Despite the risk of cyberattacks, businesses plan to cut their cybersecurity budgets by up to half in 2023, new research reveals.
Conducted on behalf of managed IT and cybersecurity services firm Typetec, the study found that the average IT security budget for small and medium-sized enterprises (SMBs) in 2023 is just under €58,000, almost 50% lower than that. . The budget for 2022 was around €117,000.
This decline comes despite 79% of SMBs reporting having experienced password hacking, phishing, malware or insider attacks, and employee negligence cyberattacks in the past year.
Company owners say they fear going bankrupt as a result of a cyberattack, with the number rising from 27% in 2022 to 40% in 2023. Downtime, exposure of sensitive data or trading on the dark web, reputational damage, loss of customers, etc.
While 32% of businesses say they do not have a disaster recovery plan in place, nearly two-thirds say they are fully prepared for the cybersecurity threats of 2023, and 29% “We are ready to some extent,” he said. Cyber security training for staff.
