You are here:HomeNews CenterInsurance News2015Study: Small Businesses Lack Cyber Prep

Study: Small Businesses Lack Cyber Prep

A recent survey sponsored by Nationwide shows that the market for policies covering cyberattacks on small businesses in the United States represents a potentially valuable opportunity for property/casualty insurers...
November 18, 2015

A recent survey sponsored by Nationwide shows that the market for policies covering cyberattacks on small businesses in the United States represents a potentially valuable opportunity for property/casualty insurers. The survey found that nearly 80 percent of small business owners do not have a plan for a response to a cyberattack, even though 63 percent of the respondents to the online survey acknowledged that they had been the victim of phishing, a virus, or some form of hacking at least once.

The survey of 500 small business owners who employed more than 300 workers was conducted by the Harris Poll in mid-June of this year. Tony Fenton, associate vice president of commercial lines at Nationwide, said that the survey indicates that development of cyber risk coverage has enormous potential for property/casualty insurers who can provide products and services to help business owners prepare for such attacks.