A recent study by ConnectWise reveals that 78% of small and medium-sized businesses (SMBs) fear a cyberattack could force them to shut down. This fear is compounded by the fact that 94% of SMBs have experienced at least one cyberattack, up significantly from 64% in 2019. The rise in attacks is exacerbated by the 76% of SMBs lacking the in-house expertise to manage security issues effectively, increasing their reliance on managed service providers (MSPs) for cybersecurity support.
The frequency of cyberattacks is causing significant concern among SMBs, with 56% reporting at least one attack this year and 89% fearing future attacks within the next six months. The consequences of these attacks are severe, with 99.5% of organizations experiencing repercussions, such as financial costs and damage to company reputation. Notably, SMBs using MSPs report slightly lower impacts in terms of reputation damage and financial costs compared to those not using MSPs.
Despite these challenges, SMBs are prioritizing cybersecurity, with 90% acknowledging its critical importance. Many businesses are planning to increase their cybersecurity budgets by an average of 19% over the next year. Technological advancements, such as artificial intelligence, are a major focus for enhancing operational efficiency and competitiveness.
The research also shows that 94% of SMBs now use MSPs, with over half outsourcing most of their IT infrastructure, services, and cybersecurity needs. An impressive 83% of SMBs intend to boost their cybersecurity investments in the coming year, with a willingness to pay more for effective cybersecurity solutions. The study highlights the growing commitment of SMBs to secure their operations amid an evolving threat landscape.
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