IT Outages are a costly reality for businesses, over 91% of mid-sized and large companies lose an average of $300,000 an hour during an outage. Half of those businesses have losses ranging from $1-$5 million per hour according to the ITIC. Small businesses face an even greater risk, as limited resources leave them especially vulnerable to outages. Today we’ll explore real-world statistics, why outages occur, and how companies can prevent or minimize their impact.
Must-Know Cybersecurity Statistics
Small Businesses: Small businesses are especially vulnerable to IT outages and cyberattacks according to a report by Astra.
- 43% of cyberattacks are targeted at small businesses, making them a prime target for attackers.
- 47% of businesses with 50 or fewer employees don’t allocate any funds towards cybersecurity. While half of them don’t employ any IT security measures.
- 60% of small businesses shut down within six months of a cyberattack, demonstrating the severe consequences of insufficient IT security.
Any Size Business: Outages affect organizations of all sizes, as shown by data from InvenioIT.
- From 2019 to 2022, 96% of businesses experienced had experienced at least one outage.
- The average downtime of a ransomware attack in the U.S. was an average of 20 days or nearly 3 weeks.
- 24% of Organizations experienced an outage due to outdated hardware.
Why Outages Occur
- Cyberattacks: Whether it be from ransomware, Distributed Denial of Service (DDoS), malware infections, or phishing attacks, these are some of the biggest causes of IT outages. These attacks force organizations to take systems offline for containment, recovery, or analysis, all of which can be extremely costly.
- Outdated hardware: Over time, hardware degrades, which could lead to malfunctions or downtime. Pairing old hardware with new software usually results in a compatibility issue. Making systems lack security updates, which can be vulnerable to attacks. Using old hardware may cause bottlenecks or unplanned outages that can disrupt critical business operations.
- Human Error: A staggering 64% of outages are related to human error, including falling victim to phishing attacks or unintentionally introducing vulnerabilities into a system. Errors like these can lead to crashes, data loss, and security breaches, which will lead to an outage that a team of IT experts must work on.
How Companies Can Prevent/Minimize Outages
- Proactive Maintenance & Resilient Infrastructure: Outdated hardware and software can significantly increase the chances of an outage. Regularly scheduled maintenance and upgrades can ensure systems are reliable and capable of handling business operations.
- Resilient Infrastructure: Investing in a strong infrastructure can be the difference between an outage or not since it minimizes the impact of attacks and offers a safety net for businesses. Our IronTech Framework focuses on aligning IT infrastructure, Cybersecurity, and Governance to provide a strong system architecture. We ensure your systems are reliable, scalable, and optimized for maximum security.
- Strengthen Cybersecurity: Cyberattacks are becoming more sophisticated, a single breach can lead to a significant amount of downtime. Outages are costly, but having a robust cybersecurity framework with multiple layers, endpoint detection, firewalls, and MFA can prevent outages and safeguard data. That’s why we at Kirkham use a best-of-breed solution to integrate superior products to make a comprehensive IT infrastructure to maximize performance and efficiency.
- Disaster Recovery Plan: Just 54% of businesses have a recovery plan in place, according to a 2021 study. Sometimes, disruptions are inevitable, but a well-thought-out disaster recovery plan can minimize the impact. We at Kirkham IronTech provide solutions and can create a custom disaster recovery plan unique to any business. With annual risk assessment and proactive planning, we ensure any business is prepared for a cyberattack.
Don’t Let IT Outages or Cyber Threats Disrupt Your Business—Let Kirkham IronTech Secure Your Future!
- Call Us: (479) 434-1400 – Speak with our experts to safeguard your IT systems.
- Visit Our Website: www.kirkhamirontech.com – Discover how we can keep your business running smoothly.
- Email Us: info@kirkhamirontech.com – Reach out for customized IT and cybersecurity solutions tailored to your needs.
Tom Kirkham brings more than three decades of software design, network administration, and cybersecurity knowledge to organizations around the country. During his career, Tom has received multiple software design awards and founded other acclaimed technology businesses.
