The Weekly Breach Breakdown: No Small Targets – Protecting Against Cyberattacks on Small Businesses is Not a Priority

• According to new research from CNBC and SurveyMonkey, protecting against cyberattacks on small businesses is not a priority. Only five (5) percent of small business owners believe cyberattacks are currently a risk to their business. 
• In other SurveyMonkey research, three-quarters of Americans say they expect businesses in the U.S. to experience a cyberattack within the next 12 months. 
• According to the Identity Theft Resource Center’s (ITRC) 2021 Business Aftermath Report, 58 percent of business leaders surveyed said they had experienced a security breach, a data breach or both.
• No business is too small to be a target of cybercriminals. To protect your business, employees and customers, understand the cyber risks you face. Take steps to defend against future attacks.
• To learn about recent data compromises, consumers and businesses should visit the ITRC’s recently improved data breach tracking tool, notified.
• If you believe you are the victim of an identity crime, contact the ITRC. Call toll-free at 888.400.5530 or live-chat on the company website idtheftcenter.org.

No Small Targets

Welcome to the Identity Theft Resource Center’s (ITRC) Weekly Breach Breakdown for June 3, 2022.  Each week, we look at the most recent events and trends related to data security and privacy. This week, we look at new research that points to a continuing challenge to preventing data breaches – protecting against cyberattacks on small businesses. The number of small businesses that don’t think they are likely to be attacked by cybercriminals might surprise you.

There’s a showbiz saying that “there are no small parts, only small actors.” The cybersecurity version of that is “there are no small targets, only small businesses.” Based on new research from CNBC and SurveyMonkey, virtually every small businessperson surveyed doesn’t believe cybersecurity is a priority.

Protecting Against Cyberattacks on Small Businesses is Not a Priority

Every quarter CNBC and SurveyMonkey check in with more than 2,000 small business owners to get a feel for the overall business environment and their own business’s health. In the latest survey, just five (5) percent of small business owners believe cyberattacks are a risk to their business right now. Put another way, 95 percent of small business owners say protecting against cyberattacks is not a priority.

Many Consumers Expect Businesses to Experience a Cyberattack

That’s a stark difference from what consumers believe. In other SurveyMonkey research, three-quarters of Americans say they expect businesses in the U.S. to experience a major cyberattack within the next 12 months. That same survey showed that 55 percent of people in the U.S. would be less likely to continue to do business with brands that are victims of a cyberattack.

ITRC Research Shows SMBs Are Susceptible to Data Breaches

Now, let’s contrast the 95 percent of small businesses who do not think preventing a cyberattack is a priority with the number of small businesses who were successfully attacked by cyber or identity criminals or both.

Late last year, the ITRC researched this topic in a first-of-its-kind survey of small business owners and executives. Of the more than 400 business leaders surveyed:

• Fifty-eight (58) percent said they had experienced a security breach, a data breach or both.
• Forty-one (41) percent had experienced two breaches, and 25 percent had suffered three.
• Seventy-nine (79) percent of those breached had experienced the compromise in the past two years.
• Sixty-two (62) percent of the businesses employed 50 or fewer team members.

The point here is simple. No business is too small to be a target of cybercriminals. Protecting against cyberattacks on small businesses is important. To protect your business, employees and customers, make sure you understand the cyber risks you face and take steps to defend against the attacks to come.

Contact the ITRC

If you want to learn more about protecting yourself or your business from identity crimes, or if you think you have been the victim of an identity crime or compromise, visit our website at www.idtheftcenter.org. You can speak with an expert advisor on the phone (888.400.5530), chat live on the web, or exchange emails during our normal business hours (Monday-Friday, 6 a.m.-5 p.m. PST). 

Be sure to listen to the latest episode of our sister podcast, the Fraudian Slip, where we talk with Nuance about the risks and benefits of biometrics. We will be back next week with another episode of the Weekly Breach Breakdown.