Small Business Center
October is Cybersecurity Awareness Month, and small businesses should focus on detecting threats, though a recent survey shows not enough of them are taking the problem as seriously as they should.
Small business owners told a recent Nationwide Agency Forward survey that about 40% of owners expected cyberattack to cost less than $1,000. Fully 60% said it would take their businesses less than three months to completely recover. The insurer’s data tells a different story: Cyber claims range from $15,000 to $25,000 for recovery costs and costs associated with the restoration process, reputational damage and possible legal consequences. Nationwide also said small businesses take an average of just over nine months to recover.
In an effort to raise awareness among small business owners, the Small Business Administration will hold is first National Cyber Summit at 12 p.m. EST, Oct. 26. It will address tools, tips and resources to help small businesses strengthen their cybersecurity. Register here for the free online event.