For a small business, the threat of a cyberattack can feel far away. The high-profile breaches have targeted larger companies, so small businesses may be tempted to think they’re not attracting threat actors’ attention. But the reality is that 43 percent of cyberattacks are aimed at SMBs, with the number of attacks up nearly 425 percent in 2018 over 2017.
Not only are small businesses being targeted more, but breaches can be exponentially more devastating for them than for enterprises. With each cyberattack coming with an average price tag of $3 million, 83 percent of SMBs don’t have the money to deal with the repercussions.
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Why Small Businesses are Susceptible to Security Breaches
While cyberattacks on small businesses don’t usually make headlines, such organizations are particularly vulnerable to attack. According to the “2018 Hiscox Small Business Cyber Risk Report,” only 52 percent of SMBs have a clearly defined cybersecurity strategy.
A lack of planning could be why small businesses are more likely to pay cybercriminals in a ransomware attack. The AppRiver Cyberthreat Index for Business Survey found that 55 percent of SMBs would pay to get their data back. Among businesses with 150-250 employees, that number shoots up to 74 percent, with 39 percent of those organizations saying that they would pay “almost any price” for access to their files.
Some technological advancements have also served as a double-edged sword for small businesses when it comes to security. While the Internet of Things and the rise of BYOD are convenient, efficient tools for SMBs, they also leave organizations more vulnerable. More devices mean more opportunities for cybercriminals to get in, especially when those devices belong to employees.
End-to-End Security Services Help Protect Small Businesses
These numbers may seem daunting for small businesses to overcome, but ensuring the organization is protected doesn’t have to break the bank. A managed security service can give businesses access to a wide array of protections at one fixed price.
In a device-driven world, the first line of defense needs to be endpoint security. But a small IT team may not have the resources or capacity to actively monitor and update each device employees use in the course of their work. A service that supports endpoint security solutions such as Sophos can deploy security measures, monitor devices for possible breaches and make sure that solutions are up to date.
Managed security services can also give small businesses access to experts they otherwise wouldn’t have. While it would be costly to employ different specialists for different security concerns and solutions, a managed service gives organizations the benefit of their expertise included in a monthly rate. This allows them to solve problems without needing to employ a vast IT team.
The very real cyberthreats facing SMBs are challenging to face with the limited resources that those organizations may have. But using a managed security service can keep devices and networks protected and monitored in an efficient way. With processes streamlined and experts ready to act when needed, outsourcing security can be the right solution at the right price.