Most small and medium-sized businesses are ill-equipped to deal with the growing problem of cyberattacks, according to new research from DataSolutions Group.

The IT retailer's recent "Cyber ​​Concerns" report found that 89% of executives are "increasingly" concerned about ransomware and malware. Several factors contribute to the growing fears, including a lack of staff, quality tools and services, and budget.

In fact, 43% of SMBs said they struggled with the expertise needed to address security threats, and 10% "really struggled." About the same percentage (45%) reported difficulties in having quality staff and sufficient IT budgets to handle these issues. Another 12% said they were really struggling.

No mercy on criminals

At the same time, cybercriminals show no mercy. More than a third said that the attacks they had experienced in the last six months had become more sophisticated, and 45% also noted an increase in their frequency.

When it comes to technological solutions capable of helping SMEs in this area, companies are not lost. Four in five (80%) would prefer to have an all-in-one security solution (opens in a new tab) to help them manage everything and provide a holistic approach to visibility. At the same time, they are considering Zero Trust Network Access as a means of network protection.

A recent Forrester report states that two-thirds (68%) of companies plan to invest more money in Zero Trust initiatives.

"On average, the potential cost of a breach is estimated to exceed £1 million, which is why having the right cybersecurity solutions and strategies in place is so critical for SMEs," said Michael O'Hara, CEO of the group, DataSolutions. "It was interesting to see the overwhelming response to the idea of ​​an all-in-one solution to manage everything, as it's a trend we're seeing more and more."

“As 2023 approaches and economic uncertainty persists, there could be a conversation between SME executives and decision makers to reduce overall costs, and cybersecurity is part of that. What this data shows, however, is that cyber investment is more important than ever.

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