Making sure your business is secure is probably one of the top things on your mind. For example, how to stay away from viruses, cyber attacks, and the day-to-day security of operations. Don't worry, you're not the only small-medium sized business owner facing this issue. Keep reading to see some statistics, and how you can stay safe.
Security isn't only a problem for large businesses. Every company, no matter the size, is at risk of being hacked. In fact, small businesses are at a greater risk because many of them don't have a security policy or view their IT as an expense.
Complacency isn't a defense. Every business needs to have a plan for the just in-case. Trust us, it's worth it.
Do you remember the WannaCry ransomware attack a few years ago? The average ransom that was asked was $1,300. Plus, hackers are starting to target smaller businesses.
The following stats are from Small Business Trends - Cyber Security Statistics: Numbers Small Businesses Need to Know.
- 43% of all cyber attacks are targeted to small businesses.
- Only 14% of small businesses rate their ability to mitigate cyber risks, vulnerabilities, and attacks as highly effective.
- 60% of small companies go out of business within 6 months of a cyber attack.
- 48% of data security breaches are caused by acts of malicious intent. Human error or system failure amount for the rest.
- 50% of SMBs have been breached in the past 12 months.
Statistics Canada also did a report on cybercrime findings. Here are a few things they found:
- Canadian businesses are reported to spend $14 billion to prevent, detect, and recover from cyber security incidents that occured in 2017. This only represents 1% of total revenues.
- 58% of impacted Canadian businesses experienced downtime.
- There are certain industries that are more likely to be targeted. Banking institutions - 47%, Universities - 46%, and Pipeline Transportation Subsector - 45%. But, these industries surpass the average for having a policy in place.
- Only 10% of businesses report cyber security attacks to the authorities.
- 33% of respondents said that the most significant impact of an attack is the time and resources required to respond to the incident.
- 78% of respondents were confident in their level of cyber-threat preparedness; 37% didn't have anti-malware protection installed; and 71% didn't have a patching policy.
- 54% of small businesses provide cyber security training to employees.
- 70% of data breaches happen to companies with less than 100 employees.
So, how can you be more on top of your business' network and data security? Below are a few solutions we recommend:
- Network monitoring
- Use virus protection
- Backup data
- Secure your networks
- Educate employees
- Use "https"
- Choose difficult passwords
- Always assume vulnerability
- Keep software up to date
We hope that this article was able to aide you with taking the necessary precautions with cyber security. Remember that you're not the only business that is dealing with this issue.
If you have anything you want to share (for example, first-hand experiences) or additional suggestions, comment in the section below.
cira. (2018). Fall 2018 Cybersecurity Survey. Retrieved February 11, 2019 from, https://cira.ca/2018-cybersecurity-survey-report
Mansfield, Matt. (2018). Cyber Security Statistics: Numbers Small Businesses Need to Know. Retrieved February 11, 2019 from, https://smallbiztrends.com/2017/01/cyber-security-statistics-small-business.html
Statistics Canada. (2018). Impact of cybercrime on Canadian businesses, 2017. Retrieved February 11, 2019 from, https://www150.statcan.gc.ca/n1/daily-quotidien/181015/dq181015a-eng.htm
Studebaker, Kirk. (2017). The 5 Most Common IT Problems Your Company Faces. Retrieved February 11, 2019 from, https://www.coordinated.com/blog/5-common-it-problems