These technology stats can impact your business

6 technology stats every business owner should know

Most modern companies rely on technology every day. It plays an integral role in daily operations and can have a major impact on how successful a company can be.

But despite this, technology isn’t exactly the easiest thing to maintain — or even understand. So to help you better work with the tech around you, take a look at these 6 technology stats.

87% of a mobile user’s time is spent inside an app

Whether time is spent viewing a presentation in Office 365 or playing a game on social media, consumers like to use mobile apps. In fact, research shows that 87 percent of a smartphone user’s time is spent inside an app — which could be a huge play for your business.

Building a mobile app to interact and engage with consumers might be worth the investment. You can reach more people and in the way they want to be reached.

There are over 4 billion internet users

As of 2018, over 4 billion people use the internet. That’s more than half the population of the entire world. While this number is impressive, it can both help and hurt your business.

On one hand, more people are able to find your business — which is obviously helpful, especially for smaller companies. But on the other hand, more users means more risk — which is why security has become so complex for businesses over the last decade.

And with the rise of cloud computing, things will only become more complex.

43% of cyber attacks target small businesses

It’s easy to assume that cyber attacks are only a problem for large, multi-national corporations and government agencies. However, this is far from the case. In fact, 43 percent of all cyber attacks target small businesses — clearly worrisome.

SMBs are typically easier to attack because they have lax internal policies and minimal security.

The average data breach will cost $150 Million

By 2020, it’s predicted that the average cost of a data breach will reach more than $150 million. This figure can expand to cover sensitive information about customers or employees, proprietary data on internal operations, or financial records and payment information.

Most SMBs — and even some enterprises — can’t afford a setback like this. The downtime, lost productivity, and potential fines, regulations, and payouts are simply too much to cover.

64% of companies have experienced a web-based attack

The risk of a company experiencing a cyber attack is high. It is estimated that 64 percent of companies have experienced a web-based attack at some point.

What makes this especially troublesome is that many of these companies didn’t know about the data breach or infection for months — sometimes even years.

60% of companies close after a cyber attack or breach

Research shows that within six months of a massive data breach or cyber attack, 60 percent of businesses close their doors. This has a lot to do with the total cost of an attack, but there are a variety of other factors to consider.

For example, think about how upset consumers are after an attack. After a breach, consumers will typically take their business elsewhere for a while — and in some cases, permanently.

 

Unfortunately, most of these stats don’t exactly paint a pretty picture. But if you can get ahead of the threats and keep your data secure, then your business will go far. So do yourself a favor and don’t be just another statistic.