More than half of small and medium-sized businesses (SMBs) say a data breach or cyber security incident would put their business at risk of closure.
A Censuswide survey of 501 IT decisions-makers, commissioned by IT security firm Webroot, also found that more than three quarters of SMBs (78 per cent) believe that their business could be jeopardised by a lack of cyber security knowledge on the part of their employees.
The impact of a cyber attack or data breach could also hit profits, according to 61 per cent of respondents, while 74 per cent said that stress amongst workers could increase the risk of this type of incident. The survey suggested that stress in the sector was at its highest levels since the 2008 financial crisis.
The report found that investment in cyber security amongst SMBs is on the up though, with over half (54 per cent) within the financial sector devoting between six and 20 per cent more to cyber security spend, compared to other industries. However, this investment may not be enough to make up for human error, which can be exacerbated in high-pressure environments, Webroot suggested.