Survey shows that cyber security receives little attention from small businesses in the U.S.
Cyber security is an issue that many small businesses do not take seriously, according to a new survey from The Hartford, one of the largest insurance and financial services companies in the U.S. Hacking and data breaches are becoming more commonplace as the years go by. Hackers are beginning to push the boundaries of cyber security, keen to exploit any weaknesses they can find. According to The Hartford, many of these hackers are finding little resistance from small businesses due to the lack of sufficient cyber security amongst this particular demographic.
Small businesses being targeted due to their stance on hacking
According to Lynn LaGram, assistant vice president of small commercial underwriting at The Hartford, most of the small businesses surveyed do not believe themselves to be at risk of data breach or other hacking attempts. The company’s survey found that approximately 85% of small business owners throughout the U.S. believe that hacking is an unlikely event and that cyber security is not mandatory for their industry. LaGram notes that these companies are, indeed, being targeted by hackers due to the simple fact that they are not taking cyber security seriously.
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Business owners believe data breach could damage reputations with consumers
The survey, dubbed The Hartford Small Business Data Protection Survey, found that almost two-thirds of respondents believe that data breach would severely damage their reputation with consumers. Last year, several large companies made headlines due to large-scale data breaches that left the important information of consumers exposed to theft. These companies were the subjects of harsh backlash from consumers. While these companies were large enough to survive the auxiliary effects of their cyber security breaches, The Hartford suggests that small businesses may not be able to fare as well.
Insurance protection as important as Cyber security methods
LaGram notes that insurance protection is as important as cyber security for small businesses. Insurance plans designed to protect companies from the financial implications of data breach could help small businesses survive such events by enabling them to recover more quickly.