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Majority of SMEs Need to Increase Cyber Security Funding



An overwhelming number of small to medium sized enterprises spend less than one-tenth of their total IT budget on cyber security, a new survey has found.

The wide-ranging EiQ Networks study found 86% of SMEs spend less than 10% on protecting their business from cyber threats, with 75% employing between zero and two staff members specifically devoted to IT security.

EiQ Networks founder and CEO, Vijay Basani, flagged up the worrying fact that SMEs, in general, spend much less on their cyber security than on other items in their IT budgets. This is in spite of a myriad of threats all modern businesses face, including the dreaded phishing and ransomware attacks.

The survey also revealed a major fall in confidence among SMEs that they possess the wherewithal to avert cyber security threats during the past two years. In 2015, 27% of respondents said they were satisfied with their security position, but this has plunged to a mere 15% who believe are confident that they could detect and prevent attacks.

Basani added that without investment in the people and resources to prevent – and, if necessary, tackle breaches of security, SMEs are on a downward slope to increasing difficulties.

The EiQ Networks report also showed that 45% of those surveyed were breached – or think that they were breached – at least once during the past year. No less than 56% declared their business to be unprepared to identify – and respond – to a cyber security problem.

The Business Continuity Institute’s most recent Horizon Scan Report was very clear in its assertion that cyber security is just as vital for SMEs as it is for larger groups. A worldwide survey identified the leading concerns for companies of all sizes were cyber-attacks, unexpected network outages, and breaches of their data.

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