Software developer Devolutions has released the results of its third annual survey in a new report titled The State of IT Security for SMBs in 2022-2023.
CEO David Hervieux said: “For SMBs, paying attention to IT security is not just a technology issue – it is fundamental to ensuring business survival.” While the challenges and increased vulnerabilities associated with hybrid working continue to affect businesses, decision-makers seem to be realising the importance of security. In fact, 68 per cent of small and medium-sized businesses (SMBs) have allocated the recommended 6-15 per cent of budgets to IT security. The survey also revealed that 46 per cent of SMBs plan on increasing their IT security spending in the next 12 months.
The report found that two thirds of respondents are more concerned about IT security than they were a year ago. Top concerns include ransomware (81 per cent), phishing (69 per cent) and malware (38 per cent). Despite 60 per cent of SMBs having experienced at least one cyberattack over the past year, 44 per cent of respondents indicated that they do not have a comprehensive cybersecurity incident response plan in place.
The survey also highlighted the importance of Privileged Access Management (PAM) in governing access to confidential and valuable information that is often targeted by attackers. However, while 98 per cent of respondents said they are managing access to privileged accounts, only 12 per cent indicated they had a fully deployed PAM solution in place.
“We’ve had countless SMBs tell us that deploying a full PAM solution is too expensive or complicated and what they have is ‘good enough’ – but it’s just not the case,” said Hervieux. “In the report’s recommendations, we discuss what PAM features and functions are appropriate for SMBs as well as best practices for governing privileged accounts and credentials. It doesn’t have to break the bank to be effective.”
Read the full report.