The Real Cost of a Cyberattack – and Why SMBs Must Be Prepared
Most small business owners assume a cyberattack is something that happens to someone else. A large bank. A government agency. A multinational retailer.
But in 2025, the opposite is true: small and mid-sized businesses are the top targets for cybercriminals.
And the costs? Far more than a few hours of downtime.
Most small business owners assume a cyberattack is something that happens to someone else. A large bank. A government agency. A multinational retailer.
But in 2025, the opposite is true: small and mid-sized businesses are the top targets for cybercriminals.
And the costs? Far more than a few hours of downtime.
Let’s unpack the real financial, legal, and operational fallout of a cyberattack - and what you can do to protect your business.
Cybercrime Is Now an SMB Problem
Cybercriminals know that SMBs often lack the budget, tools, or insurance to recover. That makes them easy targets - and profitable ones.
- In 2024, 58% of all cyberattacks in Canada targeted businesses with under 500 employees.
- The average total cost per SMB breach was between $200,000 and $500,000.
- Recovery time? Often weeks - not days.
(Sources: CIRA Cybersecurity Report, IBM Cost of a Data Breach)
Where the Money Goes: A Full Breakdown
Cyberattacks rarely involve just one cost. The total impact spans multiple areas:
1. Revenue Loss
• System downtime halts your operations
• Missed customer orders and abandoned carts
• Lost productivity as employees shift to damage control
2. Incident Response & IT Costs
• Emergency IT specialists and forensic teams
• New tools and hardware replacements
• Fees to recover, clean, and secure your systems
3. Ransom Payments
• Many businesses are forced to pay ransoms to regain access to their own data
• Even then, 40% never fully recover what was lost
4. Legal & Regulatory Penalties
• Fines under laws like PIPEDA for failure to report
• Possible lawsuits from affected customers or vendors
5. Reputational Damage
• Customers lose trust
• You lose deals and renewals
• Negative press or online reviews
6. Insurance Gaps
• Many SMBs find their commercial insurance doesn’t cover cyberattacks
• Out-of-pocket recovery costs can bury the business
Up to 60% of SMBs close permanently within six months of a serious breach.
What Protection Actually Looks Like
Most companies install antivirus software and assume they’re secure. That’s no longer enough.
Modern protection must include:
• 24/7 monitoring and early breach detection
• Automated threat response
• Data backups and recovery plans
• Employee training (phishing is still the #1 attack vector)
• Regulatory compliance systems
• Cyber liability insurance
ThinkSwift’s Cyber360: Complete Protection, Built for SMBs
We created Cyber360 to give small businesses enterprise-level protection without the enterprise-level budget.
What’s Included:
No DIY tools. No complicated dashboards. Just managed protection that works - so you can focus on growing, not worrying.
The Best Time to Prepare Is Before the Breach
The question isn’t “will I be targeted?” - it’s “will I be ready when I am?”
Cyberattacks don’t wait until your team is trained or your backups are up to date. They happen fast and the damage is real.
But with the right partner, you don’t have to face that risk alone.
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