WSJ: Most Small Businesses Don’t Recover From Cybercrime

The Wall Street Journal reports that the U.S. House Small Business Subcommittee on Health and Technology held a hearing on the topic of “Protecting Small Businesses Against Emerging and Complex Cyber-Attacks. ”A recent study cited by the subcommittee chairman, Rep. Chris Collins, (R-NY), found though more than three-quarters of small businesses believe their companies are safe from hackers, 20% of all cyberattacks hit small businesses with 250 or fewer employees. According to the same study, nearly 60% of small businesses will shutter within half a year after being victimized by cybercrime because the average cost of a data breach is $6.75 million total and $214 per compromised customer record, which could potentially send a small business into bankruptcy.

READ MORE: Most Small Businesses Don’t Recover From Cybercrime - Corruption Currents - WSJ.

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