Small and medium-sized enterprises (SMEs) face a growing threat from cyberattacks. Without the resources to establish effective cybersecurity defenses internally, 43% of attacks are directed at SMEs annually. In fact, a staggering 73% of SMEs experienced a cyberattack last year, highlighting the urgency for improved cybersecurity measures.
Although grappling with a lack of time, money, and dedicated security professionals to fight back, SMEs can address dangerous cybersecurity pain points by tapping a Managed Security Services Provider (MSSP). Here’s what you need to know.
Limited Resources and a Talent Shortage Persist
SMEs are increasingly becoming prime targets for cybercriminals. The misconception that they are too small to attract attackers is dangerous. In reality, SMEs often present low-hanging fruit - 82% of ransomware attacks were targeted at companies with less than 100 employees last year.
SMEs encounter significant challenges when it comes to cybersecurity. Limited resources – in terms of time, budget, and dedicated security professionals – make it difficult to establish robust defense mechanisms internally. Over 80% of SMEs operate without any dedicated cyber staff, which leaves cyber defense squarely on small business owners’ shoulders. Hiring can’t solve the problem quickly either, as the cybersecurity talent shortage stands at nearly 4 million workers, which makes competing for talent expensive and difficult.
The harsh truth - 60% of small businesses close their doors after falling victim to a single cyberattack. The very livelihood of small business owners rests on establishing robust cyber defenses.
The Rise of E-Commerce & Artificial Intelligence (AI) Ushers in New Risk
In addition to the hiring and resource challenges, two market forces make cyber defense substantially more complex for SMEs.
Firstly, e-commerce is table stakes for operating a small business in 2024. 76% of shoppers visit a business’s website before its physical location. This raises pressure in several ways. More digital transactions mean more cyber intrusion points for criminals. With increased reliance on online sales, the financial impacts of cyber interruptions also rise.
Secondly, cybercriminals are hunting small businesses, using artificial Intelligence to exploit new vulnerabilities and attack thousands of SMEs until they get a hit. With the advancement of AI, cybercriminals are more sophisticated, automated, and aggressive than ever before. Attacking SMEs, at scale, has never been easier.
The important question is: how long can your business stay offline in the event of a cyberattack? Recent data says downtime could cost SMEs $10,000 per hour on average. To ensure business stays operational, SMEs require anew mindset and advanced technology solutions.
The Case for Managed Security Services (MSS)
Managed Security Services (MSS) offer SMEs a comprehensive solution to their cybersecurity needs. MSSPs offer tailored solutions that address the specific cybersecurity challenges faced by SMEs, including threat detection, incident response, and compliance management.
The benefits of MSS for SMEs are manifold:
- Access specialized expertise without the need for costly recruitment and training.
- Implement a multi-layered defense strategy tailored to their unique digital environment.
- Stay ahead of evolving cyber threats with continuous monitoring and threat intelligence.
- Ensure compliance with industry regulations and standards, minimizing the risk of penalties and fines.
- Receive timely support and guidance in the event of a cyber incident, minimizing downtime and financial losses.
When SMEs choose a leading MSSP, they get all the benefits of an enterprise-level cyber team that enables them to overcome challenges and address their unique problems.
VikingCloud’s Managed Security Services Solution: One-Stop, Proven Cyber Defense
VikingCloud’s MSS solution is designed specifically for SMEs. It provides the all day, every day cyber defense that keeps SMEs’ digital systems safe and their businesses operating uninterrupted. There are a number of options on the market. VikingCloud’s MSS differentiates itself in several distinct ways:
- The Asgard Platform: All VikingCloud MSS customers have unlimited access to its AI-powered Asgard Platform- a single portal for real-time cyber alerts, interactive dashboards for critical threat management, continuous monitoring, identification and tracking of online assets, insights into internet continuity, and failover capability - plus compliance management.
- Leading Access to AI Tools: As part of the Asgard platform, SMEs will get access to the industry’s first generative AI powered (and patent pending) cybersecurity chatbot called THOR AI (Threat Hunting and Orchestrated Response).
- Industry leading data - and insight - access: VikingCloud continuously monitors over 6 billion online events every day and has over 4 million customers globally, many of which are SMEs.
- 24/7support from across the globe: When SMEs choose VikingCloud, they get 24/7 access to over 1,000 cybersecurity experts from across the globe who can troubleshoot their unique problem in real time.
By embracing Managed Security Services, SMEs can mitigate cybersecurity risks and safeguard their businesses against cyberthreats. VikingCloud offers SMEs a competitive edge, allowing them to focus on core operations while experts handle cyber protection.
Learn more about VikingCloud's Managed Security Services and the cyber challenges SMEs face in our white paper, Under Attack: How SMEs Should Rethink Their Approach to Cyber Defense and check our infographic SMEs Under Attack: A New Approach to Cyber Defense with an MSSP.
