Security News > 2023 > October > Cyber attacks cause revenue losses in 42% of small businesses

The financial impacts of cyber breaches continued to drop compared to previous years, with more small businesses reporting losses under $250,000 and fewer reporting higher dollar-value events.

Focus on data security grows among small business leaders.

17% of organizations that experienced a data breach did not send data breach notices to impacted consumers.

"The good news is that small business leaders are focused on data security and privacy protection. However, we still have a lot of work to do. We must accelerate the transition to newer protections and continue to develop new resources to assist victims based on solid research and unmistakable evidence," added Velasquez.

According to the report, most small businesses have not utilized tools such as MFA for employee or customer use, mandatory strong passwords or role-based access for employee access to sensitive data.

Adoption rates range from 21 to 37%, partly due to state laws requiring data best practices, including data access, opt-in to data collection, opt-out of data sales, and rights to correct and delete certain types of information.

News URL

https://www.helpnetsecurity.com/2023/10/30/small-business-data-security/