A cyber attack can cripple critical infrastructure and businesses and generate negative press. In other cases, it could open you and your business to litigation. This and other factors can seriously hurt a business, and it forces many of them to pay for data recovery or IT security services to undo the damage.
However, many businesses are never able to recover, and they are far more likely to go out of business. In this article, we’re going to take a look at the data behind this trend. Then, we’ll explain why cyber attacks can be so devastating to businesses.
The Hard Data
It was reported that around sixty percent of small businesses went out of business after a cyber attack. One of the problems for small businesses is that they are deliberately viewed as a soft target by hackers.
About two-thirds of all cyber attacks are against small and mid-sized businesses, up from 40 percent in 2015. This is because they typically lack the resources to put up the same defenses as large firms. One study said that there are around four thousand cyber attacks against small businesses each day.
An estimated 75% of all organizations have had some sort of cybersecurity breach in the past twelve months. The problem is so bad that around 80 percent of all Social Security numbers have been hacked at least once. Worst of a ..