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

Safeguarding the Virtual Gates: Explore the World of Cybersecurity Services Like Never Before!

In today's interconnected world, the virtual gates that guard our digital...

IP Geolocation Lookup: An Aid Against Cyberattacks?

In today's digital era, we're more vulnerable to cyberattacks than ever...

Explore MFA Authentication: Boost Your Cybersecurity Now!

Ever pondered how organizations shield their digital assets from the clutches...

How to Make Sense of The 6 Different CISA SBOM Types

The landscape of software supply chain security has evolved significantly in...

Read Now

Signs Your Browser has been Hijacked

The very essence of a hijacked browser is subtle intrusion. Navigating the boundless realms of the internet, where we flit effortlessly from one website to the next, the subtle shifts in our browser often escape our attention, hinting at concealed malicious activities. In an era rife with...

The Importance of Internet Security: The Hidden Threat of the Internet

The Internet has a significant impact on every aspect of our life in the current digital era. It provides unmatched convenience, limitless knowledge, and infinite chances to connect with people all around the world. Internet security breaches, though, are a hidden threat that can ruin our personal...

Is Generative AI Soon to Become a DevOps Cybersecurity Threat?

Extended capabilities come with additional tools, but new weaknesses are also added. Before allowing team members to make extensive use of new tools, business and IT leaders must fully comprehend their effects. More than half of senior IT professionals are giving generative AI top priority for their companies...

How AI Created New Challenges in Cybersecurity

Because of the growth of IoT devices in businesses, the migration of services and applications to the cloud, and connections with multiple external parties, enterprise security has become incredibly complex. Hackers can now exploit an increasing number of network vulnerabilities as a result of the increased surface...

5 Cyberattacks to Be Aware of in 2023

Where the world of digitalization makes our lives faster, better, and more sophisticated, it comes with its share of challenges. Among these, the most prevalent are cyberattacks. Any attempt to gain unauthorized access to your cyber systems with the intention of theft, damage, disruption, extortion, or anything...

7 Ways to Protect Your Identity This Year

In the past few years, identity theft threats have grown exponentially. Gone are the days when hiding your credit card information was all the protection you needed. Now, you must take multiple steps to safeguard your information, finances, and integrity. Here are seven ways to protect your identity...

Surfshark VPN Review: Privacy, Performance & Pricing

VPNs increase your privacy by sending all of your web traffic through an encrypted connection to a remote server, but that security comes at a cost—in the case of Surfshark VPN, that cost is in bucks and cents. Our most recent Editors' Choice winner for VPNs is...

How to Learn Ethical Hacking? A Step-by-Step Guide

A job as an ethical hacker is exciting and lucrative. Any gadget employing digital technology is susceptible to hacking, including your car, security lockers, garage door systems, and any other smart home equipment. Because of this, Ethical Hackers are highly appreciated and capable of aiding any industry. Everyone must maintain...

Importance of Mobile App Security Testing

In recent years, more than 36 billion data files have been compromised. Globally, 46% of commercial companies report that at least one of their employees downloaded harmful mobile apps that could have compromised the organization's network security. It is essential to identify security flaws in every aspect of...

The Importance Of Cybersecurity In The Nonprofit Sectors

Such as low-income families, children, and elderly Nonprofit Sectors collect and keep data on those who are frequently vulnerable and at risks, such as children and the elderly. This makes their personal information an excellent target for fraudsters. Typically lacking the financial means of for-profit businesses, Nonprofit Sectors...

What is a VPN, and How Does it Work?

A VPN (Virtual Private Network) is a technology that allows you to create a secure, encrypted connection to another network over the internet. This can be useful for several reasons, including: Protecting your online privacy and security by encrypting your internet traffic Bypassing internet restrictions and censorship...

Network Automation: A New Approach to Network Assurance

Networks are a critical part of any business, and ensuring that they operate at peak performance is essential for success. Network automation through the use of AI has emerged as one of the most effective ways to address the growing complexity of networks while also improving their...