Cyber Attacks Why 68% of Businesses Fail & How to Survive
In this presentation, Hunter Nelson warns that 68% of small businesses go out of business after a cyberattack, primarily because they lack cyber insurance, dedicated reserves, or an internal security/IT team. He illustrates a typical ransomware scenario affecting transportation companies: attackers lock the fleet management system, disabling electronic logging devices (ELDs) and dispatch tools, which can lead to violations with the Department of Transportation (DOT) and the Federal Motor Carrier Safety Administration (FMCSA). The attackers then demand massive ransom payments—often $1 million or more—threatening to delete all data and leave the business without any chance of recovery. Nelson’s message underscores the critical need for proactive cyber risk management, including purchasing cyber insurance, maintaining financial reserves, and establishing robust security operations to prevent catastrophic loss.
