Small business, big risk: Lack of cyber insurance is a serious threat

Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute (I.I.I.) and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Ten percent of the small businesses surveyed had one or more cyber incidents in 2017, resulting in a typical loss of $188,400, an increase of $73,000 from the year before, according to the J.D. Power 2016 Cyber Insurance Pulse Study℠.