In a newly released Nationwide Insurance survey of small business owners, over two-thirds of the participants said they believe it is critical that businesses prepare for cyberattacks, disasters, and unplanned succession. Despite that belief, a majority of those surveyed admitted they lack such preparation.

Small business disaster denial?

Most business owners say it’s important to plan for cyberattacks, natural disasters, and unplanned business succession. But the vast majority of owners report they don’t have formal plans in place, even as catastrophic weather events continue to rise and ransomware attacks become more common.

Cyber attacks

83 % | (Percentage of business) owners who say it’s important to establish security practices and policies to protect sensitive information50 percent say they have established security practices to protect sensitive information.
50%| Owners who say they actually have established such security practices and policies.

Disasters

64% | Owners who say it’s important to create a preparedness program
23% | Owners who say they have actually created one.

Succession Plan

65% | Owners who say its important to choose a successor for their business
37 % | Owners who actually have a business succession plan in place.

“Small business owners often believe the myth that ‘it could never happen to me,'” said Mark Berven, president of property and casualty for Nationwide. ”

VIA | Nationwide.com

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