In acknowledgement of Black History Month, Intuit QuickBooks released new small business survey findings, emphasizing the persistent economic and social hurdles the Black entrepreneurial community faces.
The survey reveals that 55% of Black business owners have been denied a business loan at least once. Despite this, and the many barriers Black business owners face, they have the courage to take risks, show up for their community, and support future generations of business owners. In fact, 70% view their success as important for the success of future generations of Black entrepreneurs.
Key themes and findings from Black business owners in Canada for 2023 include:
- Financial struggles and disparities are barriers to success
- 66% have had to pay expenses and/or employees with personal funds in the last two years
- 58% needed $10,000 or more to start their businesses – compared to only 41% of non-Black business
- 56% of Black business owners were able to pay themselves in 2022 – compared to 71% of non-Black business owners
- Community is crucial
- 83% have volunteered their personal time to community service in the last year
- 70% feel a need for their business to give back to the Black community
- 49% of Black business owners agree that successful Black businesses are critical for a thriving Black community
- Educate and inform future generations
- 75% think mentorship of the next generation of Black business owners is important for the advancement of successful Black businesses
- 52% of Black business owners think the next generation will experience less hardships than they have
Methodology and Sample
Intuit QuickBooks commissioned online surveys, completed in December 2022, of 1,000 (500 Black and 500 non-Black) business owner respondents in Canada (adults aged 18+). There were 432 small business owners out of 500 Black respondents and 456 small business owners out of 500 non-Black respondents. The approximate average annual revenues are $71,200 for Black business owners and $83,750 for non-Black business owners. The average number of employees per business is 36 for Black business owners and 35 for non-Black business owners. Among Black business owners, 35% have 1-10 employees. Among non-Black business owners, 41% have 1-10 employees. Percentages have been rounded to the nearest decimal place so values shown in charts and graphics may not add up to 100%. Responses were collected in online surveys using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on local census data to ensure accurate targeting and results. Respondents received remuneration.
Public School In Massachusetts Gets Pwned In Ransomware Attack
Posted in Commentary with tags Hacked on February 2, 2023 by itnerdOn Tuesday, a public school in Nantucket Island, Massachusetts suffered a ransomware attack, forcing them to shut down:
“Together with outside data security experts, our Information Technology Department has been working very hard all day to restore our computers and internet service,” Superintendent Beth Hallett said Tuesday in a message to the the school community.
Students in the island’s five public schools were sent home at noon Tuesday and told not to use school-issued electronic devices. The district has nearly 1,700 students, according to state records.
“All student and staff devices have been shut down, and our safety and security systems, including phones and security cameras, are also disabled,” Hallett said in an email to parents.
Brian Johnson, CISO at Armorblox shared his thoughts on this topic:
Educational institutions have one of the largest attack surfaces of all industries. There are thousands of faculty, parents, students and even alumni all accessing the same network through their laptops, phones, and tablets on a daily basis. All it takes is for one of them to click a link or open an attachment in a phishing email to compromise the whole thing for financial gain, to disrupt classes, or for other potentially destructive purposes. We’ve seen every variation of phishing email possible—from “schools” asking alumni for donations to “teachers” asking students to login with their credentials and review an important document. There’s no amount of cybersecurity training or education that can cover such a broad user base. With limited budgets and staff, educational institutions need to automate their security operations as much as possible. And with ChatGPT making it easier than ever for cybercriminals to spin up legitimately looking phishing and business compromise emails, schools and universities need to invest in their own natural language-based AI defenses that are trained to spot even the most realistic looking and sounding phishing emails and stop that one person who would have clicked from having to even think about it.
The challenge that schools have is that they are often cash strapped. So that makes them prime targets for being pwned. Hopefully they can scale up their defences so that they stop being targets.
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