Cyber Security for Small Businesses and Midsize Businesses, Too

Some small- and mid-sized businesses feel that they fly under the cyber-criminal radar. Sadly, the opposite is true. Cyber security for small businesses is more important than ever as they are prime targets of cyber criminals. Given the frequency, complexity and increasing number of threats, a multi-level, agile and cutting-edge cyber security strategy is the only response that will protect businesses from massive losses. 

Cyber Security for Small Businesses Statistics

Cyber attacks on SMBs have increased from 61 percent in 2017 to 67 percent in 2018 according to the Ponemon Institute’s 2018 State of Cyber security in Small & Medium Size Businesses (SMBs) survey. 

Sadly, only 28 percent of these SMBs evaluated their ability to mitigate threats, vulnerabilities and attacks as highly effective. And most startlingly, 58 percent of SMBs in the study experienced a data breach in the last year. Therefore, you can see why cyber security for small businesses should be a priority in 2019. 

Cyber Threat Impact for Small Businesses Rises

Most SMBs in the research study said attacks against their companies had severe financial consequences. Many of them spent an average of $1.43 million because of the damage or breach of IT resources. This was a 33 percent increase from 2017. Disruption to operations also cost an average of $1.56 million, a 25 percent increase from 2017.

The Cyberattacks

So what types of cyberattacks on SMBs were most common in 2018? According to the study, the order from most to least common are as follows: 

• Phishing/social engineering
• Web-based attacks 
• General malware 
• Compromised/stolen devices 
• Denial of services 
• Advanced malware/zero day attacks
• SQL injection, malicious insider, cross-site scripting and uncategorized attacks

Why IT Managed Services?

Partnering with a managed services provider (MSP) is the most effective way to prevent attacks and protect your business. Cyber security for small businesses is a part of MSP services, which includes a full range of proactive IT support. And this includes a focus on advanced security, such as around-the-clock monitoring, data encryption and backup, real-time threat prevention and elimination, network and firewall protection, security awareness training and more.

Managed services are designed to identify and fix weak spots in your IT infrastructure. That way you’ll optimize the digital backbone of your business processes. Plus you’ll get faster network performance, a business continuity and disaster recovery strategy, as well as minimal downtime. One of the best things about managed services is that you get a dedicated team of IT professionals ready to assist you for any technology problems you may encounter. This is much more effective and budget-friendly than having in-house personnel handling all your IT issues.

Being proactive when it comes to cyber security is the only way to protect what you’ve worked hard to build. If you’d like to know more about how managed services can benefit your business, just give us a call, we’re sure to help.