A devolution survey underscores the gravity of cyberattacks. The aggregate global cybercrime totalled $16.4 billion each day

The average data breach cost of firms, less than 500 employees, was $2.98 million per incident in 2021, reports an IBM  study.  Further, 60% of SMBs closed within 6 months of their cybercrime.

Smaller companies are on the radar of threat actors, but many tools that larger companies deploy to secure their digital world aren’t suitable for smaller companies.

The pandemic forced SMB’s to cut back their business, but cybercrimes have increased at an increasing rate. Remote work makes the business more vulnerable as employees communicate using private networks and not the corporate network.

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Some important stats from the survey:

  • 72% are more concerned about cybersecurity now than compared to a year ago.
  • 52% have experienced a cyberattack in the last year – and 10% have experienced more than 10 cyberattacks.
  • 40% do not have a comprehensive and up-to-date cybersecurity incident response plan.
  • Only 13% have a fully deployed PAM solution in place.

Cybersecurity has advanced, and some stats that highlight the progress:

  • 92% have a process in place to revoke account access for ex-employees.
  • 74% are providing their workforce with cybersecurity training.
  • 71% are using a password manager to store passwords

Devolutions CEO David Hervieux remarked, “While progress is being made by many SMBs to improve their cybersecurity posture, there is still a lot of work to be done. A key takeaway for SMBs is to take immediate – but at the same time intelligent – action to reduce their risk. That’s why in our new report we’ve provided a series of practical, proven and affordable recommendations to help SMBs make informed decisions.”