Without a doubt, small business owners have a lot on their plate. From managing employees to managing PR, from building a website to finding office space - there is always something more to do. Which might be why SMBs sometimes neglect cybersecurity, believing they won't be targeted by digital crooks.
Nothing could be further from the truth. Below are some shocking statistics that will wake you up to the need for proper cybersecurity protocols. Additionally, CyberPolicy offer cybersecurity insurance quotes for businesses just like yours.
According to Fox Business, 43 percent of cyberattacks specifically target small businesses.
Hackers know that SMBs lack the resources of a large corporation and are often bereft of cyber defenses, making them an easy target.
The Denver Post reports that 60 percent of SMBs go bankrupt in the six months after a data breach.
Due to combination of reputational damage, business losses and costly data retrieval, more than half of victimized SMBs shut their doors forever.
The same survey found that 50 percent of the companies that experienced a data breach involved customer and employee information.
Do you think your customers will continue to do business with you after their personal and financial information has been leaked? How would you feel knowing you put your employees at of risk of identity theft?
Only 14 percent of small companies rate the ability to mitigate cyberattacks as "highly effective."
No business is immune to cyberattack, but a surprising number of businesses lack a defense infrastructure they can be proud of.
Regrettably, 16 percent of business owners admit they only review their cybersecurity posture after being attacked.
But by then it is too late.
Employee negligence is the root cause for 48 percent of data breaches.
While human error is admittedly the weakest link in the cybersecurity chain, employee education and regular training session can dramatically improve your chances of withstanding an attack.
According to Sophos, 55 percent of internet users use the same password (or a differentiation of the same password) for all their accounts.
This is bad, bad news. If a hacker is able to lift your sign-in credentials via a phishing email or brute force attack, they will then be able to shop around your password until they gain access to everything you own, including work email, online banking, social media pages and more. Use a password manager to develop stronger credential for all your accounts.
More than 60 percent of consumers think free public internet is safe.
While everyone loves free Wi-Fi at the coffee shop, user activity on these networks are visible to potential hackers and digital eavesdroppers. If you must use public Wi-Fi, at least employ a virtual private network (VPN).
Small Business Trends reports that 75 percent of small businesses have no cyber risk insurance.
Don't let your organization become another statistic! Invest in cyber risk insurance from CyberPolicy to defend your business against the deleterious effects of data breach, cyberattack or litigation.
Ready to make a change? Compare cybersecurity quotes today!