Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cybersecurity solutions globally, has released the results from a new survey of the SMB cybersecurity market, conducted by research firm Analysys Mason. It sought to uncover how SMBs are emerging from the pandemic, and how their business and technology needs are changing. The survey revealed that, while SMBs understand the need to invest in technology to support growth in the world of hybrid working, unfortunately, many fail to prioritize security.
The survey reflects that a majority of organizations including SMBs have embraced cloud, mobile, and SaaS technologies in recent years. Compared with pre-pandemic levels, there has been an increase in IT spending to drive business growth. SMBs have accepted that the hybrid work model is here to stay, and have increased their investment in communication technologies and services to support remote workers. With
remote workers using home and office access points, the attack surface has expanded thereby increasing the risk of cyberattacks. With the increase in supply chain attacks across the industry, cyber criminals are increasingly using more vulnerable SMBs as an entry point into larger enterprises. This approach wreaks havoc on both the SMBs, and all the enterprises they interact with.
Given the global cybersecurity skills shortage, SMBs are struggling to properly secure their critical assets, making them a growing target for cybercriminals. Larger enterprises usually have bigger IT budgets and security resources, so they can recover more easily from a cyberattack. For SMBs, a cyberattack can be fatal to their business. The survey found that two of the biggest impacts that cyberattacks have on SMBs include lost revenue (28%), and the loss of customer trust (16%).
The survey of 1,150 small and medium sized businesses across the US, Germany, UK and Singapore, also revealed:
Figure 1: Impacts on SMBs suffering a security attack in the last 12 months
Eyal Manor, Vice President of Product Management at Check Point Software said: “It is reassuring that SMBs have increased their investment in cybersecurity to support business growth and the new hybrid work model, but having the correct mix of security products is only part of an effective strategy. Because there is a shortage of cyber security workers for SMBs, they require security solutions that deliver proven threat prevention, are extremely simple to deploy and manage, and offer the flexibility of an ‘all-in-one’ solution that combines security and internet connectivity.”
He continued, “SMBs should also be looking for a consolidated and unified security suite that achieves a high level of protection across their network, endpoints, mobile and email. SMB security providers should use a prevention-first approach and one that cuts down TCO, by reducing the need to manage additional staff or security expertise. SMBs should also consider leveraging third party managed service providers to gain access to experienced cybersecurity professionals at an affordable cost. Third party advisors can provide expert advice on the best security solution for each SMB along with training and ongoing support.”
For more information about the Check Point SMB cybersecurity market survey, read the full report here.
Follow Check Point via:
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading provider of cyber security solutions to corporate enterprises and governments globally. Check Point Infinity’s portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware and other threats. Infinity comprises four core pillars delivering uncompromised security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry’s most comprehensive, intuitive unified security management; Check Point Horizon, a prevention-first security operations suite. Check Point protects over 100,000 organizations of all sizes.