The 2019 SMB IT Security Report by Untangle reveals that 29% of small businesses spend less than $1,000 annually on cybersecurity, and 26% of respondents have no idea what their cybersecurity budgets are. This adds up to 55% of SMBs that either don‘t spend enough or are not tracking how much they spend.
Meanwhile, the same report by Untangle showed 48% of all surveyed SMBs said they budget less than $5K on IT security. That’s down 6% from the 54% reported last year. More than half of those surveyed (52%) do not have an in-house IT security professional on site, instead spreading security responsibilities among multiple other staff members.