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Costs of Small Business Cyberattacks Are Down But Frequency Is Up, Says Hiscox

December 7, 2023

The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high.

The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy or have cyber coverage through another policy.

The annual Hiscox Cyber Readiness Report, which gauges businesses’ preparedness to combat cyber incidents and breaches, surveyed over 5,000 cyber security professionals across the globe, including more than 500 small business professionals in the U.S.

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