Today, zero-knowledge cybersecurity solution provider Keeper Security released the results of The 2018 State of Cybersecurity in Small and Medium Size Businesses study.
This study, conducted by the Ponemon Institute and sponsored by Keeper Security, discovered a worrying fact: small to medium businesses (SMBs) face the same threats as larger enterprises. Yet only 28% of SMBs believe they are “highly effective” at mitigating these threats.
According to Keeper Security’s 2018 State of Cybersecurity in Small and Medium Size Businesses study, 47% of SMBs say they don’t know how to protect themselves against cyber attacks. Simultaneously, 67% of SMBs experienced a cyber attack, and 58% suffered a data breach, in the past year.
The reasons the Ponemon Institute and Keeper Security cited for included poor password management and poor cybersecurity visibility. 32% of the study’s respondents said they could not determine the root cause of a data breach they suffered.
Also cited were a lack of proper cybersecurity funding and talent. 55% lack an adequate cybersecurity budget, and 74% say they lack the right talent to protect their networks.
Darren Guccione, CEO and Co-founder of Keeper Security, said in a statement: “More SMBs are experiencing highly sophisticated and targeted cyber attacks. There is a failure to use strong passwords, two-factor authentication and unique passwords for every website, application and system. This is exposing SMBs to cyber criminals.”
“The results of the 2018 State of Cybersecurity in Small and Medium Size Businesses study underscore the critical importance of implementing a secure password management solution to protect not only SMBs’ sensitive digital assets, but also their reputation and the longevity of their business operation.”
The overall point is that SMBs are still viable targets for hackers. No business is truly safe fro digital crime or from credential theft. Without an identity and access management solution, these small and medium-size businesses will never be prepared to face the threats their larger brethren face every day.
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