Cyber Attacks on Small Businesses: On Average A $200,000 Problem

Jonesen TeamIndustry Insights

Do you know what will never happen?

Getting zero results when you google recent cyber attacks. That’s because cybercriminals don’t rest. In fact, the average website can expect over 60 cyber attacks daily.

Do you know what else is alarming? Contrary to what some small business owners might think, cybercriminals don’t just focus on the big guys.

43% of security incidents involved small businesses. This is according to Verizon’s latest DBIR or Data Breach Investigation Report.

That means if you’re running a small business with an online presence, you can’t afford to ignore digital security. Doing so can either cripple your company or worse, damage it to the point where recovery is impossible.

That said, here are some things every small business needs to know about cybersecurity.

The Cost of Cyberattacks

Hackers, scammers, and other cybercriminals want to gain access to your network for many reasons. They want to know your client lists and their credit card information, your banking details, your top-secret processes, and so on. And once they have these details, they can target your customers or sell your confidential information to the highest bidders.

What makes small businesses easy targets is the lack of resources and knowledge. Criminals know that small companies are likely not to invest in sophisticated monitoring systems and other cybersecurity measures.

One of the reasons is the perceived costs of cybersecurity. But that’s small compared to what businesses lose when attacked. On average it costs a business owner $200,000 per attack for failing to invest in better digital security.

Lessons You Can Learn from Recent Cyber Attacks

Knowing how attacks can impact your business, it’s not enough that you and your employees know about cybersecurity threats.

You should be honest about the capabilities of your company to defend against those threats and risks. Since you can’t turn your employees into digital security experts overnight, it’s best to work with an expert or consider hiring an in-house cybersecurity team.

Now, if your budget doesn’t allow for hiring an expert, consider consulting with cybersecurity service providers. Look for those who can provide security awareness training for your employees, as well as refresher courses if needed.

Take Small Business Cybersecurity Seriously

In today’s digital ecosystem, it’s not a question of why cybercriminals would want to attack your small business but rather when they will do it.

So make sure your company’s ready to guard against cyberattacks. Whether that means hiring a security expert or forming an in-house cybersecurity team is up to you. The important thing is you understand your risks and invest in the right digital security measures.

Cybersecurity Measure #1: Start with Your Website

Want to know more about protecting your website? Check out how we prevent poor web security for small businesses. Or if you own an online store, you may be interested in learning more about a more secure e-commerce solution.

Should you have any questions, don’t hesitate to contact us. You may also browse our site for more industry insights on web recent cyber attacks, security, web design, and managed hosting.