Thursday, December 5, 2019

Data Breaches Are Pushing SMBs Into Bankruptcy

A recent survey by Zogby Analytics confirmed what many people already knew: data breaches are wreaking havoc on SMBs. In particular, the financial implications of a data breach are overwhelming their capacity and forcing them to take drastic action. 

The survey, which questioned more than 1,000 small business leaders, found that 37% of SMBs that experienced a data breach suffered financial loss and 25% filed for bankruptcy. Ultimately, 10% of SMBs went out of business following a data breach. 

At the same time, leaders understand the threat. 88% of respondents indicated that their company was “somewhat likely” to experience a data breach, while nearly half believe that they are “very likely” to be the victim of data loss event. As today’s world continues to grow increasingly aware of the costs and prevalence of data breaches, the responsibility for leaders to defend against them has never been greater.

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