018).
   
   
2. Remote work has increased the cost of a data breach by $143,000.
3. In the 2021 Data Breach Investigation Report, 94% of malware was delivered by email.
   
   
4. IoT devices experience an average of 5,200 attacks per month, with 61% of organizations experiencing an IoT security incident.
   
   
5. 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.
   
   
6. By the end of 2020, security services are expected to account for 50% of cyber security budgets.
   
   
7. 54% of SMBs do not have a plan in place to effectively deal with a cyber attack.
   
   
8. Experts recommend organizations spend between 7% and 10% of their IT budget on security.
   
   
9. Ransomware attacks were responsible for $20 Billion in losses in 2020.
10. Damage related to cybercrime is projected to hit $10.5 trillion annually by 2025.
    
    

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