Cyberattacks targeting small businesses hit 3-year high
During the past 12 months, 73% of small business owners said they had a cybersecurity incident, according to the Identity Theft Resource Center (ITRC) Business Impact Report. This was the highest percentage of businesses reporting a cyber event in the three years that ITRC has been producing the report. Among those that did see an attack, 42% lost revenue because of the event. ITRC noted this was a 3% decline compared with the year prior, but that small businesses faced other repercussions. This included an increase in customers losing trust in the business, higher employee turnover and having a harder time understanding how the event occurred. For organizations that had a cyber incident, 33% used cyber insurance as their primary source of recovery funding, while 29% dipped into cash reserves and around a quarter extended or opened a new line of credit, ITRC reported. “We saw a spike in attacks in 2021 before a reduction last year due to the Russian invasion of Ukraine and disruption in the cryptocurrency markets Identity crime markets have rebounded this year, leading to record levels of breaches, suicide rates and business attacks,” Eva Velasquez, ITRC president and CEO, said in a release. “The good news is that…