Data breaches hitting massive entities like Equifax, Facebook and Target grab headlines, but the impact on small businesses is just as severe with attacks causing bankruptcy or even forcing a firm to shutter its doors.
A report issued by the National Cyber Security Alliance, based on a Zogby Analytics survey of 1,008 small businesses with up to 500 employees, found that after suffering a data breach 10 percent went out of business, 25 percent had to file for bankruptcy and 37 percent experienced a financial loss.
Overall, 28 percent of respondents reported experiencing a data breach in the last year. Of these victims, 44 percent were from larger firms of 251-500 people, while 11 percent were companies with 10 or fewer workers.
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