A report from security outfit Datto shows that SMBs are aware of increasing cyber threats, allocating resources, and investing in network and cloud security.
Datto’s 2022 State of Ransomware report surveyed nearly 3,000 IT professionals in small to medium-sized businesses across eight countries (the United Kingdom, the United States, Canada, Germany, the Netherlands, Australia, New Zealand, and Singapore).
The report said that about a fifth of the IT budget is dedicated to security, and many are seeing increased budgets, with 47 per cent of SMBs planning to invest in network security in the next year.
More than half of SMBs have implemented AV and email/spam protection, with network and cloud security as the following year’s top areas planned for investment.
Over a third of respondents run IT security vulnerability assessments three or more times a year, with 62 per cent running them at least twice a year, the report said.
Most SMBs have cyber insurance, and 34 per cent of those without cyber insurance will likely get it in the next year.
Around 42 per cent of SMBs with cyber insurance think it’s incredibly likely that a ransomware attack will happen in the next year, while only 16 per cent of SMBs without cyber insurance think the same.
Datto VP Chris McKie said his company saw many businesses take more steps to protect themselves against threat actors.
“Whether investing in new security products or utilising multiple security frameworks, most SMBs realise the genuine threat that ransomware poses for their business, and they’re doing what they can to keep themselves safe.”
Only 30 per cent of SMBs have a best-in-class recovery plan in place, with 52 per cent claiming they have a standard recovery plan in place.
“MSPs can help their clients improve their disaster recovery plan by building out their security and backup offerings or requiring clients to have cyber insurance. Cyber insurance can offset the risks of potential breaches, which became increasingly more important when many SMBs accelerated their digital transformation efforts during the COVID-19 pandemic,” McKie said.
