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Report: Average Small Business Hit by Cyberattack Suffers More Than $25,000 in Losses

  • Report determines that average small business that suffered a recent cyberattack incurred $25,612 in costs
  • Nearly one in four small businesses were victims of a cyberattack in the past 12 months
  • IT professionals fear that remote work has made their company more vulnerable to such breaches

Summary by Dirk Langeveld

Small businesses that suffered a cyberattack incurred an average of $25,612 in costs due to the incident, according to the Hiscox Cyber Readiness Report.

Now in its fifth year, the report from the international specialist insurer surveys more than 6,000 professionals, located in eight nations, who are responsible for their company’s cybersecurity. Hiscox determined that nearly one in four small businesses – 23 percent – were the victims of a cyberattack in the past 12 months.

  • 53 percent said they believe remote work has made them more vulnerable to cyberattacks
  • 20 percent of small businesses said their most critical priority over the next 12 months is complying with their business partners’ security requirements, slightly more than the share giving priority to their own existing threats and vulnerabilities
  • 35 percent said they don’t disclose fully to all relevant and external stakeholders if their company has been affected by a cyberattack
  • Nearly half of respondents don’t have a cyber insurance policy, but 39 percent expect to increase their cybersecurity spending over the next 12 months

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