SMBs and Cybersecurity: Finding the Right Help
Small and medium enterprises are worried about being attacked, but they underestimate the costs. A survey by Nationwide shows 69% of small and mid-size businesses (SMBs) worry about cyberattacks, with average claims between $18,000-$21,000 and recovery taking up to 75 days (about two and a half months) (Small Business Trends 2024). This matters because the financial and operational impacts of such attacks can be devastating, potentially crippling a business if not properly addressed.
Five myths about small and mid-size businesses security
In the ever-evolving landscape of cybersecurity, SMBs often find themselves grappling with numerous misconceptions about protecting their digital assets. These misconceptions can lead to vulnerabilities and insufficient protective measures, leaving SMBs exposed to potential threats. Here are five common myths about SMB security that need to be dispelled:
1. Lack of understanding about security monitoring: Small businesses often assume that the security software will automatically detect and respond to threats. They don't realize that this is a task that requires people investigating alerts and managing incidents to effectively identify and address security incidents.
2. Reliance on default settings: Small businesses may not understand the need to customize the security software's settings and policies to fit their specific business needs. They rely on the default configurations, which may not provide adequate protection.
3. Assuming security in the cloud is turnkey: Some small businesses believe that by using cloud-based services like Microsoft 365, their data and systems are automatically secure. They fail to recognize the shared responsibility model, where the cloud provider secures the infrastructure, but the customer is responsible for securing their own data and applications.
4. Underestimating the need for security expertise: Small businesses may think that their existing IT staff or the security software itself can handle all their security needs, without realizing the specialized knowledge and skills required to effectively manage and maintain a comprehensive security posture. This is especially true when IT is outsourced to an managed service provider (MSP). Many SMBs believe their MSP is also their go-to provider of cybersecurity defense. But comprehensive cybersecurity protection typically falls outside the scope of most MSPs.
5. Lack of understanding about the evolving threat landscape: Small businesses often think they are too insignificant to be targeted, not realizing that cyber threats constantly change and require regular updates to security measures.
When small businesses face a security issue, they often lack in-house expertise and resources to effectively respond. Many small to mid-size businesses call their MSP or their technology provider when they face cybersecurity incidents. Unless MSPs have the solutions and processes in place to be able to handle these calls, they will be losing ground to competitors who provide complete managed detection and response (MDR) solutions.
SoftwareReviews has ranked the providers of managed detection and response here.
Data Quadrant for Managed Detection and Response: Rankings, results, and positioning on SoftwareReviews reports are based entirely on end-user feedback; October 2024
Our Take
Many small and medium-sized businesses might incorrectly assume that their MSPs offer comprehensive cybersecurity protection. The false sense of security in thinking their MSP is basically solving all these problems is a huge risk for MSPs.
The challenge of identifying and managing cybersecurity threats is substantial. Threat actors operate without constraints, posing a constant risk. In-house resources are often insufficient to address the evolving landscape of cybersecurity. Maintaining an in-house cybersecurity team for SMBs can be costly and may not always provide the real-time threat detection and management capability required. Due to the prevalence of new and emerging cybersecurity threats, continuous system monitoring and expertise in identifying and mitigating these threats effectively are essential.
It is important to ensure that MSPs work with specialized security providers, such as Field Effect, to enhance cybersecurity measures. An MSP with a competent MDR partner can provide continuous monitoring and threat detection services for SMBs. The financial impact of a security incident can significantly outweigh the investment required for a MDR solution. It is advisable to evaluate your MSP for this capability.