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A silent crisis: Data breaches are bankrupting small businesses

Citrus County Chronicle

In 2022, the United States witnessed a staggering 1,802 data breach cases, affecting more than 422 million individuals. Unfortunately, these breaches involve illegal access, copying, and theft of sensitive and confidential data. The consequences impact hardworking individuals, families, as well as large and small businesses.

While we often hear about breaches on big companies, like the recent attack on MGM Resorts International, the reality is that small businesses are typically the prime targets for data breaches to occur. Small businesses lack the robust cybersecurity defenses and insurance coverage of larger corporations, and when they are hit, the impact can be devastating. On average, a single data breach costs small businesses $200,000, with 60 percent of affected businesses closing their doors within six months of a cyber attack.


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