New TAB Survey Reveals Why Industry:
The Alternative Board surveyed hundreds of entrepreneurs to reveal their cybersecurity experiences and fears and the steps they’re taking to prevent future attacks.
Could business owners be doing more to protect themselves from cybercrime? According to a new survey from The Alternative Board (TAB) the answer is a resounding “yes.” In fact, more than half of business owners (52%) report having been victims of some kind of cyber crime, yet less than half (46%) have measures in place to protect their businesses against them.
“According to the results, the average business owner spends $8,933 per year on cybersecurity protection,” says TAB CMO Jodie Shaw. “Which is a small investment, considering 75% of business owners agree a cyber attack would compromise the profitability of their business.”
So what’s preventing business owners from reaching their desired level of cyber protection? According to the results, the number one challenge is time (43%) followed by resources (32%), expertise (30%), and capital (29%).
“Whenever business owners cite time as an obstacle, it means they are not effectively delegating,” adds Shaw. “39% of entrepreneurs believe they are responsible for cybersecurity issues affecting their business – but it’s a task that could easily be outsourced to outside firms/consultants.”
95% of business owners express concern over their level of security. Above all else, they are most fearful of data loss and view credit card skimming as the most likely form of attack (35%), followed by malware (26%), phishing (22%), website hacking (22%) and ransomware (21%).
Of the 60% of business owners who do have a cybersecurity response plan, the majority (48%) are prioritizing recovery above all else and believe firewall and network protection is the best precautionary investment (68%). Business owners identify their top cyber security-related responsibilities as “making backup copies of important business data and information.”
“The survey showed that 96% of CEOs believe their company is on the right track,” says Shaw. “A cyber security attack could thwart profitability, which business owners report is the #1 challenge affecting the future success of their business.”
About The Alternative Board
The Alternative Board helps forward-thinking business owners grow their businesses, increase profitability and improve their lives by leveraging local business advisory boards, private business coaching and proprietary strategic services.