Cyberattacks Lead To Big Losses For Small Businesses

According to a study by Verizon, 61% of cyberattack victims in 2017 were small businesses, up from 53% in 2016. Another report, by Hiscox, found that 47% of small businesses suffered at least one cyberattack in the previous 12 months; while 52% of those firms actually experienced multiple attacks. When a small business does fall prey to hackers and cybercriminals, it can be devastating. Per a UPS Capital study, cyberattacks can cost small businesses between $84,000 and $148,000. That type of loss is hard to overcome for a small company, as 60% of them go out of business within six months of a cyberattack.