Investing in Cyber Security Helps Businesses Overcome Challenges
Investing in cyber security helps small and medium-sized businesses (SMBs) overcome challenges when trying to minimize risks of cyber attacks. For many SMBs cyber security or online hackers may not be top of mind. They need to be. Research shows that 80% of smaller businesses believe they are protected against online attacks, but 62% don’t conduct IT security assessments, and 57% ignore security software updates.
In today’s remote working environment, it’s more important than ever for businesses to have security measures in place to safeguard their data. The impact of a cyber attack can be devastating for small and midsize companies. For many businesses, an attack can disrupt the entire business and it may never recover. According to the Cybercrime Magazine 2021 Report: Cyberwarfare in the C-Suite, 60% of SMBs end up going out of business within six months after an attack.
Online hackers target companies to get access to supply chains and launch larger-scale attacks. SMBs typically lack strong security measures and their data may be unprotected, and hackers know this. Here are the challenges that they typically face when trying to develop a cyber security plan.
Lack of resources
Limited budgets make it hard for small businesses to put money toward security, especially when they can’t see a return on their investment. They tend to continue using software without upgrading or use only the basic security measures such as antivirus software or email security. In order to budget money toward IT security, smaller companies must take it from areas that generate revenue, such as marketing or product development.
Small budgets also limit the number and talent of employees. Larger companies will lure away talent with larger salaries making it difficult for small companies to fill IT positions and retain staff. It’s a fact that SMBs often simply can’t afford to hire someone to focus just on cyber security. Without skilled specialists, small companies lack the knowledge and resources to integrate security hardware and tools effectively.
Lack of time and information
Cyber security information and technology changes fast. It takes time to stay updated, and because IT personnel wear many hats at SMBs, they usually don’t have time to research new security threats. So, for businesses with small IT teams, security takes a back seat to installing hardware and updating software. Without a dedicated person or team, something will surely be overlooked or missed.
Lack of expertise/understanding
Senior leadership at SMBs may begin realizing the importance of having security plans to combat cyber attacks, but many of them don’t know where to begin. With the lack of qualified candidates in cyber security, many companies risk entrusting systems to employees who may lack the knowledge and experience required to successfully manage infrastructure security.
Lack of training
In small to midsize businesses, employees aren’t well trained to recognize security threats. A 2019 Chubb Risk Survey found that only 31% of respondents receive annual cyber security training.
SMBs can significantly reduce security risks associated with a lack of training by:
- Providing regular training every 90 days on the latest threats and trends in cyber crime
- Performing security drills to improve employee awareness of threats and risks
- Instructing everyone on the dangers of phishing emails and clicking on unsolicited emails links and attachments
- Moving to cloud solutions like Microsoft 365 and Azure where billions in cyber security have already been invested and solutions are regularly updated
How can you get started securing your organization today?
SMBs can benefit significantly from partnering with a managed IT services and security provider. An experienced managed services provider can develop a security plan tailored to your needs and monitor activity to ensure that any arising security issues are being captured, mitigated and strengthened against… bringing peace of mind to the entire organization.
Visual Edge specializes in managed IT services and security, cloud computing, and print/copy solutions for businesses across the U.S. including remote offices. The company has more than 20-years of technology service with a national network of expert engineers. Request your free no obligation assessment today.