Most Small Businesses Aren’t Ready for a Cyberattack. Here’s Why.

43% of cyber attacks target small businesses

Cybercriminals are becoming more proficient, malicious, and greedy. Some Americans are aware of security dangers thanks to high-profile data breaches in the news, but most businesses still have vulnerabilities in their systems. Knowing your risk and where to improve are important steps toward protecting your business.

Despite the importance of cybersecurity, fewer than 50% of small businesses have taken the necessary steps to protect themselves. TenHats can help fill those gaps to keep your data safe, retain the confidence of your current customers, and accelerate new business growth.

 

Most Small Businesses Aren’t Ready for a Cyberattack

According to a 2022 survey from CNBC and SurveyMonkey, only 5% of small business owners said cybersecurity was their biggest concern. While it may not be the biggest concern for small businesses, cyber security can play a big role in staying open for the long term.

For example, only 33% of companies with 0-4 employees were concerned about a cyberattack within the next 12 months. That number nearly doubled to 61% for small businesses with 50 or more employees. 

Preventing cybersecurity threats ranks at some level of importance for small businesses of all sizes. However, the survey found that many small businesses aren’t taking the necessary steps to ensure their database security

CNBC found that of the small businesses surveyed, fewer than 50% have:

  • Installed antimalware or antivirus software
  • Use strengthened passwords
  • Backed up files on an external hard drive

 

What’s more, only one-third have multi-factor authentication or receive automatic software updates. Only a quarter of those surveyed use a virtual private network (VPN). This leaves a staggering number of small businesses unprotected from cyberthreats. 

 

Key Stats for Small Business Cybersecurity

businesses aren't ready for a cyberattackThe cybersecurity industry has seen multiple high-profile attacks over the past few years, especially on the supply chain. Breaches like those on SolarWinds, Log4j, and 3CX are a threat to organizations around the globe. Even a Duolingo data breach exposed 2.6 million users’ data in 2023.

Your small business may not be in the crosshairs of international hacking groups. However, there are still threats that you should be aware of. Knowing your weaknesses and how to strengthen them will be key to the success of your business for the foreseeable future.

 

Malware

Malware is a common issue with 4.1 million websites being infected and 18% of sites having critical cybersecurity threats. It’s one of the biggest cybersecurity threats there is.

Common types of malware include:

  • Logic bombs
  • Ransomware
  • Spyware
  • Trojan horses
  • Viruses

 

Malicious software can occur for a number of reasons including ill intent or simple negligence. It’s created by individuals or groups to harm systems, steal data, or cause general harm to businesses. 

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Phishing

 cybersecurity risk management servicesAround 85% of companies worldwide were exposed to phishing scams in 2022. However, this percentage is likely higher, given that phishing scams often go unnoticed. They’re usually delivered via email but can also occur using social media or text messaging.

The goal of this scam is to trick the user into clicking a link or providing specific information. This data is then used to exploit the user later on. 

 

Distributed Denial-of-Service (DDoS) Attacks

The bandwidth for DDoS attacks grew by 57% in the first half of 2022. This resulted in just a little over 6 million attacks around the world. North America saw a 2% increase in these types of attacks. 

DDoS attacks are malicious attempts to disrupt the normal functioning of a computer network, service, or website. This is achieved by overwhelming it with a flood of traffic from multiple sources to make the target inaccessible to users. They can occur for a variety of reasons including:

  • Gaining a competitive advantage
  • Data theft
  • Political or ideological reasons

 

Protect Your Business with Cybersecurity Managed Services from TenHats

As an experienced managed cybersecurity services provider, TenHats is here to help protect your organization from cyberthreats. From firewalls to compliance, we offer a wide range of resources, such as:

  • Email security
  • Managed detection and response
  • Multi-factor authentication
  • Security awareness training
  • Security information and event monitoring
  • Web security and filtering

 

Data is the core of your business, and that’s why we provide extensive solutions to keep it safe. Our managed cybersecurity services are thorough and forward-thinking. We offer the expertise, resources, monitoring, and rapid response capabilities you require. Partnering with TenHats minimizes your risk and enhances your ability to bounce back in the event of a security incident. 

 

It all starts with our cybersecurity self-assessment quiz. See where your organization currently has vulnerabilities.  TenHats can help improve your cybersecurity.

 

Fewer than half of small businesses have implemented essential cybersecurity safeguards. This puts their data as well as their customer base at risk. TenHats can help address these problems to protect your business and current customers, as well as attract future customers.

In 2016, TenHats built the region’s first purpose-built colocation data center in over 20 years. Located in Knoxville, TN, our data center can serve any organization in East Tennessee and beyond. With our team’s IT experience, we provide a lot more than simply protected data. When you call us, you talk to a real IT expert. Connect with our team about our data center today!

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