Small Businesses Lose An Average Of $6600 For Every Online Attack

Small Businesses Lose An Average Of $6600 For Every Online Attack

One in five Australian small and medium businesses (SMBs) have been impacted by a cyberattack, according to a survey by Norton by Symantec.

Over 1000 business owners were surveyed for the Norton SMB Cyber Security Survey which found 84% of attacks against these businesses occurred within the last two years; half of them were attacked within the last 12 months.

Phishing scams (52%) and ransomware (28%) remained the most prevalent forms of online attacks against SMBs. Larger SMBs were more likely to be targeted by ransomware and 34% of those that are hit paid the ransom, which on average amounted to $4677. Only 8% of those who paid did not get their files back.

The average loss for each online attack was calculated to be $6600.

The main impact of cyberattacks on SMBs wre:

  • downtime (40%)
  • expense for re-doing lost work (26 percent)
  • inconvenience (24%)
  • privacy breach (22%)
  • financial loss (16%)
  • data loss (15%) – 63% of respondents reported that they were unable to recover the data after an attack.

A lot of these businesses don’t have in-house IT support to deal with cyberattacks and to enforce strict backup processes that could remediate attacks like ransomware.

Small Businesses Are More Susceptible To Online Attacks

While big organisations may be used to being targeted by various forms of online attacks, an increasing number of small businesses are falling victim to cybercriminals, according to a security expert from Cisco. He also shared some advice on how small businesses can better protect themselves online.

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