2023 REPORT

A Comprehensive Market Study on Cybersecurity Challenges and Opportunities in Luxembourg's SME sector

101 Companies surveyed 2023 saw a surge in cyber threats, with the financial sector becoming a primary target.

47.5% Allocated the surveys were filled out by individuals who are CEOs or owners of SMEs (Small and Medium-sized Enterprises).

46.5% New Cybersecurity Hubs of the participants expressed a desire for assistance from professional organizations, while 44.5% indicated a preference for support from public sector entities.

78% Companies Surveyed SMEs that experienced a cybersecurity incident reported experiencing a disruption in employee productivity due to time loss.

Key Insights

In 2023, Luxembourg grappled with a 12% increase in cyber threats, notably impacting the financial sector. Reacting to the heightened risks, the government bolstered its commitment by allocating an additional €50 million to cybersecurity efforts. Insight was drawn from an expansive survey with participation from over 4,000 companies, revealing critical industry perspectives on vulnerabilities and preparedness. To fortify the nation's cyber defense strategy, three new cybersecurity hubs were inaugurated, emphasizing research, development, and hands-on training.

Key Insights

Our survey of Luxembourg's SMEs shows that cybersecurity adoption is driven by awareness of threats through news reports and peer influence in the sector. Expert advice from IT service providers is significant, as are legal constraints and regulatory compliance. Some respondents also cited past incidents and client requests as motivators. However, there is a need for greater awareness and understanding of cybersecurity roles among SMEs.

Key Insights

In our survey of SMEs in Luxembourg, we found that customer inquiries about cybersecurity and data protection practices vary by company size. Smaller businesses with under 10 employees mostly face no additional cybersecurity questions (46.34%). In contrast, larger companies with less than 250 employees receive more questions about data protection (30.65%) and cybersecurity measures (30.65%). Interestingly, the tiniest one-employee companies mostly deal with data protection inquiries (14.29%), with most customers (85.71%) having no further concerns. These findings highlight differing customer priorities and expectations based on company size.

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