Canadian Underwriter

Most small businesses fail to act following a cyber breach: report


June 25, 2018   by Staff


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Photo copyright: 123RF.com/welcomiaSixty-five percent of small businesses in the U.S. fail to act following a cyber security incident, according to a report from Hiscox.

The specialist insurer’s 2018 Small Business Cyber Risk Report also found that 47% of small businesses had suffered at least one cyberattack in the past year. Of the businesses that had experienced an attack in the past year, 44% had experienced two, three or four attacks.

Other highlights from the report include:

  • Two-thirds of small businesses believe cyber security is a top concern
  • Fifty-two percent have a clearly defined cyber security strategy
  • Thirty-two percent organize simulated phishing experiments to gauge employee preparedness
  • Fifty percent say they lack the budget for adequate cyber security

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This story was originally published by Canadian Insurance Top Broker.