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.
Description
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].
Conclusion
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].
References
[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
