Security budgets get an SME boost in 2019

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Small and medium-sized enterprises will be spending more money on security this year, as well as hiring new staff, according to new research from Armor.

Apparently, they’re more aware of the huge importance of having airtight cybersecurity.

According to the report, four in five SMEs will be looking to spend 14 per cent more this year, compared to last year. Almost nine in ten (89 per cent) have said to have already given their security roles a boost with CISOs, CSOs and VPs for infosecurity.

This is a significant step forward from the last similar report, when roughly half (53 per cent) of respondents said the same thing.

“These improvements, combined with the willingness of the SMEs to increase their cybersecurity budgets and designate an executive to focus on information security, is a positive signal that these companies are taking cybersecurity seriously,” said Josh Bosquez, chief technology officer for Armor.

Cloud security still seems to be an issue, it was said, with almost two thirds (64 per cent) trying to secure their cloud-based infrastructure on their own, and having a hard time doing it, too.

The fact that these businesses lack the proper infrastructure, resources or knowledge to tackle these issues in a comprehensive way, a quarter of threats end up not being investigated, at all.

Reaction speed has increased, it was added, with some 66 per cent of businesses reacting within an hour, and more than four fifths reacting within six hours.

 “Small and mid-size enterprises, faced with the same threats and challenges as large enterprises, are making significant strides in improving their overall security posture,” said Aaron Sherrill, Senior Analyst for 451 Research.

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