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Five Reasons Why SMBs will invest in an MSP in 2022 

As times change, business owners need to adapt. Here are some reasons why an SMB may be considering an MSP

1. Modernizing IT 

As SMBs move to modernize their IT, they don’t have the expertise to keep up with the complexities of managing and maintaining their IT environment.

2. Employee Growth

Despite the pandemic, many organizations are growing rapidly. But unfortunately, some can’t keep up with the growth. For example, they can’t continuously upgrade and install the number of endpoints, onboard new employees, or educate them on the best security practices.  

3. Not enough IT support

Many SMBs do not have an internal IT employee, and one of their employees must take it on as an extra job responsibility which decreases productivity. If they do have an IT employee, they often are faced with more pressure than they can handle alone.

4. Outside threats

 Over half of businesses have faced some type of financial cyberattack in the last year; most SMBs don’t have the resources to combat these risks internally.

5. Compliance

Compliance is a tricky concept for most SMBs. Working with an MSP can help them adhere to the often changing regulations.

Since most businesses rely nearly entirely on the internet to perform their day-to-day operations, an important goal for SMBs is to strategize and prioritize digital transformation. Unfortunately, this is no small task and can be very overwhelming for SMBs. However, a Managed Service Provider can take on the entirety of IT management, allowing them to mitigate risk, get the best return on their technology investments, and educate their employees.

If you are interested in learning more about how Now Micro can help you manage your IT more effectively, or you’d be interested in receiving a free network assessment, reach out to Sydney Ellison at sydneye@nowmicro.com or check out our website.

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The Consequences of a Cyberattack on SMBs

Nearly every company relies on the internet for its business operations, which means almost every company is at risk for a cyber-attack. In last week’s blog post, we discussed why Cybercriminals are targeting SMBs, but what are the consequences of falling victim to a cyberattack or data breach for SMBs?

Downtime

After a cyberattack, an SMB is likely to face significant downtime, which means their employees cannot do their jobs. While one can expect revenue to take a substantial hit from downtime, employee productivity usually is the most significant consequence. Employers are still required to pay their employees, they may be missing deadlines, and downtime may cause excess stress on their employees.

The cost of downtime = minutes of downtime x cost per minute.

Damage to hardware 

In the event of a cyberattack, malware, or data breach, not only is your data at risk, but it can also cause damage to your hardware such as PCs, Servers, and more. In addition, the repair or replacement of hardware can be very costly.

Fines and penalties

Legal and regulatory requirements seem to be constantly changing, which can be very overwhelming for a business owner. However, business owners must comply with these rules and regulations, and when they don’t, they are subject to fines and penalties costs.

Damage to reputation and loss of customers

When a company falls victim to a cyberattack, their customer data is often compromised, leading to a loss of customer trust, which leads to customers taking their business elsewhere. Data breaches also hurt attracting and obtaining new customers when the news is public.

High costs

In the event of a cyberattack, an SMB is likely to experience downtime, damage to hardware, fines and penalties, damage to reputation and loss of customers, and more. Each of these consequences has its own cost, and sometimes it is enough for a business to close its doors for good. Forbes states that the average cost of a single data breach on an SMB is $149,000. Additionally, 76% of SMBs have experienced a cyberattack in the last 12 months.

We’ve said it before, and we will say it again: It is no longer a question of if your business will be the target of a cyberattack, but when. Can you afford the consequences of a data breach?

Working with a Managed Service Provider can help you better secure your network and prevent cyberattacks from happening. To learn more about our managed services, visit our website or reach out to Sydney Ellison at sydneye@nowmicro.com.

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Why are SMBs being targeted in cyber-attacks?

Did you know that small to medium-sized businesses are potentially more vulnerable for cyber-attacks than large businesses? With the growing complexity of IT challenges, it’s crucial to stay up to date on the latest cybersecurity threats and how to protect your business.

A Foot in the Door

Cybercriminals target SMBs because they are often a foot in the door to hacking into larger companies. SMBs are often vendors for larger entities and may have access to online portals and the banking information of these companies. Cybercriminals go for SMBs because they are likely to have weaker cybersecurity practices, making their vulnerable information, customer data, intellectual property, and financial data easy to compromise.

What to look out for

Every year, cybercriminals are advancing how they target their victims, which can be tricky to spot. Below are the leading causes for security breaches:

Weak and Stolen Credentials/Passwords

Hackers will take any opportunity to steal weak passwords from organizations. The key is to have a policy that requires strong passwords that include eight characters, at least one upper case letter, one number, and one special character.

Back Doors & Application Vulnerabilities

Sometimes software applications are poorly written, or network systems are poorly designed. These may have holes that cybercriminals can easily exploit and get your data directly without needing a password. The way to prevent this is to make sure software and network systems are up to date and properly patched.

Malware

Malware is software loaded unintentionally that a hacker can open up and exploit a system through. The key to avoiding malware is never downloading anything from questionable websites or opening suspicious emails.

Social Engineering

Have you ever received a fake email saying you’ve won a million dollars? That’s what social engineering is. It’s easy to evade cyber-attacks from this tactic as long as you know that if something looks too good to be true, it is.

Insider Threats

An angry employee or unaware employee can cause harm on your networks if given access to data. The simple solution to prevent this is to ensure that you keep your data backed up and your permissions up to date.

Physical Attacks

Hackers don’t always sit at home to commit cybercrimes. They can break into your building and use your computers to find secure data. Make sure your physical structure is protected to prevent a security breach.

Improper Configuration

Sometimes mistakes can be made when configuring systems, so it is essential to triple-check and have multiple people look at the work to keep errors minimum.

There are plenty of resources out there to help you get started on securing your company’s data. One of them is working with an MSP, like Now Micro. To learn more about our managed services, visit our website or reach out to Sydney Ellison at sydneye@nowmicro.com.

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The Future of SMBs

Modernizing technology and increased cybersecurity practices will be top of mind for small to medium business (SMBs) owners moving forward. Despite the pandemic, many SMBs expect growth over the next few years, which means an increase in employee headcount and revenue. This news is great; however, as employee headcount increases, so does IT usage and complexity.

According to ConnectWise, 48% of SMBs plan to upgrade their IT systems in 2022. In addition, over half are looking to make collaboration easier for employees working in the home and the office. While most companies are not shifting to a 100% remote policy, many are adopting a permanently hybrid business model. These policies include implementing new in-office practices to increase productivity and collaboration.

One of the biggest trends among SMBs is cybersecurity and migration to the cloud. Benefits of the cloud include limited downtime, delays, more flexibility, and an additional layer of security. In addition, cybersecurity and migration to the cloud help create a seamless hybrid work environment.

Here are six reasons for SMBs to invest in cyber security:

1. Protecting company data and intellectual property

2. Protecting customer privacy and financials

3. Compliance with rules and regulations

4. Growth of mobile users

5. Protection of physical assets

6. Digitalization of business operations

SMBs face more challenges than ever, growing IT complexity, lack of resources, new working environments, cyber security threats, lack of IT knowledge, and compliance overload. Luckily, SMBs owners don’t have to take on all this pressure alone. Managed Service Providers can efficiently manage IT remotely while educating their clients on best practices. As a result, an MSP can ensure that SMBs get the best return on their technology investments.

If you are interested in learning more about how Now Micro can help your SMB get the most out of their IT, contact me directly at sydneye@nowmicro.com, or check out our website for a free network assessment!