SMBs Focus on Core Competencies First, Security Second
Small business constitutes a major force in the U.S. economy. There are more than twenty-seven million small businesses in this country, and they generate about 50 percent of our gross domestic product (GDP), making them a large and attractive target for nefarious actors. It’s also a huge misconception to say that Small or Medium businesses are not technically savvy or early adopters of new cybersecurity technology. SMBs fully understand the need to join the digital transformation, focusing on values such as flexibility, adaptability, and scale. As such, SMB IT budgets are expected to grow by 7.5% in 2021. The issue is that information security isn’t separate from IT. For SMBs, information security is usually a line item within the overall IT budget—and these line items aren’t large. A recent study suggests that almost 40% of SMBs have less than $1000 budget dollars allocated for information security. Over 30% of SMB security professionals say that their budgets aren’t large enough to sustain a robust cyber defense. Other barriers to information security include:
- Employees who won’t follow security policies (24%)
- No time to learn about new threats (13%)
- Not enough people to build secure systems (12%)
- Limited experience (11%)