Why Small Business Cyberattacks Could Prompt Next Recession
While Fortune 1000s dominate many interactions in our daily lives, small businesses remain the bedrock of the U.S. economy. According to the Small Business Administration, the 30 million small businesses operating in the United States employ nearly half of the total workforce.
Unfortunately, these same small businesses have begun to fall victim to cyberattacks at an alarming rate, and whether you know it or not, this reality is putting the entire economy at risk. As large companies spend endless amounts of time and money to fortify their digital assets, cybercriminals, hackers and fraudsters have turned their attention to those that cannot afford such lofty and impenetrable defenses: small and mid-sized businesses.
A recent Ponemon study found that nearly 70% of all small businesses experienced a cyberattack in 2017, while half admitted to having no understanding of how to protect their company against an attack. And that's a big problem when considering the average recovery costs of a data breach for a small company can top $149,000. Most worrisome, however, is that 60% of all small companies that succumb to a cyberattack go out of business within six months, according to a report by the U.S. National Cyber Security Alliance.
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