HomeCybersecurityKey Stats for Small...

Key Stats for Small Business Owners Related to Cybersecurity

Cybersecurity is related to the protection of computer systems, networks, and PCs connected to the Internet. Cybersecurity is the real threat as far as we can remember after the advent of the Internet. This was only logical as people with malicious intentions started to cash on by finding loopholes in the security systems and start to manipulate the information or steal/corrupt the data. 

There are various threats and loopholes in which the cybersecurity of any company or individual can be compromised. This can be in the form of backdoors left by hardware and software, code injection, cross-site scripting, viruses, malware, denial of service attacks, etc. Each of them can cause significant damage to any system. One example is Ransomware attacks, through which hackers can not only indulge in data theft but encrypt it until their demands are met, usually in the form of cryptocurrencies. 

I will try to focus on cybersecurity for medium and small businesses owners and startups here. These are amongst the most vulnerable in this concern and can be disastrous for them as they don’t have many backup plans like big businesses and multinational conglomerates. 

Cybersecurity for Small Businesses owners and Startup 

Small businesses owners and startups are prone to cyberattacks, just like any other business entity. But because of the factors mentioned above, they need to be on top of their game, ensuring that nothing much happens to them. But, ironically, most businesses don’t take it seriously, and after just installing antivirus software, they think that they have done enough in this regard. Of course, the data breach can have any can’t be dealt with just any antivirus software.

There are many adverse scenarios and schemes of events that can occur in any business across the globe. On average, about 18% of the businesses get hit by cyber-attacks, And that’s a big number. But still, many businesses think that they are not vulnerable to such attacks as they don’t have a big customer base. Or they don’t earn millions of dollars in yearly revenue, so they aren’t prone to such attacks.

Let me shed some light on this aspect so that you can understand my viewpoint easily. 

The approach mentioned above in the previous paragraph is totally wrong by such businesses. The people that indulge in cyber-attacks don’t necessarily think about the size of the business. It is the vulnerability that they try to cash in, and even startups can be hit by a cyber-attack even if they had just started their operation a few weeks ago. Any vulnerability in defence of their hosting server, for example, will definitely be exploited by such criminals. This is why they must go for cheap dedicated servers as they can’t afford a premium solution. 

How Costly are these Cyber-Attacks?

According to a report by IBM, on average, the cyber-attacks cost around 7.68 million dollars. Of course, this is a huge amount for small businesses owners and startups, and in 9 out of 10 cases, this can’t happen to them as SMBs don’t fall into this category. But the figure mentioned above has been calculated from all the cyber-attacks that occur online. And this includes big multinational conglomerates and Fortune 500 companies. 

One alarming statistic in this regard is that more than 60% of small businesses owner hit by a cyber-attack are out of business within six months. You can imagine the severity of this scenario and why cybersecurity for any business is critical to its survival. During the last year and even in the current scenario, online businesses have reaped huge profits as people thronged any e-commerce store and shopping portal they could find, especially during the lockdown. And even after that, the customers who were satisfied with their preferred online store’s service continued to shop online.

According to IBM’s same report, around 43% of small businesses virtually don’t apply any cybersecurity measures. This is a blunder that they make and pay the price as even a small attack on their servers made them pay heavily. And in case of a data breach of their customers, their future in the marketplace goes for the toss, as many businesses can be the last nail in the coffin. 

Endpoint Security Concerns 

According to Bullguard’s survey of 3,083 SMBs, it depicts a grave picture of the businesses’ online security measures. 23% of SMBs in the UK and USA neglect endpoint security mechanisms and this is one of the biggest reasons for information security frameworks breaches. There can be various scenarios that businesses must look into, and one of them is related to social media use. 

The most widely used and popular social media platform is Facebook, and businesses must ensure that they leverage the optimum platform. But the official business accounts of Facebook can also be hacked. Just like websites are hacked, social media accounts can also be hacked. Some of my readers wonder what I can do with just the official account of businesses? The possibilities are unlimited. Let me offer you two examples so that you can understand how severe this hack can be.

Consequences for Official Account Hack

There have been instances where the official Facebook account of companies and big businesses has been hacked. Just a fake status on the official Facebook page from these companies can be disastrous for them. One of the worst examples in the past was in 2020 when the Twitter accounts of major companies and celebrities were hacked. 

