Published: July 05, 2024 on our newsletter Security Fraud News & Alerts Newsletter.
If you’re a small-to-medium-size business (SMB) you know there are tough decisions to make about your company’s cybersecurity — or lack of it. You know resources are tight, and making room in a budget for adequate security just isn’t in the cards. Of course, crossing your fingers is free until the unthinkable happens.
SMBs In the Cross Hairs
It’s important to know that SMBs are just as big a target for hackers as are mega corporations. Sure, a hacker may not break the bank attacking your SMB with ransomware. But they also know most SMBs can’t provide a cybersecurity fortress for their business. Hackers know attacking multiple SMBs adds up, and they’re easier to pull off. More stats, according to the report “The State of Cybersecurity for Mid-Sized Businesses in 2023”:
61% of them don't have dedicated cybersecurity experts
47% also lack an incident response plan
27% don't have cyber insurance coverage
So, the question is: do you provide cybersecurity up front or pay to recuperate after an attack? Before answering, know research shows 60% of SMBs shutter their doors within six months of a cyberattack. Also know there’s are security alternatives that can help you answer that question.
The Good News
The good news for SMBs struggling to provide cybersecurity and not willing or able to hire someone for the job, there’s a solution that’s not out of reach. It’s called managed endpoint and response (EDR), and SMBs with limited resources should consider this option. A managed EDR provides continuous monitoring of end-user devices like laptops, mobile devices, and desktops. Like most businesses, SMBs depend on these devices to run, and protecting them from malicious actors is invaluable. Having a managed EDR also gives you hands-on support that’s there when you need it to respond and eliminate threats.
Get on board with an awareness training program for employees at all levels. There are many options these days from having someone come onsite and do a presentation, to classroom style, to online solutions. Pick what works for your organization. This may be worth every penny if it prevents that one employee from opening a document to let loose malware that infects the entire organization.
While more reactive, create and implement an incident response plan. This will help limit the damage. You can find templates online to help you do this. Remember to assign people for tasks and update the plan regularly and especially when someone who is tasked leaves the organization or no longer wants to participate.
Consider cyber insurance coverage to protect you financially. Make sure to go through the policy with a fine-toothed comb to make sure it’ll really cover you if you need it. After all, having a policy that is useless when you need it isn’t helpful either.
Regrettably, it’s not just the hefty price tag of recovering from a malicious attack, but the reputational damage and legal entanglements that often result can be insurmountable.
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