Cyber Security and Small Businesses: Statistics to Know

When asked, many small businesses will express concern about cyber security. However, a clear disconnect exist when less than half (49%) allocate any budget toward mitigating their risk. Before an attack can be prevented, a business needs to acknowledge where it stands. Is your business on the right side of these key cyber security statistics?

  • 43% of cyber-attacks target small businesses
  • 14% of small businesses rate their ability to mitigate cyber risk, vulnerabilities and attacks as highly effective
  • 60% of small companies go out of business within six months of a cyber attack
  • 48% of data security breaches are caused by acts of malicious intent. Human error or system failure accounts for the rest
  • Small businesses are most concerned about security of customer data
  • To justify a lack of protection, many small businesses will claim that they do not store any valuable client data, yet:
    • 68% store email addresses
    • 64% store phone numbers
    • 54% store billing addresses
  • Regarding cyber security habits, small businesses reported that only
    • 38% regularly upgrade software solutions
    • 31% monitor business credit repots
    • 22% encrypt databases
  • If a company has a password policy, only 35% strictly enforce it
  • 16% of respondents admitted that they only reviewed cyber security after an attack

How does your small business compare to these statistics? The time to review your cyber security is before it is compromised. With all that is at risk, you do not want to be a part of the 75% of small businesses that have no cyber risk insurance. For more information on how to protect your organization before an attack takes place, please contact Brian Kilcoyne, CIC at P: 617-612-6515/E: briankilcoyne@hkinsurance.com.

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