85% of small business leaders say they are ready to respond to a cyber incident despite a record-high 73% reporting an attack in 2023, according to the Identity Theft Resource Center. Employee and consumer data continue to be the most impacted categories of information affected by a data breach. The number of organizations reporting first-time attacks was flat compared to 2022 (43%). 42% of small businesses lost revenue due to a cyber event. While down three percentage points from 2022, more businesses saw other increased impacts, such as more customers losing trust (32%), higher regrettable employee turnover (32%), and increased difficulty understanding what happened. The financial impacts of cyber breaches continued to drop compared to previous years, with more small businesses reporting losses under $250,000 and fewer reporting higher dollar-value events. The good news is that small business leaders are focused on data security and privacy protection.
85% of small business leaders say they are ready to respond to a cyber incident despite a record-high 73% reporting an attack in 2023, according to the Identity Theft Resource Center. Employee and consumer data continue to be the most impacted categories of information affected by a data breach. The number of organizations reporting first-time attacks was flat compared to 2022 (43%). 42% of small businesses lost revenue due to a cyber event. While down three percentage points from 2022, more businesses saw other increased impacts, such as more customers losing trust (32%), higher regrettable employee turnover (32%), and increased difficulty understanding what happened. The financial impacts of cyber breaches continued to drop compared to previous years, with more small businesses reporting losses under $250,000 and fewer reporting higher dollar-value events. The good news is that small business leaders are focused on data security and privacy protection.