Security News > 2021 > November > How the rise in identity crimes and cyberattacks impacts small businesses

The Identity Theft Resource Center (ITRC) has published a report on the impacts of identity crimes and cyberattacks on small businesses.

There is little information about how small businesses are impacted by the rise in identity crimes and cyberattacks.

For the report, 417 small business leaders and 1,050 general consumers responded to questions in two separate surveys about the impacts of cybercrimes on small businesses as defined by the U.S. Small Business Administration.

The findings 58 percent of small businesses have experienced a data breach, security breach or both.

44 percent of small businesses spent between $250,000-$500,000 to cover the costs of the breach.

"These identity crimes are not just costing small businesses and solopreneurs a lot of money," Velasquez said.

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