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Small Businesses Don’t Recognize Risk of Cyberattack Despite Repeated Warnings

Aug 04, 2022

Editor's Note:  Despite findings like a recent consumer survey showing that 55% of those polled would be less likely to do business with a company that has experienced a cyber-attack, many small business owners still lag on implementing solutions to protect their network infrastructure and assets. They perceive the cost may be prohibitive and wonder how to even get started. Our unique position as a Communications and Network Security Provider allows us to combine administration and key network security functions into a single platform for you and your IT team with our Managed Network Security Services.

Don’t wait to implement the CYBERSECURITY solutions your company needs to protect itself in an ever-increasing digital threat landscape.

 

Article By Linn F. Freedman
 Robinson & Cole LLP Data Privacy + Security Insider

CNBC surveys over 2,000 small businesses each quarter to get their thoughts on the overall business environment and their small business’ health. According to the latest CNBC/SurveyMonkey Small Business Survey, despite repeated warnings by the Cybersecurity and Infrastructure Security Agency and the FBI that U.S.- based businesses are at an increased risk of a cyber-attack following Russia’s invasion of Ukraine, small business owners do not believe that it is an actual risk that will affect them, and they are not prepared for an attack. The latest survey shows that only five percent of small business owners reported cybersecurity to be the biggest risk to their company.

What is unfortunate, but not surprising, is the fact that this is the same percentage of small business owners who recognized a cyber attack as the biggest risk a year ago. There has been no change in the perception among business owners, even though there are repeated, dire warnings from the government. Also unfortunate is the statistic that only 33 percent of business owners with one to four employees are concerned about a cyber attack this year. In contrast, 61 percent of business owners with more than 50 employees have the same concern.

According to CNBC, “this general lack of concern among small business owners diverges from the sentiment among the general public….In SurveyMonkey’s polling, 55% of people in the U.S. say they would be less likely to continue to do business with brands who are victims of a cyber attack.” CNBC’s conclusion is that there is a disconnect between business owners’ appreciation of how much customers care about data security and that “[s]mall businesses that fail to take the cyber threat seriously risk losing customers, or much more, if a real threat emerges.” Statistics show that threat actors are targeting small to medium-sized businesses to stay under the law enforcement radar. With such a large target on their backs, business owners may wish to make cybersecurity a priority. It’s important to keep customers. Copyright © 2022 Robinson & Cole LLP. All rights reserved.
 

This article was written by Cole Llp and Robinson from National Law Review and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.