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Cyberattacks targeting small businesses hit 3-year high, ITRC reports

During the past 12 months, 42% of small businesses that suffered a cyberattack lost revenue because of the incident, the ITRC reports.

While nearly three-quarters of small businesses were victims of a cyberattack, 85% of respondents to ITRC’s survey said they were ready for such an event. However, research from The Hanover shows that is not exactly the case. Credit: momius/Adobe Stockq While nearly three-quarters of small businesses were victims of a cyberattack, 85% of respondents to ITRC’s survey said they were ready for such an event. However, research from The Hanover shows that is not exactly the case. Credit: momius/Adobe Stock

During the past 12 months, 73% of small business owners said they had a cybersecurity incident, according to the Identity Theft Resource Center (ITRC) Business Impact Report. This was the highest percentage of businesses reporting a cyber event in the three years that ITRC has been producing the report.

Among those that did see an attack, 42% lost revenue because of the event. ITRC noted this was a 3% decline compared with the year prior, but that small businesses faced other repercussions. This included an increase in customers losing trust in the business, higher employee turnover and having a harder time understanding how the event occurred.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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