Think Your SMB Is Safe From Cyber Threats? You’re Wrong

Think Your SMB Is Safe From Cyber Threats? You're Wrong

Today, identity security provider Keeper Security and YouGov released The 2019 SMB Cyberthreat Study. This report surveyed 500 senior-level decision-makers of small-to-medium-sized businesses (SMBs). Among their findings, 66% of these SMB leaders don’t believe their businesses face a risk from cyberthreats. Unfortunately, an earlier survey by Ponemon and Keeper Security found 67% of all businesses suffered a cyberattack within the past year. 

Therefore, the question becomes where this discrepancy comes from, and how your business can avoid it. 

Why SMBs Don’t Realise Their Risk of Cyber Threats

Indeed, no one can overstate the risk these SMBs face by ignoring cyberthreats or believing they can’t affect them. Only 12% understand the reality of cyber threats—that every business remains at risk regardless of size. 

Meanwhile, the more mature a business became, the less likely it became convinced of the risk of cyberattacks. 6% of SMBs operating for ten or more years recognized the dangers of digital threats, whereas 28% of younger businesses recognized the problems. In fact, 70% of long-standing businesses failed to acknowledge the severity of cybersecurity risk. 

Above all, only 9% of SMB decision-makers thought cybersecurity constituted the most important aspect of their enterprise. 

What SMBs Don’t See (And How to Prevent It)   

One major statistic SMBs should have when discussing cyber threats comes from a different survey. Last year, Switchfast Technologies found 60% of SMBs shutter their businesses within six months of a data breach. 

Obviously, that should give any decision-maker pause. So what can your SMB do? Keeper and YouGov suggest starting with password security; certainly, this proves a strong place to start. A majority of breaches begin with stolen or weak credentials, and poor password policies often lay the welcome mat for hackers. 

To read more about The 2019 SMB Cyberthreat Study by Keeper Security and YouGov, you can find it here. For stronger password security, check out our 2019 Identity Management Buyer’s Guide

Correction: In the original version, we incorrectly attributed the study to Keeper Security and the Ponemon Institute. The study was actually conducted by Keeper Security and YouGov. The article reflects the corrected information.

 

Ben Canner

Ben Canner is an enterprise technology writer and analyst covering Identity Management, SIEM, Endpoint Protection, and Cybersecurity writ large. He holds a Bachelor of Arts Degree in English from Clark University in Worcester, MA. He previously worked as a corporate blogger and ghost writer. You can reach him via Twitter and LinkedIn.
Ben Canner