60% SMBs Will Close Within Six Months of a Cyberattack: NCSA

60%-SMBs-Will-Close-Within-Six-Months-of-a-Cyberattack

As per the NCSA (National Cyber Security Alliance) Report, 60% of the businesses, especially small and medium-sized, will go out of the business within six months after experiencing a cyberattack.

A brief about NCSA

National Cyber Security Alliance, the U.S. based public private partnership organization, is empowering a safer digital world. The organization creates and implements broad-reaching education and awareness efforts to empower users at home, work and school with the information they need to keep themselves, their organizations, systems and highly confidential data & information safe and secure online and encourage a culture of cybersecurity. In fact, the mission of NCSA is to educate, empower and support global digital society to use the Internet securely and safely, protecting themselves and the valuable digital assets.

Getting started:

The internet has become an indispensable tool in today’s business world. Companies of all sizes globally use it into almost every aspect of their operations for accelerating growth and taking their business to the next level. But, several security risks are also associated with the internet. Security breaches have become too common in today’s scenario, and the number of such breaches is on the rise. Cybersecurity is a concern for the entire business community, but SMBs (Small and Medium-sized Businesses) are the primary target of security threats. NCSA’s latest report says, 60% of SMBs will go out of the business within six months of a cyberattack.

Why SMBs are attractive target for cybercriminals?

SMBs are an attractive target for several reasons pointed below:

  • They are an easy, soft target to penetrate.
  • SMBs lack sufficient in-house expertise to deal with cyberattacks.
  • Many SMBs are not taking cybersecurity as seriously as they should.
  • Just 29% of SMBs know the steps needed to improve their cybersecurity measures.
  • The owners of such firms handle cybersecurity matters themselves most of the times.
  • 55% SMBs do not have training, education or awareness campaigns in workplace on cybersecurity threats to increase awareness.

Below are a few statistics provided by the National Cyber Security Alliance regarding SMBs vulnerability are:

  • More than 70% of cyberattacks target small businesses.
  • Almost 50% of small businesses have experienced a cyberattack.
  • 66% of SMBs are not concerned about cyber threats – either internal or external.
  • 60% of hacked small and medium-sized businesses will go out of the business after six months.
  • More than 75% of employees working in small and medium-sized businesses leave their computers unsecured.
  • Nearly six out of 10 SMBs do not have a contingency plan outlining procedures for responding and reporting data breach losses.
  • 87% of SMBs do not have a formal written Internet security policy for employees.
  • 69% do not even have an informal Internet security policy.
  • 70% of small and medium-sized businesses do not have policies for employee social media use.

 

Tips for SMBs to stay safe and secure online

  • Stay up to date
  • Know what you need to protect
  • Enforce strong password policies
  • Encrypt confidential data and information
  • Protect all devices that connect to the Internet
  • Start using Two Factor Authentication security method
  • Educate all your employees against phishing and internet security
  • Use a firewall and good backup system that is hardened against certain malware attacks

 

Conclusion

Use of the latest security techniques is an essential step if SMBs want to protect themselves from increasing cyberattacks over the internet. All small and medium-sized businesses must create a business continuity and incident response plan.

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