A global research study of 6,240 SMBs and midmarket firms found that IT security is a top priority for these organizations. 85% of SMBs and 100% of midmarket firms ranked IT security as a top priority, and 61% of these firms are increasing their IT security spending by more than 8%, a higher percentage than overall IT spending. The study also revealed that 56% of SMBs and 88% of upper midmarket firms experienced at least one cyberattack in the past year. As a result, preventing cyberattacks is a priority for 64% of firms.
According to the Techaisle survey, cybersecurity breaches can be costly for SMBs (1-999 employees), with an average loss of US$1.2 million in data, productivity, compliance and regulatory expenses, and staffing costs. Upper-midmarket firms (1000-4999 employees) suffer even more significant losses, with an average cost of US$28.6 million per breach.