One in three SMBs use free consumer cybersecurity
Many small to medium businesses are inadequately prepared for a potential cyber-attack or breach, according to research commissioned by BullGuard.
In the UK and US, one in three companies with 50 employees or less use free, consumer grade cybersecurity. One in five small to medium businesses (SMBs) use no endpoint security whatsoever.
Additionally, 43% of SMB owners have no cybersecurity defence plan. The report said this leaves their most sensitive financial, customer and business data, and their company, at significant risk.
BullGuard’s study highlighted some discrepancies between what SMB owners believe, and the realities of the market.
While nearly 60% of SMB owners believe it is unlikely that their business will be targeted by cyber criminals, 18.5% suffered from an attack or breach within the past year. Once breached, 25% of SMB owners said they had to spend $10,000 (€9,266) or more to resolve the attack. Further, 50% said it took over 24 hours to recover and 25% lost business as a result. Near 40% lost crucial data.
While 50% SMB owners disclosed that their employees do not receive cybersecurity training, 20% said their organisation has zero vulnerabilities.
Almost tow thirds (65%) of SMB owners manage their cyber security in-house, but under 10% have a dedicated IT staff member.
“Small businesses are not immune to cyber attacks and data breaches and are often targeted specifically because they often fail to prioritize security,” said Paul Lipman, CEO of BullGuard. “Caught between inadequate consumer solutions and overly complex enterprise software, many small business owners may be inclined to skip cybersecurity. It only takes one attack, however, to bring a business to its knees.”
Conducted in January 2020, the survey queried 3,083 business owners in the US and UK with 50 employees or less.