7 Cybersecurity Trends and Tips for Small and Medium Businesses to Stay Protected
3 min read
Small and medium businesses (SMBs) are increasingly targeted by cybercriminals, yet often lack the resources to combat such threats effectively. With the cybersecurity landscape evolving, SMBs must stay ahead of the curve by understanding emerging trends and implementing robust security measures. Here, we outline seven key cybersecurity insights and tips to help SMBs safeguard their operations.
1. Cyberattacks Are More Common Than You Think
Insight: One in three SMBs has been a victim of a cyberattack.
Cyber threats, including ransomware, phishing, and data breaches, frequently target SMBs. A common misconception is that small businesses are too insignificant to attract hackers. However, 31% of SMBs report being targeted, emphasizing the need for proactive measures.
Actionable Tips:
- Use strong, unique passwords and consider a password manager.
- Enable multi-factor authentication (MFA).
- Train employees to recognize phishing attempts.
- Regularly update software to patch vulnerabilities.
2. The High Cost of Cyberattacks
Insight: SMBs face financial impacts averaging over $250,000 per attack.
Beyond immediate recovery costs, cyberattacks can lead to long-term reputational damage and lost business opportunities. Recovery time from an attack can stretch from days to months, compounding the financial strain.
Actionable Tips:
- Conduct a cybersecurity risk assessment to identify and mitigate vulnerabilities.
- Create an incident response plan tailored to your business.
- Partner with experts to ensure compliance and readiness.
3. Artificial Intelligence Amplifies Security Needs
Insight: 81% of SMBs believe AI necessitates enhanced security controls.
While AI can bolster productivity, its misuse by employees or malicious actors poses significant risks. Without proper governance, sensitive data can inadvertently be exposed.
Actionable Tips:
- Implement data governance frameworks to classify and encrypt sensitive information.
- Educate employees about responsible AI use and secure company data.
4. Cybersecurity Is Now a Top Priority
Insight: 94% of SMBs recognize the critical importance of cybersecurity.
As cyberattacks grow in sophistication, SMBs increasingly prioritize cybersecurity. Managing work data on personal devices and preventing phishing attacks are among the top challenges.
Actionable Tips:
- Provide employees with cybersecurity training tailored to common threats like phishing.
- Leverage free or affordable cybersecurity resources, such as those offered by Novatech’s Fortress platform.
5. Outsourcing Security Is Commonplace
Insight: Fewer than 30% of SMBs manage security in-house.
Given the lack of in-house expertise, SMBs often rely on Managed Service Providers (MSPs) to handle cybersecurity. MSPs bring specialized knowledge to manage security solutions, respond to incidents, and ensure businesses stay protected.
Actionable Tips:
- Hire a trusted MSP to supplement your internal IT team.
- Evaluate potential MSPs for expertise in areas critical to your business, such as data loss prevention and endpoint protection.
6. Increased Spending on Cybersecurity
Insight: 80% of SMBs plan to boost cybersecurity budgets.
With data protection as the top spending priority, SMBs are also investing in tools for ransomware defense, phishing protection, and identity management. Enhanced budgets reflect the growing recognition of cybersecurity’s importance in preventing financial and operational setbacks.
Actionable Tips:
- Focus investments on solutions like Data Loss Prevention (DLP) and Endpoint Detection and Response (EDR).
- Prioritize identity management tools to secure access to sensitive data.
7. Hybrid Work Brings New Challenges
Insight: 68% of SMBs cite secure data access as a challenge for remote workers.
As remote and hybrid work become the norm, SMBs must ensure secure access to sensitive information. Concerns about data loss on personal devices highlight the importance of robust device security and management.
Actionable Tips:
- Implement secure remote access solutions such as VPNs and endpoint management tools.
- Encourage employees to avoid sharing credentials through unsecured channels.
- Regularly update and monitor security protocols for all connected devices.
How Novatech Can Help Protect Your SMB
With decades of experience in managed IT and cybersecurity, Novatech is uniquely positioned to help SMBs navigate these challenges. Our Fortress cybersecurity platform offers comprehensive protection, from managed detection and response to identity access management and phishing simulation training. By partnering with Novatech, you can strengthen your defenses, ensure compliance, and focus on your core business objectives.
Ready to Secure Your Business?
Contact Novatech today to learn how our Fortress cybersecurity solutions can safeguard your business against evolving threats. Let us help you build a resilient and secure future.
