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Cyberattacks Cost Businesses Tens Of Thousands Each Year

Cyber-attacks are costing small businesses in the US as much as US$25,000 a year according to new research by international insurance company Hiscox.

The annual report surveyed more than 6000 professionals from the US, UK and the EU responsible for company cybersecurity.

The report revealed 23 percent of small businesses in the US had suffered at least one cyber-attack during the past 12 months.

Nearly 40 percent of US SMBs also said they expect their security spending to increase over the next 12 months.

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