Online insurance can cover the risks of breaches – Help Net Security

SMBs are aware of the increasing threats on the internet and are allocating resources and investing in areas such as communication and cloud securityaccording to Datto.

Key findings from this study include:

  • About a fifth of the IT budget is dedicated to security and many are seeing budget increases. 47% of SMBs plan to invest in network security in the coming year.
  • Over 50% of SMBs have implemented AV and email/spam protection, with network and cloud security as the top areas planned for investment in the next year.
  • 37% of respondents conduct IT security vulnerability assessments three or more times a year, and 62% perform at least twice per year.
  • 69% of SMBs currently have internet insurance and 34% of those without internet insurance are likely to have it in the next year.
  • 42% of SMBs with cyber insurance think it’s likely that a ransomware attack will happen in the next year, while only 16% of SMBs without cyber insurance think so equal.

“We’re seeing more and more businesses taking more steps to protect themselves from threats,” he said. Chris McKieVP of Marketing for Security and Communications at Datto.

“Whether they invest in new security products or deploy more security platforms, most SMBs are aware of the real threat of ransomware to their business, and they’re doing what they can.” able to protect themselves,” McKie said.

Only 3 in 10 SMBs have a best-in-class recovery plan, with 52% of those saying they have one regular maintenance plan. MSPs can help their customers improve their disaster recovery plans by building their security and protection offerings or requiring customers to take out internet insurance.

Cyber ‚Äč‚Äčinsurance can reduce the risks of catastrophic breaches, something that has become increasingly important as SMBs ramp up their digital transformation efforts during the COVID-19 infectious diseases in the world.

Additional research:

  • But it’s phishing. Compared to ransomware, respondents think phishing is more likely to happen in the next year. Many think that this is the best thing, because they believe that its impact is lower than the impact of ransomware.
  • Get insurance. Organizations that have cyber insurance are more proactive in cyber security. They have more IT support, more regulated cybersecurity frameworks (CSFs), and more security solutions. They are also more likely to have experienced a computer crisis in the past.
  • The right mindset. The CIS framework is the most used cybersecurity framework, with 34% of respondents using it. Next comes CMMC (30%), COBIT (27%), and NIST (22%).

For the past seven years, Datto has been researching experts around the world to gain insight into business processes in order to share knowledge with the IT community to better understand and serve customers.

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