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Small Business Cyber Security Statistics in 2023

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Small Business Cyber Security Statistics in 2023. Cyberattacks against small businesses have been on the rise in recent years. Despite the attitude among many small business owners. In fact, certain types of attacks–social engineering attacks, like phishing, for example–are much more commonly aimed at small businesses.

Cybercriminals assume that weaker security measures will make small businesses easier to crack than larger enterprises. Small businesses are generally not financially prepared for an attack, and most of the businesses dont have the cyber security strategy. For many smaller companies, a successful cyberattack may even put them out of business.

We’ve gathered the most recent cybersecurity statistics relevant to small businesses. Read on to find out exactly what they are up against and what steps they can take to defend themselves.

Small business cyberattack overview statistics

1. 46% of all cyber breaches impact businesses with fewer than 1,000 employees.

2. 61% of SMBs were the target of a Cyberattack in 2021.

3. At 18%, malware is the most common type of cyberattack aimed at small businesses.

4. 82% of ransomware attacks in 2021 were against companies with fewer than 1,000 employees.

5. 37% of companies hit by ransomware had fewer than 100 employees.

6. Small businesses receive the highest rate of targeted malicious emails at one in 323.

7. Employees of small businesses experience 350% more social engineering attacks than those at larger enterprises.

8.
 87% of small businesses have customer data that could be compromised in an attack.

9. 27% of small businesses with no cybersecurity protections at all collect customers’ credit card info.

10. 55% of people in the U.S. would be less likely to continue doing business with companies that are breached.

11.
 95% of cybersecurity incidents at SMBs cost between $826 and $653,587.

12.
 50% of SMBs report that it took 24 hours or longer to recover from an attack.

13. 51% of small businesses said their website was down for 8 – 24 hours.

14. In 2020 alone, there were over 700,000 attacks against small businesses, totaling $2.8 billion in damages.

15. Nearly 40% of small businesses reported they lost crucial data as a result of an attack.

16. 51% of small businesses that fall victim to ransomware pay the money.

17. 75% of SMBs could not continue operating if they were hit with ransomware.

18. Just 17% of small businesses have cyber insurance.

19. 48% of companies with insurance did not purchase it until after an attack.

20. 64% of all small businesses are not familiar with cyber insurance.

21. 47% of businesses with fewer than 50 employees have no cybersecurity budget.

22. 51% of small businesses have no cybersecurity measures in place at all.

23. 36% of small businesses are “not at all concerned” about cyberattacks.

24. 59% of small business owners with no cybersecurity measures in place believe their business is too small to be attacked.

25. Only 17% of small businesses encrypt data.

26. 20% of small businesses have implemented multi-factor authentication.

27. 80% of all hacking incidents involve compromised credentials or passwords.

28. One-third of small businesses with 50 or fewer employees rely on free, consumer-grade cybersecurity solutions.

29. 76% of small businesses that increased cybersecurity spending cited rising fear of new threats.

30. 42% of small businesses have revised their cybersecurity plan since the COVID-19 pandemic.

31. Nearly half of small businesses spend less than $1,500 monthly on cybersecurity.

32. 22% of small businesses increased cybersecurity spending in 2021.

33. SMBs spend 5% to 20% of their total IT budget on security.

34. 29% of businesses that suffered a breach responded by hiring a cybersecurity firm or dedicated IT staff.

35. Antivirus software (58%), firewalls (49%), VPNs (44%), and password management (39%) are the top four cybersecurity tools SMBs are adopting.

"Few small businesses prioritize cybersecurity or devise comprehensive strategies to prevent or respond to attacks, and hackers know it. The following statistics sketch out a threat landscape that small businesses can’t afford to ignore."

46% of all cyber breaches impact businesses with fewer than 1,000 employees.

– Verizon’s 2021 Data Breach Investigations Report

71% of SMBs were the target of a Cyberattack in 2023

– ETSPL’s 2023 Cyberattacks Report

Related Articles:

18%, malware is the most common type of cyberattack aimed at small businesses.

– Malware is followed in popularity by phishing (17%), data breaches (16%), website hacking (15%), DDoS attacks (12%) and ransomware (10%), according to a survey from March 2022.

82% of ransomware attacks in 2022 were against companies fewer than 1,000 employees.

– Attackers are turning away from mega-sized targets to focus on small or mid-sized companies, since risk of exposure and arrest are generally not as great. RDP compromise–via access to a system administrator or user password–is the most common break-in method in these types of attacks.

Small business cyber attacks insides:

1. Small businesses receive the highest rate of targeted malicious emails at one in 323.

Such threats, including phishing, spam and email malware, are most commonly aimed at businesses with fewer than 250 employees. One in 323 emails to businesses of this size is malicious a lot considering the average office worker receives 121 emails per day. 

2. Employees of small businesses experience 350% more social engineering attacks than those at larger enterprises.

Social engineering attacks–including phishing, baiting, quid pro quo, pretexting, and tailgating–rely on human interaction and psychology to get targets to break normal security rules and practices. Small businesses are particularly vulnerable. Those with fewer than 100 employees receive 350% more threats than larger companies. CEOs and CFOs are popular targets, as are executive assistants with access to the accounts of high-level company members.

3. 87% of small businesses have customer data that could be compromised in an attack. 

According to a study from March of this year, this includes sensitive data like credit card info, social security numbers, bank account info, phone numbers, and addresses. This means that beyond the damage a business sustains when it is breached, its customers may also be impacted through identity theft, privacy violations, etc. In fact, the same study found that 27% of small businesses with no cybersecurity protections at all collect customers’ credit card info.

4. One-third of small businesses with 50 or fewer employees rely on free, consumer-grade cybersecurity solutions. 

The same 2020 study of 3,083 small business owners in the US and UK also found one in five companies of this size use no endpoint security at all. Small businesses may fall back on these solutions, feeling that enterprise-grade technology is too complex or expensive to use. Unfortunately, cybercriminals are aware of these vulnerabilities among small businesses, and it’s one reason they are increasingly targeting them.

5. Only 17% of small businesses encrypt data.

Data encryption is a crucial cybersecurity measure that a business’s data, and their customers’ data, is vulnerable without. It ensures that data cannot be read by an attacker even in the event that they get past the firewall and can dramatically mitigate the cost of a cyberattack. Companies may find encryption technology complicated, which helps explain why it is not more widely used.

6. 69% of small business owners with no cybersecurity measures in place believe their business is too small to be attacked. 

This attitude persists despite the steadily climbing percentage of cyberattacks that hit small businesses. In fact, certain types of attacks are most commonly aimed at small businesses. For example, companies with fewer than 100 employees receive 350% more social engineering attacks–including phishing, baiting, and pretexting than larger companies.

7. 86% of small businesses are “not at all concerned” about cyberattacks. 

Concern about attacks tends to be lowest among companies with predominately in-person operations. Online-only and hybrid businesses are considerably more concerned about cyberattacks.

If you want to learn more about how to effectively protect your business, we recommend to consult our expert team to protect your small business within your budget.

ETSPL
If you want to learn more about how to effectively protect your business, we recommend to consult our expert team to protect your small business within your budget.

If you want to see how we can help you secure your business, sign up for a free product demo.

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