COLORADO SPRINGS — Senator John Hickenlooper held a Senate Small Business Committee Field Hearing in Colorado Springs today. He and several other experts spoke on the opportunities and challenges small businesses face with cybersecurity.

“Colorado Springs is not just one of the national, but global centers for cybersecurity,” said Senator Hickenlooper.

Experts say that small businesses are vulnerable to cyber attacks since many don’t have the resources for a cybersecurity professional.

“To underscore the need, Forbes reported in 2021 alone, 70% of ransomware attacks were directed at small and mid-sized businesses,” said Gretchen Bliss, Director of Cybersecurity Programs at UCCS.

When these small businesses are hacked, it can be the beginning of the end for many of them.

“Gartner published its top trends in 2023 cybersecurity report, 60% of small businesses that are victims to cyber attacks will go out of business within 6 months,” said Dr. Shawn Murray with the Information Security Systems Association.

Experts recommended finding more ways to educate small businesses on the importance of cybersecurity while encouraging the federal government to provide funding.

They also spoke on the cybersecurity insurance industry, and how it can be so expensive for some small businesses. A growing workforce gap also has some cybersecurity researchers like Erik Huffman concerned.

“I’m optimistic but we do need more. We need more professionals,” said Huffman. “There’s more money being made in cyber crimes than there is drug crimes”.

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