Techaisle’s worldwide survey of N=5505 SMBs covering 1-999 employee size segment reveals that 34% of small businesses (1-99 employees size segment) experienced one or more cyberattacks in the last one year. The percent jumps to over 50% when mobility security attacks and internal malicious thefts are included. Technology is to businesses in the 21st century what roads and assembly lines were in the 20th: the platform on which all processes are based, on which all business is conducted. But with the limitless potential of IT/business infrastructure comes a vast and growing set of threats. Small businesses cannot simply rely on regulators or the ‘rules of the road’ (from telcos or hyperscale cloud providers) for protection – they need to take action to safeguard their customers, their staff, their devices and their confidential corporate information.
Large enterprises have the means to hire SWAT teams of infosec professionals. But what can and should smaller businesses do, to grasp the potential of technology without opening themselves up to cyber threats? Survey data shows that only 3% of small businesses have full-time internal dedicated IT security staff. Let that data point sink in. Regardless of the relatively tiny presence of security staff, as compared to 87% within midmarket firms and 100% in enterprise segment, 55% of small businesses are currently handling their security needs internally and if the projected plans are followed-through then it will increase by another 25%. However, small businesses are not naïve. 61% are also outsourcing either all or some of their security needs to MSPs and other channel partners and plan to increase their outsourcing commitment by 41%. For 37% of small businesses, insufficient IT budget is a major constraint towards seeking outside expert advice, deployment and security management. Although 55% of small businesses are confident about recovering from a cybersecurity incident, 32% are quick to admit that they need external services to define an overall security strategy, help select right-fit security technology/products and assist in determining the risks faced by the organization.
The next question is - what worries small business executives?