Cybersecurity

This is a high-level summary of our key findings from the September 2017 Small Business Pulse Survey. This survey concentrated on Cybersecurity. The survey asked business owners about their past experiences with cybersecurity, their fears, and the precautionary measures they’re taking against cybercriminals.

Key Insights of the Survey

• Only 5% of business owners feel fully secure against cyber-attacks.
• 62% of owners surveyed agree “cybersecurity breaches can cripple any business”.
• 31% of entrepreneurs surveyed are committing a minimum of $10,000 to cybersecurity.
• 52% of business owners report having been victims of cybercrime, yet 46% have measures in place to protect their businesses against them.
• According to the survey, the average business owner spends $8,933 per year on cybersecurity protection.
• According to the results, nearly half of all CEOs have faced some form of cybercrime, yet less than half feel 100% prepared against them.
• Only 5% of the entrepreneurs surveyed said they were 100% safe against cyber-threats and cyber-attacks. Yet, 40% still do not have a cybersecurity response plan in place.
• 75% of business owners agree a cyber-attack would compromise the profitability of their business.
• Business owners surveyed believe time (43%), resources (32%), expertise (30%) and capital (29%) prevent them from reaching their desired level of cyber protection.
• 39% of entrepreneurs believe they are responsible for cybersecurity issues affecting their business.
• 95% of business owners express concern over their level of security.
• Entrepreneurs are most fearful of data loss and view credit card skimming as the most likely form of attack (35%), followed by malware (26%), website hacking (22%) and ransomware (21%).
• Of the 60% of business owners who do have a cybersecurity response plan, 48% are prioritizing recovery above all else and believe firewall and network protection is the best precautionary investment.
• Only 23% of entrepreneurs consider themselves likely to purchase cybersecurity insurance in the next year.