45% of Business Owners Have Been Victims of Cyberattacks without Knowing It

October 9, 2017, Written By Lynn Oldshue
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.

The information contained within this article was accurate as of October 9, 2017. For up-to-date
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About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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