Sobering news from Bolt Insurance in this infographic. We already knew that small businesses are far more susceptible to cybercrime than most owners think. But it turns out that plain old physical crime is also a high risk for the average small business. How bad is it? 35 times as bad - or put another way, a small business is 35 times more likely to be a victim of a crime than a large business. That's a shockingly high number. And what kinds of crime? Cybercrime as already mentioned, plus fraud, breaking and entering, shoplifting and a lot more.Even worse, the real numbers may be higher still since it is estimated that fewer than 30% of crimes against small businesses get reported.
The annual cost to businesses in the US is staggering - almost $657 million dollars in office equipment thefts alone. The worst category of crime? Embezzlement which is estimated to cost small businesses a frightening $90 BILLION a year.
Of course, the real reason is that small businesses cannot afford costly security measures. It's worth reading our article about cybercrime because we cover some effective, low-cost ways to protect yourself at the end of it. But physical security is difficult and costs money - so small businesses are less able to protect themselves and are thus an easier target for white collar criminals.
Source: Bolt Insurance.