{"id":758,"date":"2018-09-14T13:00:37","date_gmt":"2018-09-14T13:00:37","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=758"},"modified":"2023-02-08T10:03:58","modified_gmt":"2023-02-08T10:03:58","slug":"smb-owners-unprepared-for-cybercrime","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/smb-owners-unprepared-for-cybercrime","title":{"rendered":"Cybercrime survey reveals SMB owners are unaware and unprepared"},"content":{"rendered":"

\"Cyber<\/strong><\/p>\n

Hacks, phishing, ransomware attacks and data-stealing \u2013 cybercrime is on the up.<\/p>\n

And for small businesses in particular, the risk of a cyber-attack is big.  Very big. In fact, you\u2019re more vulnerable than large corporations.<\/p>\n

We<\/em> know that, because risk is our business. That\u2019s why we offer cyber liability insurance<\/a>.<\/p>\n

<\/p>\n

Small businesses beware<\/strong><\/h2>\n

But how many of you small business owners know? How many of you have a contingency plan, or cash reserves, in case your firm is attacked? Do you know what recovery costs are involved, or what cyber insurance covers?<\/p>\n

We wondered. So, we surveyed over 1,300 SMB owners.<\/p>\n

Our findings are worrying.<\/p>\n

<\/p>\n

No plan\u2019s not the best plan<\/strong><\/h2>\n

Over half of you think a cyber-attack on your business is unlikely. 6%, in fact, think it\u2019ll never happen.<\/p>\n

But even though a quarter of you believe an attack is more a matter of \u2018when\u2019, than if\u2019, you\u2019re not doing much about it.<\/p>\n

54% have no plan in place to deal with a cyber-attack. And another 20% say you\u2019ll react when something happens.<\/p>\n

What\u2019s worse is that 83% have no funds set aside to deal with the fall-out from one. And a quarter of those hadn\u2019t realized there would be<\/em> any recovery costs involved.<\/p>\n

<\/p>\n

Get cyber-ready<\/strong><\/h2>\n

It\u2019s clear from our survey that SMB owners need to wake up. Not just to the likelihood of a cyber-attack, but the serious impact it can have on your cashflow \u2013 and your business.<\/p>\n

Because 85% of data breaches strike small businesses. That\u2019s about 4,000 a day.<\/p>\n

And 60% of small business hit by a cyber-attack shut down inside of six months.*<\/p>\n

It\u2019s time to take some basic steps to prepare your firm for an attack by putting some contingency measures in place. And that includes insurance.<\/p>\n

Because it\u2019s not the attack itself that\u2019ll shut your business down. It\u2019s the cost of recovering from one.<\/p>\n

On average, small to medium businesses are losing $120,000 per cyber-incident.<\/p>\n

Ouch.<\/p>\n

Without cyber liability insurance, which can take care of these costs, no wonder so many small businesses are going under.<\/p>\n

But as over half the SMB owners we surveyed didn\u2019t know what cyber liability insurance actually covers, it might explain why a staggering 91% don\u2019t have it.<\/p>\n

<\/p>\n

What does cyber liability insurance cover?<\/strong><\/h2>\n