Almost 60 percent of U.S. small business owners are concerned about cybersecurity threats, according to the recently released MetLife and U.S. Chamber of Commerce Small Business Index.
Survey results revealed that companies with 20 to 99 employees were more likely to be concerned, with one in five being very concerned, compared to small companies with fewer than 20 employees.
“While cyber threats are often associated with larger companies, they afflict businesses of all sizes,” James W. Reid, executive vice president for Regional and Small Business Solutions at MetLife, said. “The goal of our index is to elevate the voice of the small business owners to better understand the issues that stand in their way. By doing so, everyone can work towards solutions that translate into small business success.”
Due to limited resources and bandwidth, small companies are often the most vulnerable entities to potential cyberattacks. Forty-four percent of small businesses reported being the victim of a cyberattack with an average cost of approximately $9,000 per incident, according to data from the U.S. Department of Homeland Security and the Small Business Administration.
Additionally, approximately 59 percent of small businesses were found to not have contingency plans on how to respond to a data breach.
Ann Beauchesne, senior vice president of National Security and Emergency Preparedness at the U.S. Chamber of Commerce, said cybersecurity posed a threat to all businesses but was particularly challenging for small businesses.
“With a security plan in place and the support they need, small businesses can turn cyber challenges into opportunities to innovate, create jobs, and grow the economy,” she said. “Awareness, education, and public-private partnerships can help small businesses improve security.”
In response to the increasing number of cyberattacks, the U.S. Chamber recently launched a cybersecurity and awareness campaign in order to educate businesses of all sizes on various cyber threats and how to adopt basic cybersecurity fundamentals to reduce network weaknesses.