{"id":457887,"date":"2021-03-15T13:03:16","date_gmt":"2021-03-15T17:03:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457887"},"modified":"2021-03-15T13:03:16","modified_gmt":"2021-03-15T17:03:16","slug":"selective-survey-finds-majority-of-small-businesses-lack-cyber-insurance-coverage","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/selective-survey-finds-majority-of-small-businesses-lack-cyber-insurance-coverage\/","title":{"rendered":"Selective Survey Finds Majority Of Small Businesses Lack Cyber Insurance Coverage"},"content":{"rendered":"
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Small Businesses Indicate Growing Concern about Cyber Risk as a Result of COVID-19, Yet Few Have Coverage<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n BRANCHVILLE, N.J.<\/span>, March 15, 2021<\/span> \/PRNewswire\/ —\u00a0A survey of small businesses conducted by Appalachian State University<\/span> in coordination with Selective found that cybersecurity and technology issues were growing concerns for 44% of survey respondents due to the COVID-19 pandemic. Yet, only 20% of survey respondents have cyber insurance coverage.<\/p>\n

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The findings highlight an awareness gap among small businesses about the risks they face from cybercrime. Twenty-eight percent of data breaches impact small businesses, and phishing attacks account for over 30% of breaches, making them the biggest cyber threat for small organizations.1<\/sup> Cyber coverage from Selective can help small businesses manage and mitigate risks with comprehensive coverage options and cyber threat education.<\/p>\n

The survey was created and distributed by the AppR.I.S.E. (Risk Initiative for Student Engagement) program in the Walker College<\/span> of Business at Appalachian State University<\/span> in collaboration\u00a0with Selective to gauge the insurance impact that COVID-19 has had on professional office small businesses in the United States.\u00a0<\/p>\n

“The pandemic has brought countless challenges to small businesses, including a pressing need to protect against cyber threats. With so many employees working from home and using cloud- and web-based applications and personal email accounts, it’s a playground for cyber-attackers,” said Mike MacMullin<\/span>, Vice President, Small Business. “Small businesses need a concerted approach to mitigate the detrimental financial and reputational risks associated with a data breach \u2013 cyber insurance coverage is an instrumental first step.” <\/p>\n

Selective deploys a multi-faceted approach to help business customers manage and mitigate cyber risks through comprehensive coverage options and cyber threat education: <\/p>\n