Your small business is one of the estimated 350 to 450 million Micro, Small and Medium Enterprises (MSMEs) worldwide. There are 6.3+ crore enterprises in India alone. With SMBs being one of the easiest and the most preferred epicentre for the hackers ulterior motive, cybersecurity for small business should not be put forward as a question. Here is an attempt to guide young businesses thrive without leaving any gates open to pull back down or worse, shut down! What is the risk? No solution can help unless you understand how serious the risk factor is.
Cybersecurity for Small Business – Why Do You Need It?
We are talking facts here. The numbers are concerning and every small business must be aware of the same:
Impact of Cyberattacks in Small Business
- A recent global survey of 5,000 SMB owners found 46% have experienced a cyberattack on their current business.
- 94% of SMBs had faced at least one cyberattack by 2024, a jump from 64% in 2019.
- Surveys show 78% of SMB leaders are now concerned that a severe cyberattack could shut down their business.Nearly 1 in 5 attacked SMBs end up filing for bankruptcy or closing.
- Over 559 million cyberattacks targeted SMBs globally in just one quarter (Q2 2024).
- A late-2024 survey of 1,400+ IT professionals at small and mid-sized firms found 88% of these businesses experienced a cybersecurity incident in the past 12 months. This suggests that virtually 9 in 10 small businesses in India fell victim to some form of cyberattack within a year.
