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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

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 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 businesses. For small businesses (less than $50 million a year), 42% said they would be investing in cybersecurity, while nearly half (47%) of medium enterprises ($50 million to $1 billion) 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.

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. 

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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