For small to medium-sized organisations, cyberattacks are a major problem (SMBs).
Take into account that in 2019, 43% of attackers targeted small enterprises, and in 2021, 60% of SMBs reported being the target of a cyber attack.

Even more alarming? The effects of a cyberattack on small and medium-sized organisations go beyond downtime, data loss, and diminished customer confidence. The U.S. The Securities and Exchange Commission estimates that up to 60% of SMBs are compelled to shut down after a cyberattack within six months.

It's not all terrible news, either. While security risks continue to be a top concern for SMBs, a better understanding of potential issues has prepared the ground for a stronger defence.

In this article, we'll examine what makes SMBs such alluring targets, discuss what has changed for these businesses, and investigate how allowing security to participate in decision-making might lower overall risk.

Small Businesses, Tempting Targets

Given the possible reward and the complexity of their IT stack, large businesses frequently appear to be the more sensible target for attackers. SMBs, however, are now the number one target for cybercriminals.

Threat actors' propensity to target SMBs is influenced by three criteria.

1. Reduced Awareness and Protection

Many small businesses cannot afford to hire substantial internal IT staff. In other instances, they might have a team of one or two employees who handle all tech issues for the entire company, or they might contract this work out to a different company. In other cases, non-tech staff members may share the responsibility for attempting to maintain security.

The outcome is a setting that is perfect for attackers. Many SMBs lack intrusion detection and next-generation firewall (NGFW) tools in addition to fundamental security solutions like security information and event management (SIEM) frameworks. Even basic security measures like two-factor authentication, which could help thwart typical threats, haven't always been implemented by SMBs.

2. High Value-to-Effort Ratio

SMBs have a high value-to-effort ratio, making them attractive targets as well. This implies that the low bar of security compromise needs little effort on the part of attackers. But the reward might be significant if they are able to obtain crucial data.

Think about an intruder who is successful in phishing an SMB owner. With valid credentials, they might get access to business networks to steal financial and intellectual property information or use ransomware to encrypt vital operational data.

The bar is so low that the effort is worthwhile even if the ransomware compensation is small—tens of thousands as opposed to perhaps millions in the case of businesses.

3. Lower Chance of Repercussions

Finally, while attempting to infiltrate SMB networks, attackers are less likely to be discovered. Because there aren't any security technologies in place, it takes a long time for an intrusion to be discovered. This might even make it possible for enemies to enter and exit quietly. Because there are currently no effective protections, attackers are more likely to utilise advanced persistent threats (APTs) to track user activity and decide where to launch their attack.

What are SMBs Doing Differently?

What then is different? What actions are SMB owners doing now that they didn't take the year prior or last year?

To put it simply, they're focused. Recent survey results show that 67% of SMBs are more concerned about IT security than they were a year ago. Additionally, these companies are spending more to lower their security risk, so this isn't simply a theoretical worry. Just 32% of SMBs were allocating the necessary 6–15% of their IT budget to cybersecurity in 2021, for example. 68% of the businesses agree with these recommendations one year later. Over the upcoming year, 46% want to keep their spending the same and 48% want to raise it.

As a result, the SMB sector is affected both broadly and locally by cybersecurity threats. By putting time and effort into important controls and qualified employees, this market is finally taking security seriously.

In other words, they've acknowledged the security issue and taken the first step toward resolving it.

Giving Security a Seat at the Table

The fundamentals of SMB security are what matter.

In actuality, this entails identifying and putting into place fundamental security tools and controls that assist in deterring attackers, as well as raising operational awareness of business vulnerabilities.

SMBs should definitely think about more sophisticated threat detection and intelligence solutions. However, implementing fundamental cybersecurity hygiene procedures is frequently sufficient to thwart an attacker's efforts. This is why: It's all about the low-hanging fruit for threat actors. Consider the emergence of ransomware-as-a-service (RaaS), wherein knowledgeable attackers produce malware packages that are then sold to less-experienced customers.

These packages require little configuration and supervision, making them perfect for breaking into SMB networks that are not well defended. However, if companies use basic security technologies that enable them to identify typical threat vectors, the road to network intrusion becomes more difficult. SMBs can thus avoid easy attacks as a result of this.

Meanwhile, the use of intrusion detection tools along with routine evaluations of security posture and analysis of security data can help businesses take action before it's too late in response to more complex attacks. For instance, SMBs can identify the warning indications of network assaults and take steps to lessen the effect by collaborating with a top managed security services provider, like IBM. They can also identify typical attack vectors and implement focused remedies to reduce the risk.

SMB Security: Going Up!

SMBs have reached a tactical tipping point by realising that security is crucial for both immediate survival and long-term business success. Small firms are now better equipped to recognise, track down, and foil the efforts of attackers as a result of this increasing knowledge and the corresponding increase in security spending.

Although this isn't a panacea because assaults will still succeed and data will still be at risk, the increased trend in table-stakes spending indicates that SMB cybersecurity may (finally) be improving.