SMEs are aware of the rise in cyber threats and are allocating resources and investing in areas such as network and cloud security, according to Datto.

cyber insurance for SMEs

Key points from this survey include:

  • Around a fifth of the IT budget is dedicated to security and many are experiencing budget increases. 47% of SMEs plan to invest in network security in the next year.
  • More than 50% of SMBs have implemented AV and email/spam protection, with network and cloud security being the top areas planned to invest in the coming year.
  • 37% of respondents run IT security vulnerability assessments three or more times a year, and 62% run them at least twice a year.
  • 69% of SMEs currently have cyber insurance and 34% of those without are very likely to get it next year.
  • 42% of SMBs with cyber insurance think a ransomware attack is very likely in the next year, while only 16% of SMBs without cyber insurance think the same.

“We see many companies taking more steps to protect themselves against threat actors,” said Chris McKie, vice president of product marketing for network and security solutions at Datto.

“Whether they are investing in new security products or using multiple security frameworks, most SMBs realize the real threat ransomware poses to their business and are doing everything they can to stay safe,” he continued. McKie.

Only 3 in 10 SMBs have a best-in-class recovery plan in place, and 52% of them say they have a standard recovery plan in place. MSPs can help their clients improve their disaster recovery plan by developing their security and backup offerings or by requiring clients to have cyber insurance.

Cyber ​​insurance can offset the risks of potential breaches, something that has become increasingly important as many SMBs accelerated their digital transformation efforts during the COVID-19 pandemic.

Additional findings:

  • Rather be phishing. Compared to ransomware, respondents believe that phishing is more likely to occur in the coming year. Many think that this is the best alternative, as they believe that its impact is less than the impact of ransomware.
  • Make sure. Cyber-insured organizations are more actively involved in their cybersecurity. They have more IT support, more Cyber ​​Security Frameworks (CSFs), and more security solutions. They are also more likely to have experienced a cybersecurity incident in the past.
  • The right frame of mind. The CIS framework is the most widely used cybersecurity framework, with 34% of respondents using it. They are followed by CMMC (30%), COBIT (27%) and NIST (22%).

For the past seven years, Datto has surveyed IT professionals from around the world to gain insight into industry trends so that the knowledge can then be shared with the IT community to understand and better serve customers. .