66% of SMBs would shut down or close if they experienced a data breach
In the event of a serious data breach, 66% of SMBs would either go out of business completely, or be forced to shut down for at least a day, according to a Monday report from VIPRE. This would happen regardless of whether systems or data were compromised, according to a press release announcing the report.
Another surprising data point was how regularly SMBs were dealing with attacks: Some 23% said they were experiencing cyber attacks every day.
The survey commissioned by VIPRE took responses from some 250 SMB IT managers. In 2016, the US National Cyber Security Alliance presented similar findings. The organization found that 60% of small businesses can't sustain their business over six months after an attack. It also found that most small businesses have to pony up $690,000 to mitigate the damage after an attack, while mid-market companies are paying more than $1 million.
The VIPRE report also noted that 68% of these IT managers were tasked with delivering security reports to upper management. However, 47% said they needed to collect the data manually and many didn't have access to an online dashboard.
Despite the fact that they may not have the potential resources of an enterprise giant, it seems as though attacks against SMBs are increasing. As such, spending in that area is increasing as well. According to a new report from Cyren and Osterman Research, 63% of SMBs are increasing their security spending, but many are still experiencing breaches regardless.
The Cyren and Osterman Research report found that many SMBs were beginning to show an interest in cloud-based security, with 29% of IT managers expressing a "strong preference" for cloud-based tools. Usman Choudhary, vice president of product development at VIPRE, echoed those thoughts in the VIPRE press release.
"The surge in cloud-hosted and as-a-service anti-malware solutions is undeniable, and our partners and business users are increasingly looking to move services to the cloud to capitalize on various benefits like decreased cost, increased performance and access from anywhere," Choudhary said in the release.
Want to use this data in your next business presentation? Feel free to copy and paste these top takeaways into your next slideshow.
-66% of SMBs would either go out of business completely, or be forced to shut down for at least a day following a cyber breach. - VIPRE, October 2017
-23% of SMBs are experiencing cyberattacks every day. - VIPRE, October 2017
-68% of IT managers are tasked with delivering security reports to upper management. - VIPRE, October 2017