Cyber Security in Small & Medium Businesses (SMBs)

SMBs are an important addition in the stabilization of national economies. A lot of SMBs joins together to make about 97% of all commercial enterprises. SMBs didn’t consider themselves a target of cyber threats. It was assumed that cybercriminals wouldn’t bother with small stake targets. But, these SMBs are now the center target of cybercriminals. SMBs are connected to both customers and larger enterprises. The low cost, mass production cyber weapons now make it economically feasible for cybercriminals to successfully target SMBs and individuals.

Awareness & Impact

The number of cyber-attacks on SMBs have inclined rapidly. According to the latest Research, over 50% of SMBs surveyed, reported a cyber-attack or data breach in the past year. SMBs are now becoming more aware of these cyber threats. High profile breaches make the headlines every day, and small-time incidents hit more and more SMBs around them. Cyber-attacks could have a considerable financial damage to the business.

Current State of Industry Solutions

The cybersecurity industry has yet to crack the SMB market. It has great success selling to large organizations. Yet the SMB market is an almost blue ocean in terms of sales. One reason for this is poor awareness, where misplaced beliefs slow the adoption of cyber solutions for this sector. The second is a financial capability, most SMBs find it difficult to pay the thousands of dollars needed to purchase top cyber solutions. The third is the technical difficulty in setting up and maintaining these solutions. Most SMBs are non-technical in nature and have little or no technical capabilities to operate most solutions. The fourth is that there are not enough solutions available, which are tailor-made for smaller organizations. Very few cybersecurity companies have developed solutions specifically for SMBs, and most of them have not been commercially successful. The only product which every SMB knows and uses is the Antivirus and stuck on the basic cybersecurity hacks that consist of anti-malware, Client firewalls, Passwords protection, and similar free hacks. It is obvious that SMBs center on the conventional advancements and technologies. One can likewise speculate that until the point when the first item has been acquired and actualized. SMBs won’t put resources into the further development of technology. Since budget and resources are of the utmost significance to SMBs, many will stop in the wake of purchasing the basics and will never move further. In this manner for better cybersecurity, SMBs need to find a way to stay away from overwhelming misfortunes in business.