Are SMBs at Risk by Neglecting Cyber-Security?
At a time when small and midsize businesses have access to technologies that allow them to compete with much larger rivals, there is one critical area of modern business in which they simply have not kept up: cyber-security. According to a cyber-security survey of 153 IT security professionals conducted by EiQ Networks, a hybrid security-as-a-service provider, nearly half of SMBs do not have a dedicated cyber-security budget, more than three in 10 don't have an IT security staff, and more than one-third said they're concerned that they've had a breach in the last 12 months that they didn't know about. The findings are a clear indication that SMBs aren't taking security seriously enough at a time when they should be taking it more seriously than ever. "One of the most striking results is how little SMEs are spending on cyber-security as compared to the overall IT budget—despite the very high risks they face daily from ransomware, phishing and zero-day attacks, to name just a few," said Vijay Basani, founder and CEO of EiQ Networks. "Without the IT security resources and expertise necessary to continually monitor, detect and respond to security incidents, SMEs are simply exposing themselves to loss of revenue, brand equity, IP and customer data on a daily basis."