Just 20% Of Small Businesses Have Cyber Insurance - Study

Yet more than a quarter of cyber breaches target small businesses.

Source : Pixabay

March 16, 2021

Author : Patty Rodriguez

A new study conducted by the Selective, the primary holding company for 10 insurance companies, and Appalachian State University, a major point of vulnerability in most small businesses in the United States.

While 28 percent of data breaches are aimed at small businesses (86 percent of which were financially motivated), according to a separate report from Verizon, only 20 percent of small businesses have cyber insurance, according to the new study.

Some 44 percent of study respondents said that cyber security and technology issues were a growing concern, especially during the coronavirus pandemic.

The survey was “created and distributed by the AppR.I.S.E. (Risk Initiative for Student Engagement) program in the Walker College of Business at Appalachian State University,” according to the press release

AppR.I.S.E. “gathered responses from 369 anonymous respondents from July 7, 2020, to August 30, 2020.”

According to Selective, ransomware and phishing attacks are now the favored methods of cyber attackers. In fact, 30 percent of breaches come from phishing attacks. 

Of course, Selective offers cyber insurance, but if you want to learn how to protect yourself from cyber attacks, check out our handy guide Easy Steps For Your Small Business to Avoid Scammers During the Coronavirus Crises.”

Photo via Pixabay.

Category : Small Business Enterprises Coronavirus Pandemic Cyber Security

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