Survey: One Quarter of Small Business Owners Have Been Targeted by Ai-Driven Scam

Small business owners in the U.S. are highly concerned about cyberattacks that could bring their sales to a halt. While common cyber threats like ransomware, phishing and malware remain top concerns, a new survey from Nationwide has found that in the past year roughly one-quarter of small business owners (SBOs) have been targeted by a scam that used generative AI. Of those targeted, most described the attacks as attempted fraud using email, voice or even video impersonations of other business owners or senior-level employees they associate with.

More than half of SBOs (52%) also admit being personally fooled by a deepfake image or video in the past year, while 9 in 10 say gen AI scams are becoming more sophisticated and that they need help protecting their enterprises from such attacks. Though most SBOs agree that the rise in gen AI technology makes them more likely to purchase cyber insurance, less than half report actually having the necessary coverage.

"As gen AI continues to transform various industries, its misuse in scams presents a significant challenge for small businesses with less resources for cyber defense than larger corporations, making them easier targets for cybercriminals," said Nathan Lentz, vice president of Small Commercial Sales and Distribution for Nationwide. 

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