Small business cybersecurity has been a top priority for our Committee throughout this Congress. In our previous hearings, we have heard stories from small business owners who have been the victims of cyber attacks. We have also heard dire warnings from cybersecurity experts about the new and varied cyber threats facing
America's 28 million small businesses all across the country.
There is no doubt that the information technology, or IT, revolution has provided small businesses with new tools and opportunities to compete in the global economy. However, we must be mindful that as small businesses use this technology, the risk of a foreign cyber attack has increased dramatically.
According to a recent report by Verizon Enterprise, over 70 percent of cyber attacks occurred in businesses with fewer than 100
employees, so small businesses. As we have heard many times,
even one cyber attack can be devastating for small businesses,
making prevention and protection absolutely critical. A 2014 survey from the National Small Business Association estimated the average cost of a cyber attack on a small business to be over
$32,000, which is a huge hit for a small business.
Our Committee's efforts to spotlight these serious and growing threats have made it abundantly clear that the Federal Government needs to step up its game when it comes to protecting the cybersecurity of small businesses and individuals.
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