Large companies lack priority on cybersecurity despite it being a top concern

Cyber ​​threats continue to rise and yet businesses of all shapes and sizes are still not prioritizing investments to protect themselves.

Cybersecurity threats can expose businesses of all shapes and sizes to unprecedented risk.

Despite the repercussions of an attack, Tech.co’s new cybersecurity data survey shows that most small businesses, and even a significant number of large enterprises, don’t see cybersecurity as a budget priority.

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The unfortunate fact is that cybersecurity attacks are on the rise and can end up costing businesses millions in lost customs and rectification fees.

Cybersecurity as a threat to businesses

In the digital age, data security should be a top priority for businesses of all sizes, and while 83% of large companies surveyed by Tech.co view cybersecurity as a threat to business growth, only 43% consider it as one of the three main fields of technology. in which to invest.

Of course, it’s perhaps no surprise that larger companies are more likely to recognize the threat of cybersecurity attacks, after all, they literally have more to lose.

A cyberattack of any size could end up costing them millions and yet there are still a considerable number of large companies that are unwilling to make cybersecurity an investment priority.

For companies operating in an online environment, digital investment is essential. Whether it’s targeted solutions, tailored platforms, or optimized websites, companies are ready to prioritize solutions to increase productivity and sales, but forget about security.

Cybersecurity attacks and threats can have a major impact on a company’s ability to grow.

Although small businesses are less likely to face a cybersecurity attack than larger or medium-sized alternatives, they still need to be prepared. And yet, Tech.co statistics show that only 29.8% of small businesses consider cybersecurity to be an area to invest in.

This reluctance is further heightened when among those surveyed, 63% of small businesses admitted to viewing cybersecurity as a significant threat to their ability to grow.

Invest in cybersecurity

So if small businesses aren’t investing in cybersecurity, what are they prioritizing? The numbers suggest that for small businesses, financial software, productivity software, and customer relationship management are the top three spending priorities.

For midsize businesses, security software is the third spending priority and only large companies are willing to place cybersecurity at the top of their technology spending priority list.

For the cybercriminals behind the attacks, the big companies offer the biggest rewards, whether through the data they steal or ransoms.

Tech.co’s insights also allow us to understand not only where cybersecurity sits on the priority list based on company size, but also which industries are most likely to invest in a security system… and which are not.

The gap between industries as to who is ready to invest in cybersecurity and who is not is concerning and suggests that industries that are not yet prioritizing cybersecurity investments have yet to fully understand. the threat.

Utilities, engineering/architecture and legal are the three sectors most likely to invest in cybersecurity, while retail, wholesale and hospitality are at the bottom of the list.

Sure, a commitment and willingness to invest in cybersecurity is one thing, but with new viruses, data breaches, and attacks popping up every day, it’s hard to keep cybersecurity up to date.

The good news is that antivirus software and password managers have helped keep cyberattacks at bay for millions of businesses around the world. The Tech.co survey found that 49% of businesses surveyed used antivirus software to protect their business and of those, 80% were satisfied that it was adequately protecting their assets.

While antivirus software is one of the most common cybersecurity methods, password managers are also becoming increasingly popular. Allowing companies to prevent staff and users from opting for weak, easily cracked and repeated passwords, 32% of companies said they already have such a system in place.

While many companies are now adopting a digital-first approach to work, especially in recent years with the rise of hybrid workforces, cyberattacks and security threats continue to increase in frequency.

Therefore, cybersecurity should be an investment priority for businesses of all sizes, those that do not want to invest now risk suffering the consequences sooner rather than later.