A 2021 IBM study found that 60% of businesses with fewer than 500 employees go out of business within six months of a cyberattack. (Credit: ©sitthiphong/Adobe Stock) A 2021 IBM study found that 60% of businesses with fewer than 500 employees go out of business within six months of a cyberattack. (Credit: ©sitthiphong/Adobe Stock)

Only 8% of businesses with fewer than 50 employees have a dedicated budget for cybersecurity, says a recently released report from Corvus Insurance. Their survey found many of those small businesses lump cybersecurity into IT or another department's budget, and 47% have no cybersecurity budget at all. The numbers don't get much better when you look at slightly larger small companies, either, with only 14% of companies with 50-249 employees claiming a dedicated cybersecurity budget.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].