CHARLOTTE, N.C.—A new study further reveals the growing threat mid-size and small credit unions face from cyber-attacks.
Once considered too small for crooks to target, small enterprises have now become a prime hunting ground for hackers, analysts have stated, noting crooks now prefer easier targets that often have weaker defenses, forgoing one big payday for more smaller hits.
Now Bank of America Merchant Services' third-annual Small Business Payments Spotlight has found that 21% of small businesses reported a data breach within the last 24 months, up by 17% from two years ago.
A full 41% of small businesses said they were hit by a breach that cost them more than $50,000 to recover. Further, almost 30% of the consumers surveyed revealed that they would never return to a small business that suffered a breach, up from 20% two years ago, reported Tech Republic in its analysis.