45% of Business Owners Have Been Victims of Cyberattacks without Knowing It
Many business owners are unaware of what constitutes a “cyberattack,” according to a new survey from Nationwide. Only 13% of owners initially said they had experienced a cyberattack, but 58% said they had been attacked when they saw a full list of attack types.
Computer viruses were the most common cyberattacks types business owners experienced (36%), followed by phishing (29%), trojans (13%), and hacking.
Only 7% of respondents said they had experienced a data breach, which is often the most damaging type of cyberattack. A recent study from VIPRE showed 66% of small and medium businesses would shut down for at least a day or potentially for good after suffering a data breach. 23% of business owners in that survey said they face some sort of attack every day.
Participants in the Nationwide study revealed just how costly cyberattacks can be for a business. Over 20% said an attack cost them over $50,000 and required at least six months of recovery time. 7% said they spent over $100,000 in the aftermath of a cyberattack.
Most business owners are aware of ways to protect their company from cyberattacks, but they aren’t necessarily applying that knowledge to daily operations. For instance, 83% knew to “establish security practices…to protect sensitive information,” but only 50% had those policies in place. 85% of business owners knew they should have backup copies of important company data, but only 59% of the owners had done so.