With cyber-attacks reaching tens of millions a day, cyber security should be top of mind for nearly every modern business. A report released by Experian shows that this is not the case, especially for SMEs.
The "not a target" mentality
51 percent of respondents surveyed did not think creating an incident response plan should be a priority. 39 percent thought their company was not at risk. This is wrong. 74 percent of SMEs have experienced at least some kind of cyber-attack. Nearly half of all cyber-attacks end up targeting SMEs.
The great resource divide
20 percent of surveyed companies simply did not have the budget to create an incident response plan. 60 percent of small companies end up closing shop within half a year of a cyber-attack.
The lack of cyber security talent
0 percent unemployment among cyber-security professionals in 2016 with 1 million unfilled positions, set to rise to 3.5 million by 2021. For many SMEs the funds needed to hire a cyber security specialist need to be funneled into other areas of the business simply to keep it afloat.
Underestimating the threat
The average cost of a data breach for small businesses is around 411,000 dollars. Many small business owners think this cost is around 170,000 dollars less. Implementing cyber security defenses is far more cost effective than waiting for disaster.
Originally published 29 November 2017. Migrated to the new IRC site in 2026.