(US and Canada) SMBs, aware of increasing cyber threats, are allocating resources and investing in network and cloud security. The finding was published in the “2023 State of Ransomware” by Datto, a global provider of security and cloud-based software solutions from Kaseya.

The key takeaways include the following:

• About a fifth of the IT budget is dedicated to security, and many are seeing increased budgets.

• 47% of SMBs plan to invest in network security in the next 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 run IT security vulnerability assessments three or more times a year, with 62% running them at least twice a year.

• 69% of SMBs currently have cyber insurance, and 34% of those without cyber insurance are highly likely to get it in the next year.

• 42% of SMBs with cyber insurance think it’s extremely likely that a ransomware attack will happen in the next year.

The study surveyed nearly 3,000 IT professionals in small to medium-sized businesses across the United States, Canada, the United Kingdom, Germany, the Netherlands, Australia, New Zealand, and Singapore.

“We’re seeing many businesses take more steps to protect themselves against threat actors,” says Chris McKie, VP of Product Marketing for Security and Networking Solutions. “Whether they’re investing in new security products or utilizing multiple security frameworks, most SMBs realize the very real threat that ransomware poses for their business, and they’re doing what they can to keep themselves safe.”