New research has revealed that SMB executives and IT decision makers report that potential cyberthreats are a top concern.
In the Q4 Cyberthreat Index for Business Survey by Zix-AppRiver, it was revealed that an overwhelming 93% of all SMB executives surveyed believe that foreign adversaries are attempting to breach the nation’s security or wage an invasion using businesses as their entry points.
Of those who believe that their businesses would be a point of vulnerability, 66% believe that this will be more of a concern in 2020.
More than 6 in 10 SMB IT decision makers plan to increase their cybersecurity budget in 2020, whilst 8% plan to reduce, and 30% plan to maintain their budget at the 2019 level.
Technology and Telecom is the sector with the highest propensity (77%) to increase cybersecurity budget in 2020, followed by Government (76%), Manufacturing (73%) and Financial Services and Insurance (71%).
Hospitality and Nonprofit are the sectors most likely to plan to decrease their 2020 cybersecurity budget from 2019.
Research also revealed that 72% of SMBs believe a successful cyber-attack would be harmful to their businesses, with 22% admitting that there is a high likelihood that their business would not survive an attack.
The Education, Financial Services and Insurance, and Technology and Telecom are the industries most concerned about a successful cyber-attack.
With holiday shopping underway, 82% of SMB executives and IT decision makers estimate that many of their staff will be shopping online this holiday season using a work computer or a business-use device.
Among the IT decision makers that are aware of this, 61% admit they know this increases cybersecurity risks for their businesses and customers, yet many plan to do nothing.
The research said: “It is possible that as a small business grows, it could become a more likely target for bad actors. It is also possible that small businesses with cloud-based services with built-in security and fewer employees have fewer vulnerable attack entry points. However, as this year’s growing attacks on local municipalities, schools and small hospitals have shown, smaller organizations can no longer count on flying below the radar and being ignored by cybercriminals.
“The latest survey results show that as businesses become more dependent on technology — with more planning the adoption of A.I. — and as global borders become blurred in cyberspace, increased cyberthreats are expected to become a fact of life for all businesses, regardless of size or industry”
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