61% of Small and Medium-sized business are hacked!

“I am a small business – who would want to hack me?”

That is an all too common statement that I hear from business owners whenever I bring up cybersecurity. Well, if you are a small or medium-sized business, this study by BlackFog, a leading global cybersecurity company specializing in protecting organizations from a wide range of security threats, is going to shock you.

The study found that an alarming 61% of small and medium-sized businesses (SMBs) have fallen victim to successful cyberattacks in the past year.

These attacks have had significant consequences, including customer loss and data breaches.

Here are the key findings of the research, so we can shed light on the importance of partnerships in cybersecurity, and provide actionable steps to safeguard your business.

Cyberattack Rates and Their Impact

Small businesses are increasingly becoming targets for cybercriminals due to their relatively low level of protection. The study found that SMBs in the United States and the United Kingdom experienced an average of five successful cyberattacks in the past year. These attacks encompassed data breaches, malware, and ransomware attacks that severely impacted business operations.

The most significant consequence of these attacks was business downtime, affecting 58% of the surveyed businesses. Additionally, one-third of the victims reported a loss of customers, while 39% suffered from customer data loss. These numbers highlight the urgent need for robust cybersecurity measures for SMBs.

The Role of Trusted Partnerships in Cybersecurity

To combat the rising tide of cyber threats, SMBs are increasingly seeking guidance and support from trusted partners and IT providers.

According to the research, more than two-thirds of respondents (69%) expressed their increased likelihood of seeking cybersecurity advice from their partners compared to the previous year.

Trusted partners play a vital role in addressing the challenges faced by SMBs in protecting their data.

The study found that 87% of respondents believed their IT providers understood their cybersecurity challenges, but only 39% felt their challenges were entirely understood.

Knowledge of cyber threats emerged as a significant obstacle, with 41% of respondents citing it as the biggest challenge in achieving effective protection.

Choosing the Right Managed Security Provider

When selecting a managed security provider, businesses prioritize high-security standards.

The study revealed that 38% of respondents considered this factor to be the most important in their decision-making process.

With cyber threats continuously evolving, it is crucial to partner with providers who can keep up with the ever-changing landscape.

Actionable Steps to Protect Your Business

In light of the research findings, it is essential for SMBs to take proactive measures to safeguard their data and operations.

Here are some actionable steps you can take:

1. Invest in comprehensive cybersecurity solutions: Implement a multi-layered security approach that includes firewalls, antivirus software, and regular software updates to protect against evolving threats.
2. Educate employees about cybersecurity best practices: Conduct regular training sessions to raise awareness among your staff about phishing scams, password hygiene, and safe online practices.
3. Establish strong partnerships: Collaborate with trusted IT providers who can offer expert guidance and support tailored to your business’s specific needs.
4. Regularly back up your data: Ensure you have robust backup systems in place to prevent data loss in the event of a successful cyberattack.

So in summary:

The BlackFog research study underscores the alarming rate at which SMBs are falling victim to cyberattacks. This could be due to various PayPal scams that are common in smaller businesses or even hackers being able to bypass 2FA!

The consequences of these attacks extend beyond immediate financial losses, affecting customer trust and retention.

By prioritizing partnerships with trusted IT providers, SMBs can access expert advice, knowledge, and solutions to mitigate the ever-growing cybersecurity threats. Implementing proactive cybersecurity measures and staying informed about the latest trends will help protect your business in today’s rapidly evolving digital landscape. Remember, prevention is the key to safeguarding your most valuable asset—your data.