Small Business Lacks Cyber Education and Protection
Cyber Education and Protection
Nationwide Insurance recently conducted an extensive survey on cyber security as it pertains to small businesses countrywide. Some of the key data I found from their study which is further explained on the Nationwide site:
https://news.nationwide.com/cyberattack-recovery-time-and-cost-much-higher-than-businesses-realize/
40% of small business owners surveyed expect a cyberattack to cost less than $1,000, versus the actual claims ranges of $15-$25k.
60% think it would take less than three months to fully recover while the average time for full recovery is a whopping 279 days.
48% of small business owners feel ready to prevent a cyberattack on their business.
56% of small business owners report offering cybersecurity training at least once a year.
75% of small business owners say they’re interested in purchasing common coverages.
Of most significance in this report to me was the following:
“Cyberattacks are top-of-mind for consumers today and 76% say they’d stop doing business with the company responsible for a breach that impacted them. One in 10 small business owners say they’ve experienced a cyberattack in the past. Of those, more than half say the attack impacted or jeopardized their business’s finances and customer trust.”
There is a huge opportunity to the PEO in advancing the education of their client companies “cyber education” along with products and services to include insurance products, “cyber scoring” and breach reaction. There is also significant exposure if the data entrusted to the PEO is compromised. Cyber hygiene has become a deal factor in the evaluation of the trustworthiness of a potential vendor. Safety and security is often naively assumed by the client company, internally and externally with their PEO.
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