Survey: Majority of Small Business Leaders Can’t Prioritize Cybersecurity Due to Budget Constraints
CHARLOTTE, N.C.–(BUSINESS WIRE)–Kinetic Business, a leading fiber internet provider, published a report today that found that while leaders of small and medium-sized businesses (SMBs) see a critical need to enhance cybersecurity measures, many aren’t making the investment due to tighter budgets and limited resources.
In Kinetic Business’ Small and Medium-sized Business Technology Report, less than half (49%) of respondents intend to invest in cybersecurity technology, yet a majority (59%) said their business needs to improve its cybersecurity and compliance in 2025. Furthermore, more than half (52%) of respondents said they are not very confident in their ability to manage a cybersecurity threat and don’t have the resources to implement better security technology, leaving their company and customers open to what could be a costly breach.
Mike Flannery, president of Kinetic Business, said:
Our research indicates a misalignment between business owners knowing they need to improve cybersecurity but not investing to do just that; this gap stems primarily from budget concerns,
“It’s evident small to medium sized businesses are strapped for time and resources, giving cyber-criminals an opening to disrupt daily operations. Businesses need support and simple solutions to protect their company, bottom lines, reputations, and most importantly – their customer data.”
Often viewed as an enterprise business problem, cybersecurity is a significant threat to SMBs. Four out of 10 (43%) cyberattacks target small businesses and the cost of a breach averages $25,000. Additionally, one in four small businesses say they are one disaster or threat away from shutting down. Comprehensive, easy-to-implement technology can help alleviate some of the pressures faced by SMBs.
Overall, Kinetic Business’ study underscores the importance of providing reliable, cost-effective, and integrated technology solutions that align with the specific needs and challenges faced by SMBs. Solutions like Business Ready Internet from Kinetic Business—which combines cybersecurity, high-speed internet access, compliance and productivity-boosting technology for one low price—are exactly the type of packaged offerings SMBs say they prefer.
Don Skaggs, president of Inventor’s Network KY, said:
Business Ready Internet has been an absolute game-changer for our organization,
“As a company handling sensitive data, ensuring top-notch network security was paramount. The gigabit internet speeds have greatly enhanced our team’s productivity, allowing for seamless collaboration and rapid data transfer.”
While SMB leaders identified cybersecurity as one of their most pressing challenges, respondents also expressed concern for today’s economic conditions (42%), budget constraints/cost reductions (41%), recruiting and retaining skilled employees (30%), growth and expansion (36%), as well as modernizing outdated technology (27%).
According to the U.S. Chamber of Commerce, small and mid-sized businesses represent a notable portion of the U.S.’s GDP at 43.5%, but they face a significant number of unique challenges across many facets of their businesses, some of which they have no control over.
Flannery said,
What they can control is the technology they invest in, and they need to focus on cost-effective security solutions that offer simplicity, high reliability, and peace of mind,
Kinetic Business’s Small and Medium-sized Business Technology Report, surveyed 300+ owners, directors, and managers at SMBs in the U.S. in an effort to better understand their connectivity needs, priorities and challenges. Read the full report here.
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Survey: Majority of Small Business Leaders Can’t Prioritize Cybersecurity Due to Budget Constraints, source
