One in three SMBs uses free consumer security tools
New research from cybersecurity company BullGuard reveals that one in three SMBs in the US and UK rely on free consumer cybersecurity tools and one in five has no endpoint protection at all.
The study also finds 43 percent of SMB owners have no cybersecurity defense plan in place -- leaving their most sensitive financial, customer and business data, and ultimately their companies, at significant risk.
"Small businesses are not immune to cyberattacks and data breaches and are often targeted specifically because they often fail to prioritize security," says 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."
There are some worrying attitudes to cybersecurity among smaller businesses revealed by the study. Nearly 60 percent of SMB owners believe their business is unlikely to be targeted by cybercriminals, however the results show that 18.5 percent of SMB owners have suffered from a cyberattack or data breach within the past year.
Unfortunately, while securing data can be simple, remediation is not. Companies that fall victim to a cyber attack often experience significant downtime that seriously impacts productivity, data privacy, and even revenue. Once breached, 25 percent of SMB owners state they had to spend $10,000 or more to resolve the attack, which could be devastating for a small company. As for time lost, 50 percent of SMB owners say it took 24 hours or longer to recover from a breach or cyberattack, while 25 percent report they lost business as a result, and almost 40 percent say they lost crucial data.
A majority, 65 percent, of SMB owners report managing their cybersecurity in-house, but less than 10 percent say they have a dedicated IT staff member.
There's a summary of the findings in infographic form below.