Cyberattacks force small firms to raise prices: ITRC

The vast majority (81%) of U.S. small businesses suffered a cybersecurity breach, a data breach or both in the past year, with more than half of the victims reporting financial losses between $250,000 and $1 million, the Identity Theft Resource Center said in a report released Wednesday.

Nearly four in 10 victims said they were forced to raise prices to address the financial impacts of an incident, the survey of 662 U.S. small business executives found.

“In effect, the rising cost of cybersecurity and the financial damage from data breaches are creating a hidden “cyber tax” that is being passed directly to consumers — the very people who are also directly impacted by the loss of their personal information (and financial resources) to identity criminals,” ITRC, a nonprofit dedicated to helping cybercrime victims, said in its report.

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