In 2023, FBIs Internet Crime Complaint Center (IC3) received a record number of complaints from the American public: 880,418 complaints were registered, with potential losses exceeding $12.5 billion. This is a nearly 10% increase in complaints received, and it represents a 22% increase in losses suffered, compared to 2022. Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses. Surveys have shown that many small business owners feel their businesses are vulnerable to a cyberattack. Yet many businesses cannot afford professional IT solutions, have limited time to devote to cybersecurity, or do not know where to begin. The Consolidated Appropriations Acts, 2022, 2023 and 2024, authorized the U.S. Small Business Administration to make grants to States, and the equivalent thereof, to carry out projects that help new small business concerns with tools to combat cybersecurity threats during their formative and most vulnerable years.
