Small businesses are prime targets for today’s hackers, according to witnesses testifying at the House Small Business Committee on Wednesday.
“Like water or electricity, malicious actors follow the path of least resistance,” said Justin Zeefe, co-founder and chief strategy officer at Nisos Group. He explained that because small businesses often don’t have the resources or training to thwart cyberattacks, hackers will choose to go after a large number of them for a small sum, rather than a single, large company that poses a greater challenge.
“They often lack the capabilities or the resources to pursue strong, entitywide cyber protections,” agreed Nova Daly, senior public policy adviser at Wiley Rein. “Further, small businesses often may not be privy to the kinds of broad, industrywide threat notifications to which other companies may be.”
“According to a recent report by Verizon Enterprise, over 70 percent of attacks occurred in businesses with fewer than 100 employees,” said Rep. Steve Chabot, R-Ohio. Angela Dingle, founder, president and CEO of Ex Nihilo, added that approximately 60 percent of businesses close within six months of a cyberattack.
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