Robust security is no longer a “luxury” that only enterprises can afford. Small businesses are at greater risk for both their limited security resources as well as their reputation for being lax in valuing strong defenses. It’s a critical weakness that cyber criminals will exploit and they know SMBs are likely low hanging fruit. A new study* released in April surveyed 800 SMBs about their views on security and the results are compelling.

The current state of SMB security

The average cost of a cyberattack at an SMB is $54,650, the study shows.

That’s no small amount for a small business, and it could easily mean the doors will be closed within a year.

The surveyed businesses, with 10-100 employees, gave a grim picture of what their security solutions look like:

  • 56% have no cybersecurity specific experts in their organization
  • 52% lack incident response planning
  • 51% do not have cybersecurity insurance
  • 45% fail to adequately protect their documents
  • 43% have no endpoint protection solution
  • 40% do not provide security awareness training
  • 35% have no network protection
  • 31% do without email security

The view of the SMB

These attacks became so prevalent because hackers recognized that they could go for many easily hacked and poorly defended companies instead of facing the robust security measures of a single large organization. As a result, SMBs are now far more aware of the risk, but they still may not know the solution.

62% say they lack the in-house skills required to deal with security issues and 52% feel helpless to defend themselves from new forms of cyber attacks.

The solution is Managed Service

Some 77% of SMBs anticipate that at least half of their cybersecurity needs will be outsourced in five years – and 78% are planning to invest more in cybersecurity in the next 12 months. SMBs wouldn’t go with a major provider like IBM because they are out of their price range. However, they will pay for providers that offer more advanced threat detection and analytics. They’re looking at the security talent the providers have, plus the 24×7 support that MSPs can provide.

Great Lakes Computer Corporation is a Managed Service Provider that can provide enterprise-level protection at SMB prices. Our team of technicians stay current on threats and prevention. They are courteous and timely as well. We’ve been in business over 30 years, and our service is the reason.

Want to know more? Download our eBook:

*Published by Continuum Managed Services

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