Many SMBs really don’t know exactly what security tools they need
Many small and medium-sized businesses haven’t quite figured out how to keep up with the evolving cybersecurity landscape, a new report says.
Sage’s research, conducted among a global pool of SMBs, found that a number of factors influence the effectiveness of cybersecurity, including the cost of living.
More than half of businesses (55%) in Britain are calling on the government to be more proactive in its cyber security support, education and training.
A worrying prospect
Confidence in cybersecurity is high among SMEs, with 72% of respondents reporting confidence in managing their security, reflecting the concerns many of them have. 70% cite cyber threats as a major problem within their company.
Smaller companies lag behind the knowledge and expertise that larger companies provide, and are thus left to fend for themselves against constantly emerging and changing threats. Given the current economic turmoil facing many businesses, it is no surprise that less than half (48%) of UK SMEs want to increase their cyber security budget next year and almost a third (29%) say the cost of living has dropped their budget.
“Navigating the fast-paced world of cybersecurity can be overwhelming for SMBs, which often lack dedicated IT expertise,” said Ben Aung, EVP Chief Risk Officer at Sage. “While our research highlights their genuine concerns about cybersecurity, they are looking for guidance to understand it and mitigate risks beyond the misconception of relying solely on firewalls and tools.”
One of the biggest challenges facing SMB cybersecurity is that 43% struggle to understand exactly what is needed in their cyber defenses, 44% are concerned about how to train their employees and 45% are face challenges in ensuring employees know exactly what is expected of them.
Most concerning is the level of security that some SMBs implement: 46% of businesses do not use firewalls and 42% neglect to back up their critical data. Additionally, a quarter of respondents acknowledged that their cybersecurity process was not adhered to when addressing cyber threats.