For small and medium-sized enterprises (SMEs), the major shift to remote and hybrid working has significantly increased cybersecurity risk.
Now more than ever, small IT teams are wearing multiple hats, tasked with keeping networks and IT systems up and running while protecting data from a variety of sophisticated cyber threats.
Adding to the challenge is the current economic uncertainty, which means many IT budgets remain flat or even reduced despite increasing workloads and risks to manage.
It is extremely difficult for many under-resourced SMB IT teams to ensure their enterprise's cybersecurity is effectively addressed full-time.
Cyber Security Challenges
Cybercrime statistics are a worrying readout for SMEs. According to Accenture's Cost of Cybercrime study, 43% of cyberattacks in 2022 target small businesses, but only 14% of those businesses are prepared to defend themselves.
Part of the problem is that not only are hackers' activities putting them at risk, there is a host of other issues that can exacerbate any shortfalls in resources or leadership.
A key challenge stems from the rapidly growing and complex technology stacks that SMBs tend to use. For example, the shift to cloud-based storage, the growing need for virtual team collaboration, and the variety of applications now in use are adding unprecedented complexity to network security management.
Not only does every IT tool need to be securely deployed across the enterprise, but it also needs to be continuously optimized to stay current with the latest security patches. Not only is this process time-consuming, but it also runs the risk of “alert fatigue,” increasing the likelihood that critical threats will go unnoticed simply because there are too many critical threats to deal with.
Then comes the addition of detailed compliance statute obligations. All IT teams, regardless of business size, should be able to ensure that all deployed devices, applications and services comply with relevant cybersecurity regulatory standards.
However, maintaining the certifications required for every component of the technology stack, while keeping up with frequent changes in regulatory standards, places a heavy burden on already overstretched IT teams. Also sometimes overlooked is that compliance is more than just ticking boxes - there are often very good reasons to ensure minimum standards are being met.
In addition to these issues, many SMBs must use outdated or even obsolete hardware and software. Clearly, budget constraints often force businesses to continue using outdated systems. The problem is that these outdated technologies can create significant security gaps, especially when vendors no longer provide security support.
In this context, SMEs are particularly vulnerable to cyber attacks.
Even for those businesses that can provide resources for IT and cybersecurity teams, the challenges don't stop there. Over the past few years, the cybersecurity sector has struggled to address a skills shortage that disproportionately affects SMEs.
For example, according to Cybersecurity Ventures, there are currently 30,000 cybersecurity job vacancies worldwide, posing a huge challenge to SMEs competing for talent in an increasingly competitive market.
One of the main alternatives—constantly training existing teams to identify and respond to emerging threats—could quickly prove cost-prohibitive for many SMBs given their limited IT budgets.
build better defenses
So, what does this leave for SMBs in the fight against cybercrime? One of the main options available is to establish or outsource a Security Operations Center (SOC) to gain access to the people, processes and technology used to monitor and address today's cybersecurity concerns.
An effective SOC can significantly improve an organization's cybersecurity capabilities. State-of-the-art predictive algorithms are used to analyze IT infrastructure and systems to ensure early detection and mitigation of vulnerabilities and potential risks.
By providing 24/7 monitoring, coupled with the ability to prioritize threats, the SOC can optimize the allocation of cybersecurity expertise and other resources while ensuring the organization remains in compliance with all relevant regulations.
SMB IT leaders also have the option of entering into a "SOC-as-a-service" partnership with a managed service provider (MSP) rather than building their own SOC.
This approach offers the same benefits as an in-house SOC, such as 24/7 monitoring, but without the same level of staff and maintenance costs. As such, it represents an established and cost-effective alternative for SMEs.
In addition to building or outsourcing an SOC, SMBs must also stay abreast of cybersecurity trends and best practices. Working with a community of cybersecurity experts and IT professionals provides easy access to a wide variety of subject matter experts who can help address everything from specific industry issues and regulatory oversight to emerging threats and best practices.
Cybersecurity challenges are not going away anytime soon. As attacks escalate, SMBs can look to MSPs as their trusted advisors: providing essential support and services, such as "SOC-as-a-service" capabilities, to ensure their enterprise's cybersecurity is effectively addressed.