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FMG Law Blog Line

A Recent Study on Cybersecurity Among Small Businesses

Posted on: December 18th, 2019

By: Michael Kouskoutis

A recently published report, entitled “Under Attack: The State of MSP Cybersecurity in 2019,” surveyed 200 managed service providers across the country to evaluate the state of cybersecurity among smaller businesses.  (A managed service provider is a company that handles its customers’ IT infrastructure, often remotely.)  The report reveals how small businesses and their managed service providers are underequipped to protect against the newest forms of cybersecurity threats.  In particular, the study found that nearly three-quarters of managed service providers suffered a cyberattack, and over 80% of their small-business customers experienced a cyberattack as well.

What’s most concerning is that two-thirds of managed service providers believe that they are not equipped to defend their customers against a cyberattack, and that this lack of confidence is likely linked to the widening gap among providers in technical skill, knowledge, certifications and accessibility to resources.  The report advises that managed service providers should seek top talent and facilitate training programs aimed at keeping staff up to date on the latest cyber threats and solutions.

Further, managed service providers are reporting difficulty in selling cybersecurity solutions to their customers, leaving customers increasingly vulnerable to the latest cyber threats.  However, prior studies show that small businesses are willing to spend 27% more money for cybersecurity, provided they feel confident in the security package’s ability to offer adequate protection.  In addition to strengthening their services, managed service providers should proactively engage in conversations with their customers about cybersecurity, and not wait until after an attack.  Customers and prospects should be aware of the evolving nature of cyber threats and that proper cybersecurity requires a deliberate and concerted effort among all small business employees.

For more information about cybersecurity or breach response, contact Michael Kouskoutis at [email protected].

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