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:
- 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
- 75% of US SMBs say cyber threats are a major concern and 59%
expect to increase their investment in cybersecurity in the coming
year
- 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 concern for cybersecurity,
they seek guidance to comprehend and mitigate risks beyond the
misconception of it merely relying on firewalls and tools. At Sage,
our commitment is to make cybersecurity accessible, fostering
confidence through knowledge, resources, and a human-centric
approach, empowering SMBs to strengthen their cybersecurity culture
even with limited budgets.”
Aaron Harris, CTO, Sage, said, “Cybercrime and
threat actors do not discriminate – they have the potential to
greatly impact the largest enterprise or the smallest mom-and-pop
shop. In today’s interconnected world, every business, regardless
of its scale, relies heavily on a digital presence which can be the
‘open door’ for cyber criminals to steal data that not only impacts
you and your business but your customers as well. SMBs that shore
up their cyber defences can demonstrate resilience, earn and retain
customer trust, and set themselves apart as trustworthy partners in
an increasingly competitive landscape. Their actions to protect
themselves and their customers today will inspire a new culture of
cyber defensiveness among SMBs for years to come.”
Lynne Pace, CFO & VP of Finance, Danson
Construction, said, “In today’s digital realm,
cybersecurity hurdles are a constant reality for businesses like
ours. We face daily data threats, phishing attempts, ransomware
attacks – it’s a maze out there. As a small business, juggling
protection and growth is a real challenge. The cyber world is a
puzzle we can’t ignore. Safeguarding while advancing is the name of
the game and finding solutions that fit our size is a must. In this
journey, a helping hand from tech companies and government support
is crucial. With their help, we can navigate this intricate
landscape with more confidence.”
Shawnee Delaney, founder & CEO, Vaillance
Group, said, “Small businesses are increasingly becoming
prime targets for cyber-attacks; however, they are struggling to
keep up with the new techniques employed by threat actors given
their lack of resources and funding. These circumstances reinforce
the paramount importance of partners and experts in educating and
empowering individuals within organizations to recognize and
mitigate threats to confidently defend themselves. Sage’s research
highlights this pressing need, and our approach at the Vaillance
Group aligns with this imperative. With the right support, SMBs can
navigate the complex cyber landscape with confidence and
resilience.”
The research findings also underscore a trend in the
cybersecurity business landscape, revealing that most US SMBs (73%)
say they would use a more expensive supplier if they had better
security and displayed more information about the privacy and
security of their products. This reflects the growing demand
amongst SMBs for reliable cybersecurity solutions and the
importance they put behind safeguarding their data, presenting a
significant opportunity for cybersecurity businesses to tap into
the SMB market.
Notes to Editors Sage’s study –
Cybersecurity for SMBs: Navigating Complexity and Building
Resilience – can be accessed here:
https://www.sage.com/en-gb/company/digital-newsroom/2023/10/12/cyber-security-for-navigating-complexity-and-building-resilience
Key findings 48% of SMBs have experienced a cybersecurity
incident in the past year 91% expect cybersecurity investments
to increase or remain the same in the coming year 69% of SMBs
say cybersecurity is part of their culture, but most only discuss
when something changes or goes wrong internally51% say keeping on
top of new threats is their biggest challenge 19% of SMBs rely
solely on basic controls 58% of SMBs backup their data80% of SMBs
have a process in place to manage cybersecurity risks of remote
workers 25% of those with a process in place acknowledge not all
adhere to it52% want more support with cybersecurity education and
training 44% say economic uncertainty/cost of living has reduced
cybersecurity budgets 64% of SMBs of SMBs use cyber insurance – 74%
plan to use it next year
Cybersecurity challenges45% - Ensuring employees understand what
is expected of them 44% - Educating employees about
cybersecurity 43% - Understanding what security is
needed
For guidance on how to navigate cybersecurity for your business,
visit the Sage Trust and Security Hub
About Sage Sage exists to knock down
barriers so everyone can thrive, starting with the millions of
Small and Mid-Sized Businesses served by us, our partners and
accountants. Customers trust our finance, HR and payroll software
to make work and money flow. By digitizing business processes and
relationships with customers, suppliers, employees, banks and
governments, our digital network connects SMBs, removing friction
and delivering insights. Knocking down barriers also means we use
our time, technology and experience to tackle digital inequality,
economic inequality and the climate crisis.
Media Contacts
Mara MaddoxUS Public Relations
Managermara.maddox@sage.com
AxiComSAGEUSTEAM@axicom.com
Methodology
Sage’s research was conducted by independent market research
company, Danebury Research, between 4th April and 15th April, 2023,
via 2,100 online interviews with decision makers in SMBs with up to
499 employees.
The 2,100 interviews were split across nine markets. These were:
UK (500), U.S. (500), France (100), Germany (100), Portugal (100),
Spain (100), South Africa (100), Canada (500) and Australia (100).
In addition to presenting global, overarching trends, the results
were broken down into individual market tables and regional
samples.
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