What is the chance I will be hacked?
As a small business owner, you may think that your organization is not likely to be hacked. However, small businesses are increasingly becoming targets for cyber criminals. In fact, according to a report from the National Cyber Security Alliance, 60% of small businesses go out of business within six months of a cyber attack. In this blog post, we will discuss the likelihood of small businesses being hacked, the average cost of a hack, and the risk-weighted cost that small businesses bear each year.
The likelihood of a small business being hacked is high. According to the 2019 Verizon Data Breach Investigations Report, 43% of cyber attacks target small businesses. Additionally, the Small Business Administration (SBA) reports that small businesses are attacked every 14 seconds. These statistics demonstrate that small businesses are a prime target for cybercriminals, and it's important for small business owners to take cybersecurity seriously.
The average cost of a cyber attack for a small business can be significant. According to a report from the National Cyber Security Alliance, the average cost of a cyber attack for a small business is $200,000. This cost can include expenses such as legal fees, IT costs, and lost business. Additionally, the cost of a cyber attack can be higher for small businesses than larger organizations due to a lack of resources and weaker security measures.
The risk-weighted cost that small businesses bear each year can be substantial. The cost of a cyber attack is not just the cost of the attack itself, but also the cost of the risk of a potential attack. This includes the cost of cybersecurity measures such as firewalls, intrusion detection systems, and antivirus software, as well as employee training and vulnerability assessments. Additionally, small businesses may also be required to purchase cyber insurance, which can add to the risk-weighted cost.
In conclusion, small businesses are at a high risk of being hacked and the cost of a cyber attack can be significant. Additionally, the risk-weighted cost that small businesses bear each year can be substantial. Small business owners should take cybersecurity seriously by implementing robust security measures, conducting regular vulnerability assessments, and providing employee training. By taking proactive steps to protect against cyber threats, small businesses can better protect their assets, reputation, and operations from potential cyber attacks.