Small businesses are often overlooked when it comes to cybersecurity, yet around 44% of them have fallen victim to cyberattacks. Many of these attacks result in significant losses, with 61% of affected businesses losing at least $10,000, and 17% experiencing repeated attacks. Despite the growing threat, small businesses rarely make headlines for these incidents.
Cybersecurity for small businesses
In the wake of the pandemic, approximately 70% of small businesses accelerated their digital transformation efforts. As businesses become more reliant on digital assets, they also increase their exposure to cyber risks. According to a 2024 survey by the U.S. Chamber of Commerce, 60% of small businesses express growing concern over cyber threats, including phishing, malware, and ransomware. Moreover, more than a quarter of small businesses believe they would not survive a major cyberattack.
There are several key factors that make small businesses appealing targets for cybercriminals. Firstly, many small businesses lack advanced cybersecurity measures due to limited budgets. A significant percentage (43%) of small businesses don’t even have a network-connected firewall. Few employ dedicated cybersecurity staff to monitor and protect their systems. Secondly, while small in size, these businesses often hold valuable data, including credit card information and personally identifiable information (PII), which can be exploited by cybercriminals. Some small businesses also serve as intermediaries, suppliers, or channel partners for larger companies, granting them access to sensitive systems and data.
Additionally, cyberattacks on small businesses often go underreported. This lack of visibility means that security breaches, compliance violations, and law enforcement involvement are less likely, leaving businesses vulnerable and without adequate protection.
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