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65% of Small Businesses Fail to Act Following a Cybersecurity Attack

65% of Small Businesses Fail to Act Following a Cybersecurity Attack
Published October 23, 2018

A recent survey shows that 65% of small businesses fail to act following a cybersecurity incident. And almost half (47%) had suffered at least one cyber attack in the past year. Unfortunately, of the businesses that reported having a cyber attack, 44% said they "had been attacked two, three or four times."

Those findings are from the results of the Hiscox Small Business Cyber Risk Report, which studies U.S. small businesses' preparedness for cyber threats. The study also found:

Cyber a Top Concern
Two-thirds of small businesses surveyed reported cyber risk as a top concern for potential negative business impact in the coming year.

Lack of Strategy
Barely half (52%) of small businesses reported having a clearly-defined strategy addressing cybersecurity.

Training
Less than one-third (32%) of small businesses have simulated phishing experiments to assess employee behavior and readiness in the event of an attack.

Budget
Despite keeping cyber threats as a top-of-mind concern, half of small businesses say they're challenged by a lack of IT security budget.

While budgeting for cyber related resources is critical, people, processes and technology must also be incorporated to ensure cyber readiness. It's time to be proactive about cybersecurity at your business. Quest can help you by evaluating your network and ensure your data is safe. Quest provides the focus, depth, and security services to help close gaps to keep your organization safe. By helping you proactively evaluate your systems, we can help mitigate potential future risks – efficiently and cost-effectively.

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