With cyber attacks, especially ransomware attacks that are on the rise, cyber insurance has become more important in helping keep small businesses safe. It is estimated that 43% of cyber-attacks are aimed at small businesses, but only 14% of small businesses are ready to defend themselves.
A small business is hacked roughly every 19 seconds, and 25% of small businesses filed for bankruptcy protection after a data breach. These numbers highlight how small businesses are at higher risk from cyber threats.
95% of data breach incidents are caused by employee mistakes, which shows the lack of cybersecurity awareness among many working professionals. Human error and software vulnerabilities are constant threats to a business’s security operation.
Although nearly half of cyberattacks affect small businesses, many are unaware of the risk, simply because cyber incidents often go unreported at small businesses.
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