SMBs Not Doing Enough To Thwart Cybersecurity Threats

by CXOtoday News Desk    Jun 12, 2014

cyber threat

CIOs and security leaders in SMBs are not taking adequate measures to protect their business from cyber security threats. A new research from fraud detection and identity protection provider CSID shows that 63% of SMBs worry about undetected malware, 38% worry about phishing attacks and 41% worry about potential breaches mostly occurring because of human error. Despite this, over two-third of these businesses have not taken the requisite measures to prevent cyber security breaches, said the study.

Cyber security is taking a new dimension with the emergence of cloud, big data and connected devices. Moreover, the Internet of Things which is already underway is creating more pressure on organizations, especially the small and mid-sized entities that do not have adequate resources to prevent themselves in the event of an attack.

Another recent study by GFI Software also noted that 70% of CIOs in smaller companies do not believe the C-Suite will increase IT spending to provide them with the resources necessary to tackle additional security problems created by IoT – which can be dangerous for their organization on the whole.

The study also pointed out that CIOs in mid-sized organizations do not think existing anti-spam, anti-virus and anti-malware infrastructures will protect their organizations from the new endpoints created by device proliferation. Almost half of those surveyed said firewalls would be their top priority, while over 35% said the need of having a mobile device management (MDM) in place.

CSID also quoted a Symantec report observing that last year alone, 30% of SMBs were targeted by hackers and cyber crooks. Cyber security threats, according to the report will continue to be more advanced  . Therefore, it’s clear that taking preventative measures is important for small businesses’ security.

“Small businesses are in a tough position when it comes to cybersecurity,” said Bryan Hjelm, vice president of product and marketing at CSID. “They face a growing number of threats and attention by cybercriminals, and don’t have the time or resources that larger enterprises have to devote to cybersecurity.

One of the ways small business owners can be proactive about cybersecurity is to monitor their business’ credit score. However, the study also found that only 26% of small business decision makers know their business’ credit score, and 50 percent never check it.

Despite this lack of security measures among the businesses, the CISD study found that SMBs are showing an increased interest in the adoption of security solutions – the results may show up in the coming quarters. Nearly 70% are working with a third-party vendor to maintain more security or are having plans for the same in the coming quarter -  a sign that may offer more exciting opportunities to security service providers.