More than three out of every five (61%) small and mid-sized businesses were victims of a successful cyberattack within the past year, according to recent research by cybersecurity company BlackFog.
Of those respondents, 87% reported experiencing two or more attacks within a 12-month period. Affected SMBs suffered an average of five successful data breaches, malware or ransomware attacks affecting their network in the past year.
These cyberattacks didn’t just create internal frustration. They had a major negative impact on SMBs’ operations, reputations and customer relationships:
- 58% reported business downtime
- 39% lost customer data
- 33% lost customers
“Cybercriminals naturally gravitate towards organizations with the lowest level of protection, and this typically means small- to medium-sized businesses come under fire,” said BlackFog founder and CEO Dr. Darren Williams. With 89% of all attacks involving some form of data theft, Williams cautioned SMBs to “prioritize protecting their most valuable, business-critical asset, their data.”
How IT Partners Can Help Combat Cybersecurity Threats
Defensive-based approaches to cybersecurity are no longer enough to protect SMBs against today’s cyberattacks, according to Williams. In fact, 41% of respondents said knowledge of new cyberthreats was their biggest challenge to effective protection.
By partnering with the right IT security provider, SMBs can acquire the outside expertise required to fend off increasingly sophisticated cyberthreats as well as implement new measures and processes that prevent data theft and extortion. BlackFog’s research showed that SMBs rely more heavily on technology partners to protect them against cybercrime. Seven in 10 respondents (69%) said they were more likely to ask their partner for advice on new cybersecurity solutions compared to last year, according to the survey.
As SMBs struggle to navigate a rising tide of growing cybersecurity threats, 38% of respondents noted that a high security standard was their primary determining factor in choosing an IT security provider.
