In today’s high-speed world, the key to aggressive growth lies in harnessing the power of digital technologies for business transformation. Especially when it comes to businesses of small and medium scale, rapid evolution has become necessary for staying relevant and ahead of the competition. In this hustle to quickly innovate, grow and get ahead, it is very easy to lose sight of a major risk that is capable of derailing your entire business - cybersecurity.

According to a 2019 study launched by 4iQ, the focus of cybercrime has conclusively shifted to small businesses showing a 424% increase in authentic and new breaches since 2017. As the number and severity of data breaches soar by the year, every small business needs to re-evaluate their security posture and revamp security measures to develop a proactive approach to protect data, assets and business.

Especially with the dawn of the Covid era and the compelling case to promptly adopt digital or die out - the onus remains on the leadership to level up their cybersecurity on par with the digital-first approach, to instill confidence and trust in all their stakeholders and customers.

While on one hand, the industry admits that the threat is real, the global SMB sector isn’t seeing sufficient investment to build their defenses on the cyber-front. In another recent study by Sophos, it was found that 66% of Indian business decision makers lack cybersecurity awareness and expertise, while at the same time are actively encouraging their teams to work remotely - making them and the company assets, vulnerable to a range of cyberattacks including phishing, email scams and ransomware.

So, what is stopping them from aggressively adopting high-quality security solutions? Two reasons.

One - High cost, low perceived value: As of today, SMBs do not look at cybersecurity as a necessity. Rather, they think of it as a compliance requirement or an expense. The prominent misconception is that the business is too low value to be attacked. With over 67% of companies with fewer than 1,000 employees having experienced a cyberattack, in 2020, this assumption is not accurate. So, SMBs need to reassess their cybersecurity strategies with urgency, similar to insurance - and not as an avoidable expense.
Two - Lack of cybersecurity leadership: Most enterprises have dedicated roles such as CISOs, who are responsible for the development of a cybersecurity strategy and a vision that is long-term. When it comes to small and medium businesses, there is seldom a dedicated resource looking at this function as being core to business operations, and hence their entire cybersecurity culture takes a backseat.

Taken together, SMBs are left vulnerable with neither the technical resources nor the strategic leadership that is needed to build a culture of security in an organization. And ironically, in a sector that overlooks the need for cybersecurity this much - the possible damage that an attack can cause could be disastrous.

Some of the major risks include -

Loss of customer data and thereby their trust
Irrecoverable financial losses
Loss of IP and business-critical information

What do we recommend?

Entersoft has recently launched a disruptive digital security solution - CyberTrust Essentials (CTE) that allows every SMB to deploy customised cybersecurity solutions, at a fraction of the present cost. As a modular system with a range of tools, this approach works by identifying the specific needs of every small business, and converting the tailored solution into an annual subscription-based model.

Beginning with a discovery phase to effectively understand the current security posture of the organization and its most damaging vulnerabilities, our expert teams help you prioritise a digital security program to cater to a variety of business outcomes.

Your business priorities drive the cybersecurity program that is outlined to achieve - Consumer Trust, Platform Trust and Partner Trust.

Some of the key benefits of CTE include -

Modular solutions with a high degree of customizability to ensure security solutions align to your business needs, and you’re only billed for the protection you need.
Subscription model to help you stay protected throughout the year, without needing to invest into expensive products.
Cost-effective plan, with the cybersecurity cost as low as 10% your IT implementation cost, guaranteeing high value for your investment.
Dependable implementation with support from, and access to world-class cyber security experts

With a CTE approach, your core-teams can refocus their energies on what matters the most, while we take care of your data, assets and infrastructure’s security. As part of the subscription, model SMBs also get easy access to 4 hours of cybersecurity advisory, curated specifically to the line of business and customer context and helping your internal teams to keep up with the fast-evolving threat landscape

When a small or medium-scale business takes a hit in the form of a cyber-security attack, they risk losing it all. One attack could truly mean the end of the line, for their entire business - and this indicates a pressing need for every single business to invest into a long-term security solution. In today’s digitally driven world it is not a matter of ‘if a cyberattack will occur’, but ‘when’ - and it is imperative that we are prepared for such a ‘when’.

The simplest and the most cost-efficient solution to achieve this, is a subscription to CyberTrust Essentials. Remember, cybersecurity is an investment, not an expense.

Secure your infrastructure, assets and data while building a culture of secure business practices. Connect with our team for experts, for a free initial consultation.

THE WHYS, WHATS, AND HOWS OF STEPPING UP THE Cybersecurity FOR YOUR SMALL BUSINESS