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Small Businesses Still Underestimate Cyber Threats, Survey Shows

By Pelle Waldron, Global Cyber Alliance

As businesses have been forced to work from home amidst the COVID-19 pandemic, opportunities for cybercrime have increased. But a recent survey by the Cyber Readiness Institute shows that businesses with fewer than 10 employees have continued to underestimate these cyber threats — and have done so more than their larger counterparts.

The Cyber Readiness Institute (CRI) is a nonprofit initiative working to provide small and medium-sized businesses with tools and resources to improve their cybersecurity. When businesses began to shift to remote working, CRI became the first coalition partner for GCA’s Work From Home Campaign in a further effort to help businesses mitigate their cyber risk.

CRI’s survey of 400 small business owners shows a significant discrepancy within the perceived importance of cybersecurity; since the COVID-19 pandemic began, only 45% of businesses with fewer than 10 employees have “increased time, money, or human capital investments as it relates to cybersecurity,” while 80% of businesses with more than 10 employees have done so.

As cybercriminals continue to prey on small businesses, these results make clear the need for a renewed focus on cybersecurity.

Small businesses can increase their cyber defenses by visiting GCA’s Work From Home. Secure Your Business. campaign and by visiting the Work From Home Community Forum to ask questions of our experts. The GCA Cybersecurity Toolkit for Small Business provides additional information and tools to help mitigate cyber risk and can be a valuable resource for those suddenly forced to work remotely.

To view additional findings from the survey and read more about it, you can check out CRI’s blog on their website here.

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