SMB Cybersecurity Protection Report 2024: Safeguarding Small and Medium Businesses

In today’s digital landscape, cybercriminals are targeting businesses of all sizes. However, small and medium businesses (SMBs) with 10–50 employees are particularly vulnerable. Think of the local coffee shop or a mid-sized law firm. These SMBs are often seen by attackers as “low-hanging fruit” due to their lack of sophisticated defense mechanisms compared to larger organizations. The impact of such attacks can be devastating, often leading to bankruptcy due to the high costs associated with data breaches and malware.

The SMB Cybersecurity Protection Report 2024 by Allot provides a comprehensive guide for SMBs to enhance their network security in a cost-effective manner. Drawing on the latest findings by Coleman Parkes, the report references a survey of 450 SMB owners and managers across the US and Canada, offering top recommendations for selecting affordable, easy-to-maintain, and highly effective network security solutions.

SMBs: The New Target for Cybercriminals

A few years ago, large enterprises were the primary targets for cybercriminals. As these companies improved their defenses, attackers shifted their focus to smaller businesses, aiming for quick profits. This “numbers game” approach involves attacking multiple small businesses, which can collectively yield a larger reward than a single, well-protected target.

The 2023 SMB and SoHo Security Study by Coleman Parkes highlights these trends:

• 1 in 4 SMBs in the US were attacked in 2023.
• Companies relying solely on mobile internet are more vulnerable, with 21% facing security incidents.

Attackers also exploit SMBs as gateways to larger third-party vendors, taking advantage of the trust between SMBs and these providers to access bigger security systems.

Inadequate Protection Among SMBs

Despite significant concern, many SMBs in the US (69%) and Canada (56%) are not adequately protecting themselves. Last year, 3 in 5 SMBs experienced virus attacks, and over half faced malware threats. Typical security solutions like routers with security features, firewalls from communication service providers, and web filtering are often insufficient.

Key issues include:

• Lack of in-house IT expertise to configure devices and networks.
• High total cost of ownership (TCO) leading to reliance on poorly configured off-the-shelf solutions.
• Incomplete network security due to focusing only on certain devices.

Employee behavior also poses risks, with 7 in 10 small businesses concerned about employees compromising IT security.

The Challenges of Remote Work

The shift to remote work has increased security risks. While beneficial for both businesses and employees, remote work exposes company devices to unsecured networks. For example, connecting to public Wi-Fi at a coffee shop can make a laptop a vulnerability for the entire office network.

The 2023 SMB and SoHo Security Study reports:

• 69% of SMBs see threats from laptops and mobile devices connecting remotely as a major risk.
• 59% are concerned about vulnerabilities introduced through personal devices.

Overcoming Security Barriers

Cost remains a significant barrier to improving security. The SMB study by Coleman Parkes identifies key roadblocks:

• Cost of technology and services (68% in the US and 66% in Canada).
• Too many products and services to secure (54% in the US and Canada).
• Cost of hiring IT security professionals (47% in the US and 51% in Canada).

So, how can SMBs afford adequate protection? The answer lies in leveraging Communication Service Providers (CSPs).

The Role of CSPs

CSPs offer scalable, cost-effective solutions that enhance IT infrastructure and security for SMBs. According to the 2023 SMB and SoHo Security Study:

• 44% of SMBs look to CSPs for security services.
• 80% of SMBs in the US and 75% in Canada would switch to a new internet service provider if it offered security services.

SMBs are significantly increasing their IT security budgets for 2024, presenting a substantial opportunity for CSPs to provide enhanced security services.

Recommendations for CSPs

To meet the security needs of SMBs, CSPs should:

• Offer all-in-one security solutions against malware, phishing, and content filtering.
• Provide an intuitive, easy-to-use interface for security management.
• Deliver 24/7 monitoring, threat detection, and incident response tailored to SMB needs.
• Offer cybersecurity training and resources for SMB employees.
• Introduce flexible pricing models to fit SMB budgets.
• Integrate various security functions into one platform to reduce management complexity.
• Provide sector-specific cybersecurity solutions for industries like accounting and retail.

Network Native Security: The Gold Standard

Allot NetworkSecure, part of the Allot Secure platform, provides rapid-deployment, zero-touch security and content filtering for SMBs. Key benefits include:

• Network-native security accessible to any device, with no performance or battery life impact.
• Comprehensive threat protection against the latest internet security threats.
• Robust content filtering for tailored content control.
• Enhanced customer engagement with security alerts and reports.
• 5G readiness, ensuring protection without requiring installations.

Key Takeaways

SMBs face significant cybersecurity threats and often lack the resources for adequate protection. CSPs have a crucial role in providing these essential security services. Allot’s proven, robust, and easy-to-use solutions offer SMBs and CSPs the tools to enhance security effectively.

For more about how CSPs can help their SMB customers protect themselves from cyber threats while generating recurring revenue, read the Allot report: SMB Cybersecurity Protection.