COMCAST Business surveyed almost 600 small to mid-size business owners about how they have managed the pandemic thus far. Despite 86% of business owners experiencing a decline in business revenue, the majority (78%) feel prepared for another Covid-19 spike after rethinking how they do business (46%), serve customers (50%) and collaborate and communicate (45%).

WITHOUT the pandemic, nearly one-third of companies (31%) admitted they would have never implemented the technologies they did – 23% of business owners said it would have taken them one to three years to realize the need for new technologies they utilize now.

FEELING prepared for the future, one in five businesses (21%) believe they have resumed normal operations, while more than half (53%) predict it will take six months to a year, and another 23% believe it will take more than a year to return to normal. Despite this, 87% of SMB owners now feel more prepared for the future in general, with 79% considering themselves more tech savvy than ever.

STATE governments are still falling behind federal agencies and financial services companies when it comes to prioritizing cyber in IT budgets. According to a report by the National Association of Chief Information Officers (NASCIO), a majority of states allocate less than 3% of their overall IT budget on security, the same figure since 2018. Federal agencies typically spend 16% and financial companies spend approximately 10%. What’s more frightening, in 2018 just 10 states reported financial fraud as the leading cause of data breaches – that has risen to 30 states in 2020.

A survey by tenant representation firm Savills revealed 82% of 250 technology companies anticipate needing less office space over the next 12 to 18 months, and 55% plan to dispose of existing space over that time period. The disposal of space is already happening, with a wave of sublease listings hitting the market.