In today’s world, running a small business is challenging enough. But what if we told you that there is an invisible war being waged that could threaten the existence of your business? The battleground is not in some distant land, but right within your computers, networks, and electronic devices. This is the world of cybercrime.

When it comes to cyber attacks, many small businesses think they’re too small to be targeted. This is a dangerous misconception – as many as 54% of small businesses have this thought. In fact, cyber attackers specifically target small businesses, accounting for 43% of all their attacks. There’s a startling 424% increase in new small business cyber breaches last year alone.

The High Cost of Cybersecurity Breaches

You might think that cyber attacks might just be a minor nuisance or interruption. However, the reality can be much more severe. The average cost of these breaches for small to medium businesses is over $2.2 million per year. One might assume that these costs would be less for smaller firms, but the figures tell a different story. On average, small businesses end up spending about $955,429 just to restore normal business operations after successful attacks.

And those are just the direct costs. The indirect costs can be just as damaging, if not more so. A cyber attack can disrupt your business for hours, even days. In fact, 40% of small businesses experienced eight or more hours of downtime due to a cyber breach, resulting in an average loss of $1.56 million. This downtime can significantly affect your productivity and sales, and damage your reputation.

The Unprepared Majority

While these numbers are alarming, the real shocker is how unprepared most small businesses are for these attacks. As many as 47% of small businesses admitted they have no understanding of how to protect themselves against cyber attacks. Furthermore, 54% of small businesses do not have a plan in place for reacting to cyber attacks. This lack of preparedness can leave your business extremely vulnerable.

Even when small businesses do understand the risks, many fail to act. Following a cyber security incident, as many as 65% of small businesses have failed to take any action to increase their security. Perhaps even more concerning, 83% of small businesses haven’t set aside any funds for dealing with a cyber attack.

The People Problem

Another significant issue is the lack of resources dedicated to IT security. Three out of four small businesses report they don’t have the personnel to address IT security. It’s not just a question of having IT staff. Even with a fully staffed IT department, human error and system failure still account for 52% of data security breaches.

Don’t Be the Next Statistic

The facts are clear – cyber attacks are not only common, they can also be devastating for small businesses. Despite this, a shocking 91% of small businesses don’t have cyber liability insurance. Considering that the biggest cyber attack to date happened to Yahoo! in August 2013 when 3 billion accounts were hacked, it’s essential to be prepared.

So, what can you do? First, take this issue seriously. Consider investing in professional cybersecurity services. Industry experts suggest allocating at least 3% of your company’s total spending to cybersecurity.

That’s where we come in. At Brotherly Technology, we’re here to help you navigate this complex and risky cybersecurity landscape. We believe that every small business should be equipped to protect itself from cyber threats, no matter its size or industry. Whether you’re in healthcare – the industry most at-risk for cyber attacks – or any other sector, we’re here to help.

Don’t let your small business become another statistic. Reach out to us today and let us help you bolster your defenses. With the right preparation and protection, you can focus on what really matters – running and growing your business.