SMBs Face Rising Cyber Attacks Amid Increased Confidence in Resilience

• •87% of US and 83% of Canadian SMBs feel confident in their cyber resilience.
• •Phishing remains the leading cause of cyber incidents, affecting 27% of US SMBs.
• •86% of US SMBs and 78% of Canadian SMBs now carry cyber insurance.

A report from ESET reveals that small and medium-sized businesses (SMBs) in North America are experiencing a surge in cyber attacks, which they now consider a 'new normal.' Despite the prevalence of these attacks, 87% of US and 83% of Canadian SMBs express at least slight confidence in their cyber resilience. Notably, confidence is higher among businesses that have faced multiple attacks, reaching 91% in the US and 88% in Canada. The primary attack vectors remain basic and preventable, with phishing being the leading cause of incidents. In the US, 27% of incidents are attributed to phishing, while in Canada, it accounts for 21%. Cyber insurance is increasingly being adopted, with 86% of US SMBs and 78% of Canadian SMBs now carrying coverage. However, many SMBs remain unaware of the actual causes of breaches, often fearing advanced threats like AI-powered malware. The report emphasizes the importance of addressing traditional vulnerabilities and enhancing security measures.