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THE Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of global cybersecurity solutions, has released the results of a new SME cybersecurity market survey conducted by research firm Analysys Mason. The company sought to find out how SMEs are emerging from the pandemic, and how their business and technology needs are changing. The survey revealed that while SMEs understand the need to invest in technology to support growth in the world of hybrid work, unfortunately, many fail to prioritize safety.
The survey reflects that most organizations, including SMEs, have embraced cloud, mobile, and SaaS technologies in recent years. Compared to pre-pandemic levels, there has been an increase in IT spending to drive business growth. SMEs have accepted that the hybrid work model is here to stay, and have increased their investment in communication technologies and services to support teleworkers. With remote workers using home and office access points, the attack surface has expanded, thus increasing the risk of cyberattacks. With the increase in supply chain attacks across the industry, cybercriminals are increasingly using more vulnerable SMBs as an entry point into larger companies. This approach wreaks havoc on both SMEs and all companies they interact with.
Given the global shortage of cybersecurity skills, SMEs are struggling to adequately secure their critical assets, making them a growing target for cybercriminals. Large companies typically have larger IT budgets and security resources so they can more easily recover from a cyberattack. For SMBs, a cyber attack can be fatal for your business. The survey found that two of the biggest impacts cyberattacks have on SMEs include lost revenue (28%) and loss of customer trust (16%).
The survey of 1,150 small and medium-sized businesses in the US, Germany, UK and Singapore also revealed:
- SMEs struggle with a lack of expertise and need additional support: less than a quarter (22%) of respondents felt extremely well protected from cyberattacks, and only a minority have homeland security experts or work with a third party. This means that a large number of SMEs either do not have security products, or these products are managed by unskilled personnel. While there is a significant increase in the number of SMEs working with Managed Service Providers (MSPs) to help resolve IT issues, nearly a third of respondents noted that they would like additional help from their MSPs in updating security.
- Cybersecurity as an investment: SMBs surveyed clearly recognized the disastrous effects of a cyber attack on their business, but seemed to agree that they had inadequate security budgets. Security vendor solutions priced above their budgets were identified as a key challenge to having effective cybersecurity capabilities. Something has to change to enable SMEs to take a long-term view of the value of cybersecurity, so they can invest today to protect their growth tomorrow.
- SMBs are adapting to the ‘new normal’, but mobile security is lacking: SMEs expect 40% of their employees to continue to work remotely at least part of the time. The top priority in all countries was to ensure that IT could be managed and supported remotely, validated by additional laptop purchases and increased VPN capacity. However, the survey also shows that the occupancy rate of even basic security products is low. The most adopted service, endpoint protection, is only used by 67% of respondents and less than half have any form of mobile security.
“It is reassuring that SMEs have increased their investment in cybersecurity to support business growth and the new hybrid working model, but having the right mix of security products is only part of an effective strategy. Due to the shortage of cybersecurity workers for SMBs, they require security solutions that provide proven threat prevention, are extremely simple to implement and manage, and offer the flexibility of an ‘all-in-one’ solution that combines security and connectivity. the Internet”.
“SMBs should also look for a consolidated and unified security suite that achieves a high level of protection across their network, endpoints, mobile and email. SMB security vendors should use a preventive-first approach and one that lowers TCO, reducing the need to manage additional staff or security expertise. SMBs should also consider leveraging third-party managed service providers to gain access to experienced cybersecurity professionals at an affordable cost. Third-party consultants can provide expert advice on the best security solution for each SME, with ongoing training and support.”
Eyal Manor, Vice President of Product Management at Check Point Software
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