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

Sixty-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.