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Underestimating — Cyber Attacks & the Cost to Small Business
UNDERESTIMATING
CYBER ATTACKS & THE COST TO SMALL BUSINESS
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A Nationwide Agency Forward Survey should concern small businesses. Nationwide found that 40% of small businesses think a cyber attack will cost them less than $1,000.
Another 60% say it’s only going to take three months maximum to recover.
Nationwide president of commercial lines, Peter McMurtrie said the data shows a much different picture. The average cost is $15,000 to $25,000 to recover and it can take an average of 279 days.
“Small business owner concern around cyberattacks has risen 15% since the beginning of the pandemic, but most owners still don’t realize the extent of damage a cyberattack could have on their company and livelihood,” McMurtrie said. “Agents have strong opportunities to bust some of these common misconceptions around effects post-cyberattack and emphasize that there is greater risk than just loss of funds – business reputation is at stake.” • 48% of small business owners say they’re ready to prevent an attack • However, just 56% offer any kind of yearly cyber security training • Under 25% will test their employees by sending a phishing email • Only 28% of small business owners have cyber insurance • However, 71% of middle market business owners do
Nationwide also checked in with agents selling commercial lines.
• 70% say their clients are worried about a cyberattack • But less than half discuss those concerns with their customers
