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Small, mid-sized businesses hit by 62% of all cyber attacks

Bad news: Financial services, including insurance, is on the most vulnerable list.

By Rosalie L. Donlon | Updated on May 27, 2015

At a panel presentation/discussion titled “Hacked: The Implications of a Cyber Breach,” hosted by Travelers in New York City, Timothy Francis, enterprise lead for Cyber insurance, noted that although most of the cyber breaches that make the headlines are from large, national companies, the smaller breaches of local companies are far greater in number.

Francis noted that 62% of cyber-breach victims are small to mid-size businesses, which are at the greatest risk for an attack. Their level of preparation is low, and the costs of customer notification alone can be enough to do a small company irreparable financial harm.

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