A recent global research study conducted by accounting and payroll software provider Sage has revealed that small and medium enterprises (SMEs) are facing significant cybersecurity challenges.


The study found that 48% of SMEs have experienced at least one cyber incident in the past year [2], aligning with a report from Sage which also revealed that 48% of small and medium-sized businesses (SMBs) have experienced a cyber security incident in the past year [1]. Of the over 2,000 SMB decision makers worldwide included in the study, 25% reported experiencing multiple cyber-attacks within a year, with 26% of US SMBs experiencing multiple breaches [2]. The top cyber breaches impacting US SMBs include DDoS attacks [2], data loss [2], ransomware attacks [2], and credential theft [2]. Additionally, the study found that 51% of SMBs consider staying updated on new threats as their biggest challenge [1], and 75% of US SMBs consider cyber threats a major concern [2]. Despite economic uncertainty and reduced cybersecurity budgets for 44% of SMBs, 59% of US SMBs plan to increase their investment in cybersecurity. However, the majority of SMBs express a need for assistance in filling knowledge gaps and receiving clear guidance. They seek support in education and training [1], with cybersecurity companies (56%) [1] [2], governments (45%) [1], and trusted tech partners (43%) being identified as potential sources of this support [1].


The study emphasizes the importance of cybersecurity for SMBs [2], as cyber threats can impact businesses of all sizes and have a significant effect on customer trust [2]. It also reveals that most US SMBs would choose a more expensive supplier if they offered better security and displayed more information about privacy and security [2], reflecting the growing demand for reliable cybersecurity solutions among SMBs [2]. To address these challenges, it is crucial to bring a human touch to cyber security and empower SMBs to integrate it into their daily activities and discussions [1]. This will help build cyber resilience and futureproof their businesses against cyber threats [1].


[1] https://betanews.com/2023/10/12/almost-half-of-smbs-have-experienced-a-cybersecurity-incident-in-the-last-year/
[2] https://stockhouse.com/news/press-releases/2023/10/12/us-smbs-urge-for-cybersecurity-education-as-cyber-threats-hit-an-all-time-high