A new report has found that spending on cyber-security among the world’s small and mid-sized enterprises will grow by more than €25 billion ($30bn) in the next four years. The worldwide figure by 2025 will stand at €76 billion ($90bn), with managed security services making up one-third of that.
Digital acceleration needed for businesses to adapt to socially distanced work has made them even more vulnerable to cyber-crime which was already a heavy issue for small and mid-sized enterprises (SMEs) before the pandemic. According to one study by insurance giant Hiscox, of 6,000 SME leaders from the US, UK, Belgium, France, Germany, the Netherlands, Spain and Ireland, 23% said their businesses had suffered at least one cyber-attack in the last 12 months. Meanwhile, of the 590 US SMEs surveyed, the average cost of cyber-attacks stood at $25,612.