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 , 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 . 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 . The top cyber breaches impacting US SMBs include DDoS attacks , data loss , ransomware attacks , and credential theft . Additionally, the study found that 51% of SMBs consider staying updated on new threats as their biggest challenge , and 75% of US SMBs consider cyber threats a major concern . 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 , with cybersecurity companies (56%)  , governments (45%) , and trusted tech partners (43%) being identified as potential sources of this support .
The study emphasizes the importance of cybersecurity for SMBs , as cyber threats can impact businesses of all sizes and have a significant effect on customer trust . 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 , reflecting the growing demand for reliable cybersecurity solutions among SMBs . 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 . This will help build cyber resilience and futureproof their businesses against cyber threats .