Those who support SMB’s with financial services and any form of security solutions should read a series of recent articles that explain how cybersecurity has become THE top concern for business executives. The data and quotes in these articles demonstrate why their concerns are growing and what your companies might provide to help alleviate their SMB clients’ concerns.
The first article, The State of Small Business Cybersecurity in 2021, from May 2021, references a 2019 study conducted with SMBs that indicates a lackadaisical viewpoint that has left this market segment extremely vulnerable to cybersecurity threats. For example:
This is all despite the fact that 76% of U.S. SMB’s reported a digital attack in the preceding year of the study. And, also the fact that 60% of SMB’s that have fallen victim to a data breach end up closing their doors within 6 months of the breach. This article specifically notes that these attitudes make SMBs a very attractive target for digital criminals and they must create budgets that allow for:
The second article, Cyber Threats Still Leading Concern for Businesses, from September 2021, shows a more diligent perspective for business executives based on a 2021 study conducted by Beazley that accounts for the effects of the Covid pandemic. The decentralization of technology for thousands of business owners during the pandemic opened the door to cyber criminals, who exploited unprotected networks and processes as quickly as possible. This article notes that cyber criminals are increasingly well funded and innovative, requiring constant organizational vigilance for protecting data.
This particular study noted that, in this environment, 38% of the surveyed respondents from the US saw cyber issues as the top ranked concern. Beazley executives behind this study noted the importance for businesses to supplement their risk operations with a suite of cyber risk management services and post-event incident response solutions.
Finally, a third article, Surveys Highlight Executives’ Cybersecurity Concerns, cites data from the annual Travelers Risk Index survey, which includes some sobering stats:
So, what can be done to help your SMB clients? If you want to make a major impact in protecting clients there are opportunities for awareness, education, and response/remediation services you can bring them. Infrastructure and technology changes are difficult to implement, and costly. So there are low cost solution that exists to maximize the knowledge of employees and executives, and provide the ultimate safety net of response and recovery. Search them out and incorporate them into your core services to support clients.
There is a significant opportunity for security solution providers and financial institutions to bring education, awareness and critical recovery solutions to clients for protection, safety, and peace of mind. Bring these solutions to your clients, and you will engage them for a very, very long time.
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Jim McCabe is the SVP, Identity Theft Solutions for Vero, LLC. He has developed his subject matter expertise in ID theft & data breach solutions and has contributed to industry publications and blog sites, while consistently speaking for conferences and webinars to foster awareness and education of best practices.