Majority Of Small Businesses Foresee An Increase In Revenues And Profits In 2015 But Are Concerned About Cyberattacks

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The majority of small business owners in the US are upbeat about the financial prospects of their businesses in 2015, according to a survey by the National Small Business Association (NSBA). Nearly two-thirds of the survey participants are expecting gross sales and revenues to increase in 2015, while 15% expect a decrease. Slightly more than half of small businesses surveyed also predict to generate higher profits in 2015. 18% foresee and decline in profits, while 28% expect no change.

Small business revenue and sales 2015

Cyberattacks

Despite the positive outlook for 2015, 9 out of 10 small business owners surveyed are concerned about cybersecurity and the impact it may have on their businesses. The survey data reveals that 61% of survey respondents said their companies had experienced a cyberattack in the last 12 months. Among those who were targeted, 68% reported being a cyberattacked more than just once.

According to NSBA, cyberattacks cost small businesses an average $20,752 per attack last year — nearly 140% more than the $8,699 per attack average in 2013. As hacking and data breaches become more sophisticated, it’s likely that battling attackers will only get more expensive. For those firms whose business banking accounts were hacked, the average losses were $19,948 today – up significantly from $6,927 in 2013.

The NSBA survey also showed that cyberattacks are taking more time to resolve today, with one-third of survey participants saying it took three days or more to resolve, up from just one-in-five two years ago. The survey report can be viewed here.