Over Half of All Small Businesses Fail to Act After Cyber Attacks

Cyber security is the main topic of conversation when it comes to risks that small businesses face today. Virtually no one is safe when it comes to data breaches and data hygiene. It pays to have a regional cyber security policy in place like Carmel cyber liability insurance. But it’s just as important to take the right measures following a cyber attack that ends up coming thru.

A new survey shows that 65% of small businesses fail to act properly following a cyber security threat that ends up affecting their operation. According to the survey from Hiscox, 47 percent of small businesses had suffered at least one cyber security attack in the past year alone, detailing how serious it is to not only protect against them, but be educated on how to clean up afterward.

By The Numbers

The Hiscox survey, which runs every year, also featured a number of glaring concerns in the cyber security world. The survey also found that two-thirds of small businesses surveyed reported cyber risk as a top concern for potential business impact on their organization in the coming year.

Small businesses were also discovered to have a lack of strategy as barely half of small businesses reported having a clearly-defined strategy around cyber security. What’s more, as education is key, the survey found that less than 33 percent of small businesses have simulated phishing experiments to go over employee behavior and readiness in the event an attack takes place.

Also, fighting against cyber threats takes resources. But small businesses feel tied up as it was reported that about half of all businesses surveyed reported that they simply couldn’t afford the right amount of coverage and education.

Best Practices

With all this in mind, small businesses can still do what they can to change the narrative in their security standings. Hiscox recommends of a group of best practices that businesses can consider to be more vigilant about protecting against attacks and being educated on what to do after an attack takes place.

Businesses can get everyone involved when it comes to education on the topic of cyber attacks. The more people know within the walls of a small business, the better prepared the entire company can be. Business owners should have a formal budgeting process in pace and ensure cyber security is considered and prioritized.

There should also be a pan in place when incidents occur, including steps to take for detection and containment to notification and assessment. Employees should take over certain responsibilities when it comes to protocol in the event of a cyber attack and response plans should be regularly reviewed to integrate emerging threats.

The more people inside the four walls of a small business, the more the company can stay ahead of the curve in terms of response.

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.