Cyber Crime is a Growing Concern for Small Business Study Finds

A survey of small businesses conducted by Appalachian State University in coordination with Selective found that cybercrime and data security is a growing concern for professional office small businesses, yet perception about the need for cyber liability coverage remains low across this small business type. Responses were gathered from anonymous respondents who actively own or manage a small business with professional services in the United States, to gauge the insurance impact that the pandemic has had on business operations.

Gif explaining that only 20% of small businesses surveyed carry cyber coverage, according to a recent study.

Most Small Businesses Lack Cyber Protection

The lack of cyber insurance coverage held by small businesses is a growing concern, since 28% of data breaches are aimed at small businesses.

Gif explaining that 44% of owners or managers said they were more concerned about cyber security and physical technology issues, according to a recent study,

Cybersecurity is a Growing Concern
During COVID-19 Pandemic

Small business owners have become increasingly concerned about cybersecurity during the pandemic, and for good reason; ransomware and phishing attacks are now the preferred method of data theft by cyber thieves. Employees working remotely from unsecure devices and networks make easy targets.

55% of owners or managers prefer to service their insurance account with an independent agent, according to a recent study.

The Power of Choice

Compared to other types of protective coverage, some small businesses are more inclined to purchase cybersecurity service or cyber and data breach insurance solutions; 35% of respondents opted for cyber security services over other options. When it comes to how insurance accounts are serviced, the majority of small businesses prefer to leverage the expertise of their independent insurance agent.