In 2022, 69% of SMBs had cyber insurance, and 37% of organizations that didn't have it were very likely to invest in it within the next 12 months.

Nearly half of small and mid-size businesses (SMBs) in North America lack a cyberattack response plan, according to a new report from Huntress.

Smaller organizations find themselves in quite a pickle, with many lacking the necessary resources to fend off attacks. This "severe disadvantage" hampers their ability to swiftly and effectively assess damages and combat security incidents, as revealed by the insightful folks at Huntress – experts in managing security for SMBs.

Huntress Study Detailed

The study carried out by Huntress involved 256 security professionals holding decision-making roles within SMBs based in the U.S. and Canada, with employee counts ranging from 250 to 2,000. The findings they unearthed are as follows:

In the year 2023, a staggering 49% of mid-sized businesses plan to increase their budget for cybersecurity.

Within the last 12 months, 24% of mid-sized businesses have either fallen victim to cyberattacks or remain uncertain if they've been targeted.

It's quite surprising that 61% of mid-sized businesses don't have dedicated cybersecurity experts within their ranks.

Even more concerning is the fact that 47% of mid-sized businesses lack a proper incident response plan.

Lastly, a considerable 27% of mid-sized businesses have no cyber insurance coverage, leaving them exposed to potential risks.

Sharing his insights on the report, Kyle Hanslovan, the brilliant CEO of Huntress, likened it to a virtual "Tale of Two Cities" for mid-size and smaller businesses. While many report significant progress in bolstering their cyber defenses, others openly acknowledge the glaring gaps in resources and talent that substantially heighten their cyber risk.