70% of medium-sized businesses in the UK experienced a breach or cyber attack in the past year, emphasizing the vulnerability of SMBs without adequate cybersecurity measures.
SMBs are a prime target for ransomware attacks, with a significant number of breaches targeting organizations with under 100 employees, underscoring the need for better cyber risk mitigation strategies.
Some SMBs face existential threats from cyber breaches, as evidenced by a UK logistics firm declaring bankruptcy after a ransomware attack, highlighting the severe consequences of insufficient cybersecurity measures and the lack of cyber insurance among mid-sized companies.
SMBs struggle with cybersecurity due to lack of in-house expertise and challenges in hiring skilled professionals compared to larger organizations, further indicating the need for external support and partnerships for effective cyber risk management.
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