Small-Medium Businesses Plan Cybersecurity Investments

Findings from a survey of more than 200 small and medium businesses conducted by IoT World Today and AI Business

Scarlett Evans, Assistant Editor

March 9, 2023

1 Min Read
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No matter where they stand in the development of artificial intelligence or Internet of Things technology projects, cybersecurity is at the top of the investment list for many businesses.

A global survey conducted by IoT World Today and AI Business of more than 200 small- and medium-sized businesses found cybersecurity to be the primary planned investment area over the next 12 months.

Of all businesses surveyed, 43% said they would be channeling the majority of their money into cybersecurity.   

This figure remained relatively steady for both small- and medium-sized businesses. For small businesses (less than $50 million a year), 42% said they would be investing in cybersecurity, while nearly half (47%) of medium-sized enterprises ($50 million to $1 billion) would be investing in it. 

This figure remained relatively consistent regardless of the stage of development: Businesses developing, piloting or running a project all reported similar figures, with more than a third planning to invest in cybersecurity.

However, for businesses planning to scale their IoT or AI projects, this rose dramatically, with 75% saying they would be investing in cybersecurity over the next year. 

Geographically, cybersecurity was the leading area for investment in North America by a significant margin, with more than half (56%) saying it was a key investment area.

Related:Small-Medium Businesses Face Barriers to Technology Adoption

This figure is nearly double that of businesses in Europe, with 29% of enterprises there planning to invest in cybersecurity. 

About the Author(s)

Scarlett Evans

Assistant Editor, IoT World Today

Scarlett Evans is the assistant editor for IoT World Today, with a particular focus on robotics and smart city technologies. Scarlett has previous experience in minerals and resources with Mine Australia, Mine Technology and Power Technology. She joined Informa in April 2022.

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