The surprising truth about cybercrime and small business

Read Time: 3 Min
Cyberattacks have become commonplace and threaten the financial health of businesses of all sizes.
Woman looking at her computer
The risk of cyberattacks on small businesses is increasing
  • Small businesses are being targeted at a rapidly increasing rate
  • Of all reported data breaches, 43% involved small businesses†
Cyberattacks can be financially devastating for a small business
  • 60% of surveyed small businesses that are victims of a cyberattack go out of business within six months‡
  • 33% of surveyed businesses stated that IT security incidents resulting in system downtime cost them between $100,000 and $500,000§
Common misconceptions that prevent corrective action
  • Underestimating the value and accessibility of data
  • Assuming that cyberattacks are covered by general liability insurance
  • Believing that newer software programs automatically include cyber protections
Tips to help protect your business
  • Create policies and protocols to restrict access privileges and flag suspicious emails
  • Learn more about, and consider purchasing cyber liability insurance
Huntington is here to help

Our team of professionals has worked with businesses facing similar risks. We can work with you to identify solutions that may help to protect your business, making it less vulnerable and more likely to withstand and recover from the growing threat of cybercrime.

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† 2019 Data Breach Investigations Report. Verizon. 2020

‡ Shepherd, Maddie. 30 Surprising Small Business Cyber Security Statistics (2021). Fundera. December 16, 2020.

§ The Hidden Costs of Cybercrime. McAfee. 2021.

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