Many SMBs are operating under a false sense of security.
Despite constant headlines of breaches and warnings that cybercriminals aren’t strictly going after big targets, many SMBs still aren’t taking cybersecurity seriously enough.
New research commissioned and published by BullGuard revealed an alarming number of small businesses in the United States and United Kingdom are not prepared for a potential cyberattack or breach.
One-third of companies with 50 or fewer employees report using free, consumer-grade cybersecurity, and one in five companies uses no endpoint security. Additionally, 43% of SMB owners have no cybersecurity defense plan in place at all — leaving their most sensitive financial, customer and business data – and ultimately their companies – at significant risk.
The study also revealed some glaring discrepancies between what SMB owners believe versus what’s actually occurring in the market. Nearly 60% of SMB owners believe their business is unlikely to be targeted by cybercriminals; however, the results revealed that almost 19% of SMB owners have suffered from a cyberattack or data breach within the past year.
Once breached, one in four (25%) SMB owners said they had to spend $10,000 or more to resolve the attack, which could be potentially devastating for a small company. As for time lost, one-half of SMB owners said it took 24 hours or longer to recover from a breach or cyberattack, while one-quarter reported they lost business as a result, and almost two in five said they lost crucial data.
To find out more about why many SMBs are lax when it comes to cybersecurity, we spoke with Paul Lipman, BullGuard’s CEO.
Channel Futures: Why are so many SMBs still not taking cybersecurity seriously?
BullGuard’s Paul Lipman
Paul Lipman: Many SMBs are operating under a false sense of security as larger companies attract most of the media attention when it comes to cybercrime and hacking. In reality, SMBs are enticing targets for hackers. Large corporations invest heavily in internet security systems, typically making it challenging for hackers to breach their networks. They also have the financial resources and workforce to monitor and address such threats compared to smaller organizations. Small businesses are not immune to cyberattacks and data breaches, and are often targeted specifically because they fail to prioritize security and have limited resources available.
Smaller companies may have less data to steal, but if successfully hacked, they can provide a tunnel into the networks of larger companies with which they work. And as phishing targets, they are much more vulnerable than their larger counterparts who have first-line defenses, sophisticated firewalls, intrusion detection systems and sandboxes that are all overseen by 24/7 monitoring.
CF: What are the dangers of relying on free consumer cybersecurity solutions?
PL: One of the last things SMBs think about is cybersecurity. By shortchanging cybersecurity, they are putting everything they’ve worked for at risk.
Additionally, for consumers, as much as free public Wi-Fi is appealing, it can also be risky and unsafe. Since it’s a free service, its use can be by anyone, including hackers, predators, spies and all sorts of cybercriminals. You never know who is sharing the public Wi-Fi connection with you and what their intentions are. There are a number of free and paid VPNs available. Though free VPNs can reduce the risks associated with public Wi-Fi, they do have security limitations. As such, it’s much better to invest in a paid VPN service to ensure maximum protection.
CF: What can MSSPs and other cybersecurity providers be doing to help these SMBs?
PL: Service providers deliver value in three key areas. First, in recommending …
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