Cyberattacks: The New Reality for Every Small Business

Ransomware infections of large corporations may receive attention, but they don’t imply that microbusinesses aren’t vulnerable.

In fact, according to GoDaddy, many of the UK’s smaller firms were hit by ransomware in the last year, resulting in financial loss and a detrimental impact on their reputation.

Furthermore – most micro businesses have no website protection.

More than a third (34%) of the UK’s micro-businesses suffered a cybersecurity breach in the last year, costing them about $226 million, according to the website builder.

A fifth (21%) lost more than $1,300 as a result of the breach, and many saw their websites shut down for as long as a week or longer in 14% of cases.

Reputational damage can be severe.

Many businesses are concerned about the reputational damage of a data breach, and GoDaddy discovered that 15% of customers would avoid doing business with a breached firm, while another 47 percent said such an event would “negatively impact their likelihood to buy there again.”

Following a data breach, consumer opinion of a company “no matter how big or well-known” it was might drop substantially. A quarter (23%) would even advise family and friends not to shop at the site again.

According to Ben Law, Head of GoDaddy UK and Ireland, smaller firms have a lot more to lose percentage-wise because the financial impact may be greater.

“With the appropriate tools and solutions in place, you can significantly enhance your online business and company integrity as well as customer data protection,” he stated.

Microbusinesses were found to be less likely than large businesses (69 percent vs. 70 percent) to have any sort of website security or protection.