43% of Cyber Attacks Target Small Businesses

Insights from the 2024 Deloitte-NASCIO Cybersecurity Study reveal that nearly 80% of state CIOs now regard cybersecurity as a top priority while National University studies indicate that 43% of cyber attacks target small businesses, making it clear that vulnerabilities affect organizations of all sizes.

In the public sector, the Deloitte study underscores that 64% of state governments experienced a cyber incident in the past year, a stark reminder of persistent threats that can have far-reaching consequences—not just for state agencies but also for businesses that engage with them. Additionally, 70% of organizations report facing significant challenges in securing adequate funding for cybersecurity initiatives. This lack of resources can create a ripple effect, impacting partnerships and potential transactions, especially for business owners considering a sale.

The importance of strategic collaboration cannot be overstated. Deloitte notes that 57% of state CIOs believe that partnerships with private sector organizations could significantly bolster cybersecurity efforts. Meanwhile, one in five organizations experiences a cyber attack each year, highlighting the growing need for shared expertise and resources. Nearly 60% of small businesses that experience a cyber-attack go out of business within six months, making cybersecurity not just a technical issue, but a critical business priority.