One third of SMBs are using free consumer-grade cybersecurity solutions, and one in five aren't using any endpoint security at all, according to a recent BullGuard survey of 3,083 small business owners in the U.S. and the U.K. with 50 employees or fewer.
While 18.5 percent of SMB owners have been hit by a cyberattack or data breach within the past year alone, fully 60 percent of respondents think their business is unlikely to be targeted by cyber criminals.
One in five respondents said their organization has zero vulnerabilities, and 50 percent said their employees receive no cybersecurity training at all.
Understanding the Impact of a Breach
"Small businesses are not immune to cyberattacks and data breaches and are often targeted specifically because they often fail to prioritize security," BullGuard CEO Paul Lipman said in a statement.
And the results can be devastating. One in four respondents said they had to spend $10,000 or more to resolve a cyberattack. Fifty percent said it took 24 hours or more to recover from a breach or attack, 25 percent said they lost business as a result, and almost 40 percent lost crucial data.
"Caught between inadequate consumer solutions and overly complex enterprise software, many small business owners may be inclined to skip cybersecurity," Lipman said. "It only takes one attack, however, to bring a business to its knees."
Turning to Managed Services
Although 65 percent of respondents said they manage their cybersecurity in-house, less than 10 percent have a dedicated IT staff member.
And those staff members are being stretched thin. A recent Tripwire survey of 342 IT security professionals found that 83 percent feel more overworked going into 2020 than they did at the beginning of 2019.
Fully 82 percent said their security teams are understaffed, and 85 percent said it has become more difficult over the past few years to hire skilled security pros.
Managed services are a logical solution – 85 percent of respondents said managed services are a good way to address security skills gaps, and 46 percent said they plan to use more managed services in 2020.
Fifty percent plant to invest more heavily in training existing staff.