Every fourth Hungarian company does not have a defense budget

The high cost of security solutions, the low level of knowledge about threats among employees and the lack of qualified personnel are the three biggest challenges in providing digital protection for Hungarian companies. The survey, commissioned by Sophos, also shows that in the event of a cyber attack, domestic companies are most concerned about the problems that arise on the Internet in the sales process.

45% of executives say the biggest barrier to corporate cybersecurity is the cost of security solutions and services, an issue cited by small and large businesses alike. Interestingly, in terms of costs, neither the volume of annual sales of the analyzed organizations, nor the number of employees is of greater importance. Czechs and Poles have approximately the same attitude towards this problem. 53% and 35% of respondents named the cost of security solutions as the most important cybersecurity issue.

The survey also shows that, on average, one in four Hungarian companies do not have a cybersecurity budget. The less traffic, the more difficult it is to allocate a budget for it.

More than just money stands in the way of cybersecurity

Almost one in three managers (32%) admit that the lack of attention to data and system protection is also a serious problem. It is worth noting that 41% of medium-sized enterprises indicated this difficulty. Interestingly, a markedly lower percentage of respondents—24% and 27%, respectively—asked this question in both small and large companies.

“Only 7% of Hungarian managers and directors say that their companies’ interest in cybersecurity has increased since the start of the Russian invasion of Ukraine,” said Gábor Sappanos, cyber expert at Sophos. “This is not surprising, as security protection has become too complex for companies to take care of on their own. Increasingly bold attacks by cybercriminals mean that security teams need better tools and more skills. This increases the cost of protecting the IT environment, which is why we are seeing increased interest in SECaaS (Security as a Service) services. Companies that cannot afford a large one-time purchase can benefit from specialist expertise and customized solutions at a much lower recurring subscription fee.”

Do employees get in the way of cybersecurity?

Nearly 17% of respondents also pointed to employees who are unaware of cyber threats. This problem was mentioned more often than the time required to implement the appropriate solutions (16%) or the outdated IT infrastructure of companies (11%), but less often than the problems associated with a lack of qualified specialists (33%).

Czechs and Poles are less likely than Hungarians to point out problems with hiring security specialists. Respondents from all three countries unanimously agree that the availability of external cybersecurity service providers is their least concern.

“The results of an employee survey conducted by Sophos show that half of the Hungarian companies did not train their employees in cybersecurity. This can cause problems in terms of awareness of potential threats, as well as their reluctance to implement changes in this area. Where new solutions have been introduced, such as two-factor control or encrypted VPN connections, employees do not see obstacles in their work, on the other hand, domestic companies still have a lot to do in matters related to training employees in cyber hygiene,” Gabor Sappanos added.

Companies are most afraid of problems with sales

According to 20 percent of Hungarian managers, a cyber attack could have a particularly severe impact on a company’s liquidity problems (40 and 12 percent of respondents in Poland and the Czech Republic, respectively).

In the event of a cyber attack, Hungary is most concerned about the interruption of orders or services. This was the most common answer (26%) of the Hungarian respondents. In Poland, 37% of managers – mostly from companies with the lowest sales revenue (52%) – indicated that they had difficulty delivering services. Nearly half of this group is also concerned about potential financial sanctions and legal implications of cyberattacks.

Respondents from both small and large companies believe that a cyberattack can negatively affect a company’s image. Every fifth (23%) answers this way in Hungary, every third in Poland (36%), the Czech Republic (22%).

The State of Ransomware 2022 report published by Sophos shows that for 94% of victims of ransomware attacks, this event negatively affected the company’s profits. If cybercriminals succeed in breaking into the security system, you can be almost 100% sure that the attack will shake your financial stability. Remember that losses are not only related to the costs of eliminating the consequences of a cyber attack or paying a ransom. Hacking a company’s systems can also lead to loss of trust among customers and business partners or fines, which ultimately makes it difficult to continue doing business, Gábor Sappanos warns.

About the survey

*The survey was conducted by the independent research institute Call to Action in Hungary on behalf of Sophos in July and August 2022. The survey included interviews with senior executives working in 400 small, medium and large companies. The same survey was conducted in Poland and the Czech Republic.

Hardware, software, tests, interesting and colorful news from the IT world click here!