The Office of Advocacy of the Small Business Administration defines a small business as an independent business having fewer than 500 employees, which covers the majority of businesses in the U.S.
“‘Cyber hackers view small businesses as a soft, easy mark versus big blue chip companies, which have ramped up their cyber firewalls’, said Sian John, a chief strategist at Symantec.” –FOXBusiness
According to Small Business Association (SBA.gov):
- The 28 million small businesses in America account for 54% of all U.S. sales
- Small businesses account for 56.8 million employees
- 63 percent of net new private-sector jobs
- 48.5 percent of private-sector employment
“60% of all cyber-breach victims are small to mid-size businesses, which are at the greatest risk for an attack. Their level of preparation is low, and the costs of customer notification alone can be enough to do a small company irreparable financial harm.” –Tim Francis, Travelers Insurance
- Almost 50 percent of small businesses have experienced a cyber attack
- More than 70 percent of attacks target small businesses
- Only 14% of small businesses rate their ability to mitigate cyber risk, vulnerabilities and attacks as effective
- More than 75 percent of employees leave their computers unsecured
“As much as 66 percent of hacked small and medium-sized businesses go out of business after six months” Paychex Inc.