Do Small to Mid-Sized Businesses Have Cyber Concerns?

As more small businesses see the cyber threat landscape growing, they must improve their cybersecurity defenses. These small to mid-sized businesses (SMBs) have begun to realize cyber concerns and that proper security is the only way to avoid the potentially devastating consequences of a cyberattack.

Today, a growing number of companies are increasing their cybersecurity investments. Given that they often don’t have in-house security talent, many are also partnering with Managed Service Providers (MSPs) like Bastionpoint to shore up their defenses and stay ahead of sophisticated threat actors.

Unfortunately, many small businesses don’t get the help they need from their MSP partners, which often leads to frustration, struggle, and resentment. But more importantly, an unskilled or sub-par MSP actually increases a business’s risk of serious attacks.

SMBs Cyber Concerns Are Rising

Key Findings from ConnectWise’s State of SMB Cybersecurity Report show that in 2021, over 76% of SMBs were impacted by at least one cybersecurity attack. This is a huge jump over the 55% who said the same in 2020. Consequently, 73% of them agree they need to protect themselves and 43% identify “protecting against cybersecurity” as one of their top three priorities.

These facts should be alarming; not surprising, considering the growing “culture of fear” in many SMBs: 75% are worried their remote devices or employees may be breached, 74% are concerned about the breach of customer data, and over two in three (69%) are concerned that a serious attack could put them out of business.

As more and more midsized businesses (20-100 employees) are working to prevent such worries from coming true, 78% of these companies plan to invest more in cybersecurity over the next 12 months. For about 1/3 of them, board-level pressure is the major driving factor behind this decision. However, for others, increased investments are the result of acknowledging that the threat landscape is growing larger and the consequences of an attack more severe.

Cybersecurity for SMBs is Becoming More Common

The report clearly shows that SMBs are not clueless about cyber concerns or cybersecurity, in fact, 53% have implemented at least foundational security protections like firewalls and antivirus. Another 85% have implemented either advanced network or endpoint protection and 43% do incident response planning. And to cover their losses if an attack should occur, about 30% have also purchased some form of cyber insurance.

But despite these protections, two in three SMBs (67%) lack the in-house expertise to defend themselves against threats or deal with emerging security issues. In fact, the increased risk of ransomware, phishing, and DDoS attacks is encouraging SMBs to turn to MSPs to manage cybersecurity.

Local vs. National

In the Richmond, VA market, although technology rich with IT Superstars and entrepreneurial skills that create tech-based “start-ups”, some firms often lack the historical knowledge, funds (to invest in the right employees), or proper endpoint security to manage their customers or customer referrals.

When it comes to the National market, (according to the report), 89% were already employing an MSP in 2021, up from 74% in 2020. However, 88% of them are facing or expect to face at least one MSP-related challenge. As a result, 42% are planning to change to a different MSP in the future.

Almost all SMBs (94%) would consider using a new MSP if they offered the “right” cybersecurity solution. Over a third (39%) are even willing to pay the new MSP 39% more each year. Together, these SMB challenges — both cybersecurity- and MSP-related — create opportunities for MSPs who can provide the right solution to SMBs.

A Challenge for SMBs, An Opportunity for MSPs

MSPs who help companies to strengthen their cybersecurity infrastructures through a combination of tools and services are in higher demand than ever.

But the report found that a majority of surveyed SMBs did not have strong cybersecurity in place. This presents an opportunity for MSPs to showcase their value with risk assessment support, cybersecurity implementation, and education. MSPs should also act as a consultant and advise clients on selecting the right cyber insurance policy for their needs.

Bastionpoint Technology has been providing MSP and IT support services for more than 15 years and we pride ourselves on providing EXACTLY what our customers need by constantly proving we are the RIGHT partner.

Contact us and let one of our security experts put together an affordable package that addresses all of your business needs. We want to protect your business from the daily threat of a cyber-attack and address any cyber concerns you may already have.