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Five Facts About Cybersecurity Threats That SMBs Should Know

November 21, 2024

Cybersecurity threats present a significant challenge for small and medium-sized businesses (SMBs). Some SMBs believe that due to their smaller size, their business will not be a target.  However, with limited resources, SMBs are in fact prime targets for cybercriminals, making awareness and preparation essential.  

So, here are 5 facts small and medium-sized businesses should know about cybersecurity threats: 

 

1) 75% of SMBs Would Be Unable to Operate After a Ransomware Attack

Ransomware attacks compromise critical business data and demand payment for its release. For 75% of SMBs, such an attack would lead to an operational shutdown, making ransomware one of the most devastating threats smaller businesses face today. [1]  

Solution: Implement regular data backups, test your recovery plans, and train employees to recognize phishing – the leading cause of ransomware.   

2) 40% of SMBs Lose Crucial Data Due to Cyberattacks

Cyberattacks can lead to permanent data loss, including customer, client, and patient records and proprietary business information. For nearly 40% of SMBs, recovering from such losses can be financially and operationally debilitating.  [1] 

Solution: Use data-encryption, access controls, and cloud-based systems to secure your critical data.   

3) Cybersecurity Incidents Cost SMBs a Median of $46,000

The fiscal impact of a cyberattack ranges widely but often hits SMBs hard. Costs include downtime, data recovery, legal fees, and reputational damage. [2] 

Solution: Invest in cyber insurance to mitigate financial risks and conduct regular vulnerability assessments to reduce exposure. 

4) 48% of SMBs Experienced a Cybersecurity Incident in the Past Year

Almost half of SMBs faced phishing, malware, or other security incidents in the last 12 months, emphasizing the need for proactive defense strategies. [3] 

Solution: Strengthen your defenses with firewalls, endpoint protection, and regular employee training.  

5) Only 43% of SMBs Understand their Security Needs

Despite the growing threat, fewer than half of SMBs feel confident about their cybersecurity measures. This knowledge gap leaves many businesses vulnerable to avoidable risks. [3] 

Solution: Partner with a managed security provider like DTC, or consultant to identify and close gaps in your defenses. 

Conclusion 

Cybersecurity is a critical layer of defense for SMBs to effectively protect their operations, data, and reputation. By understanding these risks and taking proactive measures, businesses can safeguard their future in an increasingly digital and threat-prone world. Don’t wait for an attack—start protecting your business today. Visit DTC at www.dtctoday.com for a free network assessment. 

 


References 

Strongdm: Small Business Cybersecurity Statistcs You Should Know 

Verizon: 2024 Data Brach Investigations Report, 2024 

3 Sage: Cyber security for SMBs: Navigating Complexity and Building Resilience 

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