SMBs are super vulnerable to Cyber Attacks

New research carried out by ConnectWise says that Small and Medium Scale businesses are super vulnerable to cyber attacks as they are still underprepared as they operate with a mindset that hackers never target them due to the size of their business.

After analyzing data given by more than 1000 respondents, the study confirms that only 31% have identified threats so far and only half of them are ready with a response plan.

Research further says that among SMBs only 47% of them have a program to educate their employees over cyber threats. While rests of them are ignoring a recovery plan due to fund issues.
ConnectWise research confirmed that cyber attacks on SMBs are going upscale in every quarter as the hackers are showing interest in taking advantage of their weak defenses.

In the year 2017, the loss on an average from cyber attacks and IT theft reached $2 million as per the survey conducted by the Ponemon Institute. And last year the loss was estimated to be at $6 million on an average.

“Our results show how underprepared are the owners of the small and medium scale businesses when it comes to cyberattacks”, John Ford, Chief Information Security Officer, ConnectWise.

In another survey conducted early this year, most of the company heads of SMBs reported that they are more concerned about data breach than flooring, fires, burglaries and transportation strikes.

For those involved in offering cyber threat monitoring services, ConnectWise has concluded that those offering services related to remote security will see business growth in coming months.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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