Small and medium-sized businesses (SMEs) are increasingly concerned about cyberattacks and would like to increase budgets to protect their endpoints.
However, they fear that due to economic uncertainty and inflation, they will have to change their plans and make their virtual premises vulnerable to malware, hackers and criminals, a new one report (opens in new tab) found by OpenText.
It found that the majority of SMBs (67%) have a cybersecurity budget of less than $50,000 per year. While more than half (59%) plan to up the ante over the next year, 57% fear inflation will force them to change plans and actually cut their cybersecurity budgets.
Things are as difficult as the report goes on to suggest. Two-thirds (68%) have fewer than five people on their security team, supported by external security teams (58% of the time). Most SMBs (65%) not using a cybersecurity managed service provider (MSP) are also considering their options for the next year.
Cyber criminals will not slow down SMEs either. The number of successful attacks that result in painful additional costs for the victims is growing by the minute. Nearly half (46%) of OpenText respondents experienced a ransomware attack in the last year, with 66% not initially confident in being able to defend against such attacks.
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All of this has resulted in most companies (88%) becoming very concerned about a possible cybercrime incident. In fact, 52% now feel at greater risk of a cyber attack due to everything that is going on in the world, both with the Covid-19 pandemic and the Russia-Ukraine war to name a few.
To protect against cyberattacks, SMBs are advised to educate their employees about the dangers of phishing, business email compromise and other forms of social engineering, as that is where most incidents begin.
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