With the increase in the number of cybercrimes over the last 12 months, and the impact on SMBs both financially and from a privacy perspective, it means keeping ahead of the curve is vital for SMBs going forward.
Preparation is now key.
And security must now cover not just the physical office but a whole range of devices used for remote working.
1. Increased Spending
Audit your existing hardware, software and service. You may require upgrades of your current solutions, if these are not providing the best protection available. You need to focus on reducing your risks and will therefore need to increase your spending. Just remember an attack could cost you so much more.
In 2019 businesses spent more on their cybersecurity, a 9.4 percent increase on the previous year a trend that looking to continue in 2020. These are the overall figures for the large and SMBs and therefore demonstrates how cybersecurity awareness is being taken seriously.
2. The continued growth of IoT
If considering introducing new devices to your network take the time to do some research. Do they have a security weakness’? As new devices are being released to market that are lacking up to date security solutions. And while some IoT devices have benefits for the workplace, others could potentially cause more harm.
To be rolled out in the next few years is the 5G wireless internet. This network that will bring faster internet speeds, may increase risk as weaknesses are exposed and then patched.
Artificial Intelligence, an area of innovation, is projected to have significant growth. A report titled Global Artificial Intelligence in Cybersecurity Market, 2019-2026 is suggesting a 30 billion dollar increase over a 7 year period. The use of AI by cyber-criminals will become harder to spot. Thankfully, AI will also play an important role in protecting us by improving threat detection and identifying vulnerabilities.
To sum it up, cyber security is of great importance to businesses no matter the size. But It can no longer be neglected by SMBs, as advancements in technology occur so will the cyber-criminal sophistication in their tactics. SMBs need to arm themselves through education, and preparation.