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Small businesses failing to act after cyber attacks

A new report by Hiscox has found that most small businesses in the US fail to act after experiencing cyber attacks, with nearly half of those polled (1,000) having suffered attacks within the past year.

No less than seven in 10 businesses are unprepared for cyber attacks across the world, with smaller businesses being disproportionately vulnerable due to the fact they are unlikely to have strategies in place.

Two thirds of businesses stated that cyber risk is a top concern, yet barely half (52%) reported that they had a clearly defined strategy around cyber security.

Less than one-third (32%) said that they had simulated phishing exercises to assess employee readiness in the event of an attack.

Although many large businesses in the US have a cyber insurance policy, half of small businesses claim that they are challenged by a lack of budget.

According to the report, small businesses estimated that the average cost for cyber incidents over that past 12 months sat at around $34,000.

Hiscox suggests taking steps to prevent, detect, and mitigate cyber attacks and that companies should: “Have a formal budgeting process in place and ensure cyber security is considered and prioritised in decision making.”

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