Recent research found that small and medium businesses (SMBs) use free cybersecurity tools for the most part, that one fifth of SMBs have no endpoint security and that almost half of SMBs have no cybersecurity defense plans. These notions are not new to us, as a cybersecurity and risk management firm. Our cybersecurity experts share this information with executives every day, every time we’re on a call helping a client, and so on. The part that is important to note is what makes this type of choice such a risk to the business: there is no cyber resilience and the risk of business failure due to insecurity.
Everyone knows that 99.9% of all US businesses are small businesses, and these SMBs employ nearly half of all US workers. Now, imagine what happens when they are infiltrated by malware due to insecurity, what access of information do cybercriminals get? What can they do to the business that is using the data to conduct day-to-day operations? Also, where does the customer’s trust go once that SMB has been breached, has to disclose such breach according to compliance regulations, and then has to pay back damages, as well as regain brand credibility?
Do you see the extent of the damage when you realize just how much the US economy (people and country) rely on SMBs? But also, the dangers you face as a small and medium business executive who is at risk when the proper cyber resilience measures haven’t taken place?
If there’s anything that we have learned from what is happening with COVID-19 is that the effects on any business spreads locally and nationally, as well as to the world. The entire world’s economy is affected at this point in time by the failure of businesses that have had to shut their doors (some for good) or stop operations for some time due to the COVID-19 outbreak.
Being unprepared to change up the way a business conducts operations, to having the security measures needed in place to ensure business continuity while having to work remotely, to having a risk management plan and cybersecurity posture that is effective and works with all employees, business operations needs, and third-party partners and services, and other such aspects are some of the items that took their toll on the SMBs that have had to shut down or that are struggling.
The fact that the majority of SMBs use free cybersecurity tools and don’t have a defense plan reveals part of the truth of where unpreparedness stems from and makes it also quite obvious what needs to happen next for those small and medium businesses that continue to stay open.
Also, important to note is that since the beginning of the COVID-19 outbreak, one in seven small and medium businesses have experienced a cyber-attack. This comes to no surprise to us as a cybersecurity company that has voiced time and time again the needs for all types of businesses, big and small, when it comes to an effective cyber resilience plan for long-term results.
While some could blame small and medium business executives (CIOs, CEOs, CFOs, and so on), we understand the reason for thinking that one’s own business won’t need the support of cybersecurity experts, employee security training, a cybersecurity plan, and so on. In fact, our CEO, Mike Fitzpatrick, tells us all the time, especially following his SMB owner speaking engagements and conferences, how many executives think they don’t have anything that hackers would want so they don’t see why they should spend money for outside consulting support or designing a unique cybersecurity posture that has been structured according to their small and medium business needs.
At this point in time, by being forced to go remote and therefore gain some understanding of how resilience for any business can only be obtained by maintaining online operations, we have a feeling that more small and medium business executives now know they need to have a plan for risk management, cyber resilience, employee security training and more.
Let us know if you need help with your small and medium cybersecurity posture, employee cybersecurity training, security staffing support, and everything that a holistic risk management plan and posture entails.
Our services have always fulfilled all business types and the optimal need for every size, this includes and has actually for already quite some time, held a very special place for the small and medium businesses who really, really need some basic support, but more than the free cybersecurity tool support they have been relying on for too long.
Get in touch with one of our experts today!
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