SMEs overestimate their cybersecurity preparedness

57% of SMEs have fallen victim to at least one cybersecurity breach, among whom 31% reported that their business experienced a breach within the past 12 months alone, according to Guardz.

SMEs cyber threats

The increasing number of evolving cyber threats poses a significant risk to SMEs. Rising patterns show frequent and sophisticated attacks, highlighting the urgent need for effective security measures.

Businesses neglect employee cybersecurity training

Meanwhile, 29% of small and medium-sized businesses reported currently having no cyber insurance.

However, the survey findings highlight a glaring disparity between businesses’ perceived readiness and the actual state of their cybersecurity protection: An overwhelming 70% of respondents are confident that their businesses are adequately prepared and resilient enough to withstand a cyberattack.

Many SMEs either underestimate the importance of robust security, believing they’re too small to be targeted or put too much trust in their current defenses.

However, 44% of respondents believe that their current antivirus solution fully protects their business, employees, and data, and 25% of businesses admit to not regularly training their employees on cybersecurity best practices or never have.

“These survey findings reinforce the critical and urgent need to prioritize cybersecurity preparedness within the SME community,” said Dor Eisner, CEO of Guardz.

“Understandably, not all small business owners have the resources to obtain in-house cybersecurity experts – but that doesn’t mean these companies should be left in the lurch. There are immediate and proactive actions SMEs can take to bolster their defenses in the face of growing threats, including working with certified MSPs who have the potential to not only offer comprehensive cybersecurity protection, but vital cyber insurance coverage as well,” added Eisner.

SMEs fear financial loss after cyberattacks

Guardz’s survey results also highlight SMEs’ concerns around the aftermath of a cyberattack and the potential resulting financial strain: 59% of respondents reported financial loss as their primary concern in the wake of a cyberattack, while 53% were concerned about a breach of data privacy.

Reputational damage, operational disruption, temporary loss of business, and business termination were also cited as significant concerns by the respondents, further underscoring the potential devastating impact of the cyber threats facing SMEs.

In addition to the 29% of respondents who stated that they do not have any cyber insurance coverage, 11% believe they do not even need it.

Simultaneously, the survey revealed the significant role that Managed Service Providers (MSPs) could play in enhancing SMEs’ cybersecurity posture on this front: 78% of respondents indicated that they would be more likely to hire an MSP if they offered both comprehensive cybersecurity protection and cyber insurance.

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