While the pandemic forced many SMBs to scale back their operations, hackers shifted into a higher gear. Cyberattacks against SMBs — and especially on their remote workers — have increased throughout 2020 and 2021.
What’s more, the consequences of a breach have never been more severe. Global cybercrime collectively costs victims $16.4 billion each day, and in 2021 the average cost of a data breach in SMBs has climbed to $2.98 million per incident. This is a staggering price tag that many companies cannot afford, which is why 60% of SMBs go out of business within six months of getting hacked.
To help SMBs grasp the scope and dynamics of the current cyberthreat landscape — and ultimately make decisions that reduce the likelihood and severity of cyberattacks — Devolutions surveyed decision-makers in SMBs worldwide across five core topics:
- Cyberattacks and Threats in SMBs
- Password Management in SMBs
- Use of Privileged Access Management in SMBs
- Cybersecurity Training & Management in SMBs
- Cybersecurity Investment in SMBs
Some of the most notable findings include:
- 72% of SMBs are more concerned about cybersecurity now compared to a year ago.
- The 3 cyberthreats that SMBs are most concerned about are: ransomware, phishing, and malware.
- 52% of SMBs have experienced a cyberattack in the last year — and 10% have experienced more than 10 cyberattacks.
- 1 out of 5 SMBs are using insecure methods to store passwords, such as spreadsheets, documents, and writing passwords down on paper.
- Just 13% of SMBs have a fully deployed PAM solution in place.
- 61% of SMBs are not monitoring the full roster of privileged accounts in their organization.
- 79% of SMBs believe that end-users bear some responsibility in the event of a data breach.
- 74% of SMBs are providing their workforce with cybersecurity training.
- 40% of SMBs do not have a comprehensive and updated cybersecurity incident response plan.
- 26% of SMBs allocate less than 5% of their IT budget to cybersecurity.
The full report dives deeper into these and several other insights.
The Report also includes 15 targeted recommendations to help SMBs address the gaps, vulnerabilities, and concerns highlighted by the survey. All the recommendations are practical, proven, and affordable for SMBs.
Winner of the Adobe Smart Security Kit
We are delighted to announce that the lucky winner of an Adobe Smart Security Kit (value of USD $230) is Ben Wedge, whose name was randomly selected from a pool of all survey respondents. Congratulations Ben and we hope you enjoy your prize!
Get the Report
Download the report to grasp the scope and severity of the cyberthreat landscape, and to get recommendations for strengthening your SMB’s cybersecurity protection.