Provident Bank survey: Small businesses bracing for Russian cyberattacks

A majority of the nation’s small business owners—78%—say they are concerned about the threat of a Russian cyberattack in light of recent news coverage, according to new survey data released by New Jersey-based Provident Bank today. Looking ahead to the next 12 months, three in 10 survey respondents said it is “very likely” their business will experience a cyberattack or cybersecurity breach, compared to just 11% who said it was not likely at all.

Seven in 10 small business owners said that addressing a cyberattack or breach was part of their business continuity plan; however, just half said they are actually fully prepared to face a cyberattack on their organization. A similar percentage (around 50%) said that the threat of a cyberattack is something they think about nearly every day.

The most common steps taken by small business owners to protect their business and their customers’ data included using a secure wi-fi network, using antivirus or anti-phishing software, backing up data, using a VPN and using a password protector tool. When asked how long it takes the business to recover from a cyberattack or security breach, 19.3% said they could recover within hours, 22.5% said within a day and 21.5% said within a month.

Businesses reported that over the past 12 months, malicious cyber activity has contributed to increased IT costs, reputational damage, intellectual property loss and lost productivity, among other things.