When small businesses are targeted by cyberattacks, they may have fewer resources to respond than large enterprise counterparts. Although federal aid aims to help small business owners up their cybersecurity posture, a recent security survey shows small businesses are not prepared to recover if a cyberattack occurs.
According to a survey from Nationwide Agency Forward and conducted by Edelman Data & Intelligence, most small business owners underestimate how damaging a cyberattack could be for their company. Cyber risk insurance — which helps protect and offset against the impacts of an attack — is also not on their radar. Less than three in 10 small business owners report having cyber coverage, compared to 71% of middle market businesses.