Sophisticated cyber attacks on the rise for companies with less than 1000 employees. Complex, expensive solutions aren’t the answer.

January 21, 2020

Barkley recently reported that SMBs are seeing an increase in cyber attacks in 2018. They conducted a survey of 100 IT and security professionals and here are some of the key findings;

  • 57% saw an increase in attacks over the last 12 months
  • Two-thirds said the attacks are becoming more sophisticated
  • 36% don’t expect their security budget to increase in 2019
  • Only 20% of successful attacks result in a change to strategies, solutions or budgets

The Ponemon 2017 State of SMB Cybersecurity found that 61% of companies with less than 1,000 employees experienced a cyber attack in the last 12 months. The average cost of a successful breach – $1,027,053 for damage/theft of IT assets and infrastructure and an additional $1,207,965 for the disruption on normal business operations. Just think about that for a moment. More than 6 out of 10 organizations with less than 1,000 employees experience a cyber attack and the average cost to resolve it is over $2.2 million. These are some eye-opening stats that could really cripple a SMB/SME.

If security budgets aren’t increasing, and even when attacks are successful, there aren’t changes to their strategies, what are IT/security teams to do?

Dror Liwer made a good point in a recent CSO article. He said, “…an SME needs to seek solutions matching their size and needs, and not necessarily the same solutions used by a big organization. The fact that a Fortune 500 company chooses to work with a complex and expensive vendor doesn’t mean it is the best fit for an SME.” He continues, “Smaller companies with smaller IT teams can use and consider autonomous systems to help them not only detect but also mitigate security threats.”

This is so true. Just because large enterprises are using a specific solution doesn’t mean SMBs / SBEs should as well. With budgets not expected to change for 2019 and with an increase in attack volume and sophistication, it’s time to for organizations to look at more innovative, autonomous solutions that won’t break the bank.