If your small business has an online presence, there are many vectors of attack hackers can use to find vulnerabilities. And as more of these businesses use remote workers, it becomes yet another point of attack which can be exploited. Yet, only half of U.S. small businesses have updated their remote work security policy in the past year.
The data comes from Nationwide’s fifth annual Business Owner Survey. In this year’s report, Nationwide is highlighting remote workers and cybersecurity. This is a timely topic which addresses the ever-changing environment of today’s workforce.
More people are working remotely and if businesses use freelancers they can be very remote, as on the other side of the globe. This means they have to protect their digital assets with robust cybersecurity as well as cyber insurance.
However, small businesses are lagging behind when it comes to implementing all of the security and protection measures in place. In addressing this particular issue in the press release for the report, Catherine Rudow, vice president of cyber insurance at Nationwide, says more needs to be done.
Rudow, adds “Many employees may not realize the magnitude of risk associated with a cyberattack as they may not have engaged in a formal training process. The scary truth is that many small business owners, even if they are aware of these risks, have not implemented all the proper measures of protection.”
Nationwide’s fifth annual Business Owner Survey was carried out online between June 6-12, 2019. A sample of 400 U.S. small business owners took part in the survey.
The issue of security is front and center in this report, highlighting the glaring problems facing this particular segment.
Lack of Cybersecurity Training for Employees
The good news is owners are aware of the problem as 86% believe digital risk will continue to grow. But this doesn’t mean they are all doing something about it. Thirty percent of owners with 11-50 employees don’t provide any kind of formal cybersecurity training for their workforce. And alarmingly 7% of businesses don’t even update their software regularly.
This complacency is translating to higher instances of successful cyberattacks. Almost two in three owners or 65% admit they have been a victim. In these cases, computer virus (33%) and phishing (29%) attacks are the top methods used by hackers.
What is even more worrying is business owners don’t quite know the full impact of these attacks. Thirty-five percent of owners who have never experienced an attack don’t know how much it will cost to recover.
It is important to remember small business have a hard time recovering after a cyberattack. As much as 60% go out of business six months after an attack. This, of course, depends on many different factors including the severity of the attack, but the damage can be significant. If you want to avoid this bad ending, cyber insurance is one way you can protect yourself.
Cyber insurance is now a service any business with a digital presence must consider. If you don’t have the right protection in place, you could be one of the 60% of companies which goes out of business.
With the right cyber policy, your electronic data and computer systems are protected from identity theft, viruses, and other forms of computer attacks.
This type of policy is absolutely essential to protect your company and the information of your customers.