Highlights »

  • 43% of cyberattacks are aimed at small businesses, but only 14% are prepared to defend themselves
  • Each incident costs small businesses $200,000 on average
  • 60% of small businesses go out of business within six months of being victimized

Scott Steinberg, writing in CNBC.com »

As a result, he says, it’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached. This being the case, for small business owners, it’s no longer a matter of considering if security threats will arise, but rather thinking in terms of when.

Worse, the consequences of cyberattacks continue to grow, with digital incidents now costing small businesses $200,000 on average, according to insurance carrier Hiscox, and 60% going out of business within six months of being victimized. The frequency with which these attacks are happening is also increasing, with more than half of all small businesses having suffered a breach within the last year and 4 in 10 having experienced multiple incidents, reveals Hiscox.

At the same time, though, according to Keeper Security’s 2019 SMB Cyberthreat Study, 66% of senior decision-makers at small businesses still believe they’re unlikely to be targeted by online criminals. Similarly, 6 in 10 have no digital defense plan in place whatsoever, underscoring the need for heightened industry awareness and education across the board.

Read more at CNBC.com

It is critical for small businesses to adopt strategies for fighting cyberattacks.