More than half (53%) of U.S. businesses have experienced a cyberattack in the past year, according to a survey released today.

The survey, which polled 403 senior business executives, was released by Hartford-based Hartford Steam Boiler.

The survey found that 72% of those businesses spent over $5,000 to investigate each attack, restore or replace software and hardware, and deal with other consequences.

More than a third (38%) of the hacked businesses spent more than $50,000 to respond; 10% spent $100,000 to $250,000; and 7% more than $250,000.

"In addition to the rising number of cyber attacks and related costs, businesses are increasingly anxious about protecting their data," said HSB vice president Timothy Zeilman.

"Data is what drives a business and the loss or corruption of information can be devastating."

Small Business Risk

Small businesses are particularly at risk, with as many as 60% of those who suffer a cyberattack out of business within six months.

The results can be long-lasting.

Seven in 10 executives surveyed were concerned that data would be destroyed as a result of a cyberattack and 62% were concerned about equipment damage.

Data is what drives a business and the loss or corruption of information can be devastating.
The survey results backed up their worries: the most common consequence of cyberattacks was data loss (60%), followed by business interruption (55%).

Malware (53%) and viruses (51%) were the most common types of cyberattacks.

Businesses and institutions also experienced distributed denial of service attacks (35%); ransomware (29%); cyber extortion (25%) and social engineering (13%).

Protecting your business and educating your employees is the first step towards safeguarding assets.

The survey found that almost two-thirds of companies (61%) purchased or increased their level of cyber insurance coverage over the past year, and 56% of them purchased cyber insurance for the first time.