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Cyberattacks: The Kiss of Death for Small Businesses

Cyberattacks: The Kiss of Death for Small Businesses

Over the past few decades, the media has witnessed an alarming surge in the prevalence of cyberattacks. Consequently, the need for robust cybersecurity measures has never been more critical.

The advent of the remote workplace has further exacerbated these risks, making them more prevalent and dangerous than ever before. It's a stark reality that cyber-security breaches can spell disaster for companies ranging from Fortune 500 corporations to small family-owned businesses.

To shed light on the gravity of the situation, let's examine some eye-opening statistics recently published in articles from Small Business Trends and Security Magazine. These statistics reveal why an increasing number of small to medium-sized businesses are opting to outsource their cybersecurity to mitigate these risks.

Understanding the Varied Targets: Cyberattacks Across Industries

Not all industries face the same frequency or motives for cyberattacks. In 2021, the manufacturing industry bore the brunt of these attacks, accounting for nearly a quarter of all cyberattacks at 23%.

Financial institutions experienced a high 22% of the total attacks, primarily due to phishing scams aimed at gaining unauthorized access to their systems and accounts. Additionally, the healthcare industry was targeted in 5% of all cyberattacks, with cybercriminals exploiting vulnerabilities to access private patient records and accounts.

The Costly Misconception: Small Businesses and the Real Impact of Cyberattacks

Many small businesses mistakenly believe they are safe from cyberattacks simply because they lack significant monetary assets. However, this notion couldn't be further from the truth. While it's true that the average cost of a data breach worldwide amounts to a staggering $4.24 million, data analysis reveals that the average cost per compromised record is approximately $161.

By extrapolating this data, we can estimate that a small- to medium-sized company with 2,000 records could face a data breach cost of $322,000. Such a financial blow can cripple any business and set it back by years.

The State of SMB Cybersecurity: Raising Awareness and Resilience

Perhaps the most alarming statistic to share is that 60% of SMBs experienced at least one cyberattack in the last year. Surprisingly, only 18% of SMBs took all necessary measures to prevent these attacks, while an even smaller group of 13% failed to take any protective measures at all. However, the same survey indicates that 46% of SMBs plan to increase their IT security budget in the coming year.

This signifies that many businesses are starting to recognize the seriousness of these threats and are taking proactive steps to prevent further losses from cyberattacks. It's reassuring to know that small- to medium-sized business owners are resilient entrepreneurs who refuse to succumb to these threats, actively seeking effective solutions to safeguard their livelihoods.

Proactive Protection: Outsourcing Cybersecurity for SMBs

One viable option for small businesses is to outsource the mitigation of cyber risk to professionals specializing in cybersecurity. With Fluid IT’s comprehensive services, businesses can offload both the risk and the time-consuming task of managing their security solutions, providing invaluable peace of mind and value for their investment. Our pricing is designed to be highly affordable, ensuring that our services offer significant cost savings compared to the potential devastation of a cyberattack.

In today's world, it's no longer a matter of whether your company will fall victim to a cyber-attack but rather when it will happen. Therefore, every business owner must ask themselves a crucial question: "Do I have hundreds of thousands of dollars to handle the aftermath of an attack retroactively, or does it make more sense to invest in robust cybersecurity measures to proactively protect my livelihood and ensure the safety of my customers?"

Partnering for Cybersecurity Excellence: Safeguard Your Business with Fluid IT

At Fluid IT, we understand the pressing need for robust cybersecurity measures, and we are here to help. If you're interested in engaging in insightful discussions about cybersecurity and exploring effective strategies to mitigate these risks, reach out to us. Together, we can safeguard your business and secure its future.

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