The incident was reported on July 15, 2020. The hacker’s message was an announcement of giving away double Bitcoins for every single one sent to an address mentioned that was fake. And within minutes, that hacker minted around 100,000 US dollars as the celebrities’ names and business owners’ lists kept getting longer. With the likes of Barack Obama, Jeff Bezos, Floyd Mayweather, and Kim Kardashian, the message reached millions of users, and reportedly, thousands of them acted upon it. 

Facebook hack report must be sent to the Facebook authorities to ensure quick retrieval of the account. Always treat your company’s official social media accounts as sensitive as any information leaked can lead to hacking. Even otherwise, applying several cybersecurity measures is what you need to operate your website and social media accounts with complete peace of mind. 

Over to you 

Please offer your valuable feedback for this blog or ask any question you have in mind by using the comments section below. 

Most Popular

More from Author

Network Automation: A New Approach to Network Assurance

Networks are a critical part of any business, and ensuring that...

5 Cybersecurity Tips for Businesses

There are many benefits to working with IT Support Services to...

Use An LMS to Train Your Employees About Cybersecurity

Do you conduct cyber security training in your company? If you...

Jobs You Can Get With CCNA Certification

Cisco Certified Network Associate is a widely respected IT credential. The...

Read Now

Revolut Became the New Target For Phishing Scams. What happened?

On the 11th of September, Revolut users noticed unusual events in the app chat. A few days after the activity, people were alerted via email that the company had been the target of a cyberattack, which exposed multiple user accounts. This has decreased the bank’s credibility, and...

Getting Started with PCI Data Security Compliance

Getting started with Payment Card Industry (PCI) security for payment card processors and merchants is an actual result of the demand for credit card data security. The PCI standard comprises 12 requirements for companies managing, processing, or handling payment cardholder data. The 12 PCI requirements determine the architecture...

5 Ways To Protect Your Company Data From Hackers

According to economists and industry experts, data is currently the world's most valuable asset. This is hardly unexpected, considering that organizations of all scales and sizes rely solely on data to make crucial choices, seize opportunities, develop strategies, and enhance operations. For these reasons, you should make...

Common Email Phishing Attacks, Techniques & Preventions

Email phishing attacks are a form of social engineering commonly used to obtain sensitive user information, such as login information and credit card details. It occurs when an attacker poses as a trustworthy entity and convinces a victim to open an email, instant message, or text message....

Cybersecurity Vulnerabilities Any Business Should Look Out For

No business is immune to cybersecurity vulnerabilities. Small businesses are more at risk than larger businesses. This is because they often have fewer resources to devote to cybersecurity and may not have the same level of protection as a larger company. If you are a business owner,...

5 Ways to Quickly Secure a Small Business from Cyber Attacks

There is no question that cyber attacks and hackers are targeting small businesses. They don't have the infrastructure to deal with professional attacks; most can't afford to hold out against ransom attacks. Many businesses don't have any viable defense at all.  Any small business online is fundamentally a cash...

Pros and Cons of Using Shared or Private Proxy Servers

Proxies are internet go-betweens that are used by businesses and individuals. Shared or private proxy servers, in essence, functions as a buffer between you and the Internet. Proxies provide anonymous online browsing and can conceal the user's IP address. Anonymous proxy servers protects your location, browsing habits, and...

Pros and Cons of Shared Datacenter Proxies

Collecting freely available data online should be accessible to everyone, but the price of achieving it stops most businesses. Shared datacenter proxies are the solution to cut costs and maintain performance. Unfortunately, this isn’t widespread knowledge, and many users struggle to make a choice. We will cover the...

Cyber Security Risk Management: Best Practices

The continuous management of threats posed by insufficient safeguards against cyberattacks is an essential component of any corporation. The internet is not a safe place, even though we think it is. Hackers are lurking everywhere and just waiting for you or one of your employees to make...

How User Access Management Improves Network Security

User access management (UAM) is the process through which the administrator gives access to the right person to use the IT tools and services at the right time. This includes access to external applications, security requirements, and permissions. Many online tools are available nowadays where you can...

8 Essential Tips to Protect Against Email Phishing

Phishing scams are on the rise. It's thought that around 90% of all data branches directly result from phishing. Email phishing is a particular problem. In 2022, it's estimated that around 3.4 billion phishing emails will be sent daily. With businesses losing around $1.7 million to cybercrime...

Five Ways to Increase Your Website Security

With the change in time, businesses have now become more prominent online. There are many threats of fraud and data theft by malicious groups. At every second, there is a possibility that your accounts are being tried to hack into. Cyberpunks steal data to misuse them and...