Cyber risk: Key considerations for business owners
As a business owner, chances are you’re
aware that cybercrime is on the rise.
However, you may not have considered
what this means for your business.
Small doesn't mean safe
Don’t assume you’re too small to catch the attention of a would-be hacker. There was a 424% increase in new small business cyber breaches last year†.Cyber-attacks are increasing with organizations of all sizes, including small businesses.
According to a recent study by Verizon, a full 28% of reported breaches impacted small businesses‡.
Meaningful cause for concern
Many business owners do not realize the severity of the issue. A full 56% of those surveyed report having no defense plan or response in place¶. Underestimating your business’ vulnerability can be devastating.
17% of businesses experiencing a cyberattack in 2021 indicate that the attack was serious enough to materially threaten the solvency of the company#.
Understand what's at stake
Many small business owners don’t comprehend just how costly a cyberattack can be. In 2020, the average ransomware demand was $178,000§. That’s on top of other costs, such as business disruption and revenue losses while your system is down, the cost of lost customers and acquiring new customers, credit monitoring and protection services, legal expenditures, and the potential damage to your company’s reputation.
60% of small businesses that are victims of a cyber-attack go out of business within six months†.
Looking out for you and your business
Huntington can help you address many facets of your business by bringing forward key insights, new ideas, and thoughtful solutions. Connect with the business banking team at Huntington to discover the many ways we can help you grow and strengthen your business.
† Shepherd, Maddie. 30 Surprising Small Business Cyber Security Statistics (2021). Fundera.
December 16, 2020.
‡ Bassett, Gabriel, C. David Hylender, Philippe Langlois, Alexandre Pinto, and Suzanne Widup. 2020. 2020 Data Breach Investigations Report. Accessed Aug 8, 2021.
§ Cybereason. 2021. Ransomware: The True Cost to Business. Accessed Aug 9, 2021.
¶ Smith, Zhanna, Eugenia Lostri, and James Lewis. 2020. The Hidden Costs of Cybercrime.
December. Accessed April 1, 2022.
# Hiscox. 2021. “The Hiscox Cyber Readiness Report 2021.” Accessed February 28, 2022.
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