Here are 13 Cybersecurity Facts That SMB Must Read

If your company has any computers on the Internet, it is vulnerable to cyber-attacks. Nowadays, it isn’t a matter of if hackers will target your business. It is when. The potential losses are staggering, with a mean loss of $3.86 million. Any organization is at risk of a data breach, with over 43 percent affecting small businesses.

1. Human Error Is the Cause of 95 Percent of Data Breaches.

Untrained and uneducated staff is a liability for any organization. The problem doesn’t lie inside of companies or within a business’s IT department. It’s the everyday user who doesn’t understand the risks.

2. The Hacks Are Getting Smarter, With Nearly 94 Percent of Malware Able to Avoid Detection.

Cybersecurity issues are compounded by the fact that more malware is polymorphic. They can alter their code, which can make detecting them even more difficult. The longer malware resides on a computer, the more damage it can do. Even with updated technology, it can take 207 days or longer on average to identify the problem.

3. Nearly 40 Percent of Users Have Non-Expiring Passwords.

Changing passwords is a hassle. However, it’s imperative to keep files safe and to prevent data breaches. The concern is even greater with the larger percentage of remote and hybrid workforces. Since the pandemic began, cyber-attacks have skyrocketed 300 percent. Cloud services present a significant threat for over 80 percent of users.

4. Hackers Are Working Faster Than Ever, Launching Attacks Every 39 Seconds.

Hackers don’t just try to hit a computer once and move on to the next. They typically use repeated attacks, targeting frequently used—and insecure—passwords, such as admin, qwert, and user. That makes the failure to change them even more urgent

5. Over 90 Percent of Malware Reaches Organizations Through Email.

Email is the preferred way for hackers to launch attacks. Nearly half are .dot and .doc files that unaware users may inadvertently open. The malware can then exploit additional vulnerabilities within an organization’s network, causing far-reaching consequences. Companies can see stock prices plummet over 7 percent.

6. Phishing Attack Losses Average $17,700 Each Minute.

Social engineering scams like phishing capitalize on uneducated users to install malware on their computers. Training staff members is the best way to stem these attacks.

7. The Rise of IoT Devices Increases the Vulnerability for Cybercrimes.

There were 31 billion IoT devices in 2020, with the number expected to surge nearly 250 percent by 2025. Cyber-attacks have followed a similar trend, with incidences increasing threefold in 2019. More than 5,000 occur each month.

8. A Ransomware Attack Costs Companies About $133,000.

The cost and frequency of ransomware attacks continue to rise. A vulnerable business can incur up to 19 days of downtime, with attempts occurring every 11 seconds. Weak passwords are one of the primary causes.

9. Failing to Update Software Vulnerabilities Caused 60 Percent of Cyber-Attacks in 2019.

Many developers do an outstanding job of keeping their programs up to date. However, the work is for naught if organizations fail to apply the security patches to shore up the vulnerabilities. Outdated and unsupported software also presents a significant risk.

10. Phishing Is the Number One Threat to Businesses.

Phishing accounted for 22 percent of attacks on organizations in 2019. With malware and denial of service attacks, these threats accounted for 55 percent of security breaches.

11. Smartphone Cybercrime Accounts for About 70 Percent of Fraud.

Mobile devices are just as vulnerable to cybercrime, if not more, given the usage increases. Online fraud is of particular concern, with sham transactions increasing nearly 700 percent in2019.

12. Access to Sensitive Files Remains a Critical Security Issue In Over 50 Percent of Businesses.

An employee’s open access to sensitive files can compound a data breach, given the rise of the remote workplace and cloud security issues. Stale classified files also are a potential threat in over 80 percent of organizations.

13. Nearly 80 Percent of Businesses Are Unprepared for a Cyber-Attack.

The single most important thing that an organization must do is plan for a data breach and how to respond to one. Without a strategy to prevent and handle the aftermath, many businesses stand to lose millions of dollars.

Fortunately, business owners can take charge of their cybersecurity by educating and training their employees. Cybercriminals succeed because they prey on human psychology vulnerabilities. Awareness is one of the best weapons employers have to stem the threat.

If you want to learn more about cybersecurity threats, trends, and solutions, contact us today to see how we can help