Understanding the evolving threat landscape is the biggest cybersecurity challenge facing small and mid-sized businesses (SMBs), including non-for-profit organizations – and more than half are calling for help to manage the risks, according to new global research released today by Sage.
The leader in accounting, financial, HR and payroll technology for SMBs conducted global research across eight countries, including the United States, to investigate perceptions of cybersecurity among SMBs and the key hurdles they are facing in protecting their business from cyber threats. Through the study, Sage aims to demystify the nuanced challenges of cybersecurity so that SMBs can take a more proactive stance to protect and grow their business, develop their teams, and provide outstanding customer experience.
The research reveals:
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Globally, 48% of SMBs have experienced a cybersecurity incident in the past year, while 26% of US SMBs have experienced more than one type of cyber breach
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75% of US SMBs say cyber threats are a major concern and 59% expect to increase their investment in cybersecurity in the coming year
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Top cyber breaches impacting US SMBs include Distributed Denial-of-Service (DDoS) attacks (21%), data loss (20%), ransomware attacks (16%) and credential theft (15%)
With cyber threats reaching an all-time high since 2018, knowing what is important, where to start and overcoming cost barriers is critical for SMBs that want to bolster their cyber resilience.
SMBs in the US recognize this, and 60% are turning to cybersecurity companies and trusted tech partners (49%) to educate and support them. More than half (51%) also believe industry bodies should help improve cybersecurity preparedness by supporting with education and training.
Ben Aung, EVP Chief Risk Officer, Sage, said, “Navigating the fast-paced world of cybersecurity can be overwhelming for SMBs, who often lack dedicated IT expertise. While our research highlights their genuine…
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