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Small businesses worry about cutting security budgets as economic concerns hit hard

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Small and Medium Businesses (SMBs) are increasingly concerned about cyber-attacks and want to increase budgets for their protection endpoints.

However, they worry that due to economic uncertainty and inflation, they will have to change their plans and leave their virtual buildings vulnerable. MalwareNew hackers and criminals Report (Opens in a new tab) From OpenText.

It found that the majority of SMEs (67%) have a cybersecurity budget of less than $50,000 per year. While more than half (59%) plan to increase their antebellum next year, 57% fear inflation will force them to change their plans and cut their cybersecurity budgets.

growing fears

The report further suggests that things are difficult as they are. Two-thirds (68%) have fewer than five people on their security team, with support from external security teams (in 58% of cases). Most of the SMEs (65%) that are not using a managed service provider (MSP) for cybersecurity are considering their options for the next year as well.

Cybercriminals will also not cut any laxity on small and medium businesses. The number of successful attacks, which led to additional painful costs for victims, is increasing every minute. Nearly half (46%) of respondents to OpenText experienced a ransomware attack in the past year, with 66% not confident they could defend against such attacks in the first place.

All this made most companies (88%) very concerned about the possibility of a cybercrime incident. As a matter of fact, 52% feel they are more at risk of a cyber attack today, due to everything that is happening in the world, with both the Covid-19 pandemic and the war between Russia and Ukraine, to name a few.

To defend against cyber attacks, small and medium businesses are advised to educate their employees about the dangers of phishing, business email compromise, and other forms of social engineering, which is where the majority of incidents begin.

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