SMB owners are facing a new, and potentially even more dangerous threat: cybercrime. According to a new report by JumpCloud, more than half of IT administrators say cybersecurity is the biggest challenge confronting SMBs. Network attacks, software vulnerability exploits, and ransomware attacks ranked as the top three more worrisome security concerns.
There are plenty of things businesses can do to thwart online attacks. These includes requiring multi-factor authentication (MFA), single sign-ons (SSO), and biometrics to secure personal devices. However, an overall fatigue and lack of motivation for implementing these types of security measures is an obstacle. Two-thirds of those surveyed by JumpCloud said they are concerned about multi-factor authentication fatigue attacks.
In a statement, JumpCloud CEO Rajat Bhargava said the Q4 2022 SME IT Trends Report makes it clear that IT teams are sounding the alarm on cybersecurity. It would be wise for SMBs to listen up now, before it’s too late.
CEO Rajat Bhargava
“[SMBs] would be wise to listen to IT teams’ concerns about the vulnerabilities introduced by tool sprawl and cuts in security budgets. As well as their pleas for tool consolidation and enhanced security,” Bhargava said. “Improving security and reducing costs can go hand in hand with a platform approach that delivers both, offering secure access, improved productivity, and a better overall experience for end users and the IT professionals managing their tech access and apps.”
The growing complexity of internal and external environments is putting pressure on modern workplaces. Making it harder for smaller organizations to adapt. Shrinking budgets and SaaS tool sprawl—an issue we’ve covered extensively—are a problem, as well.
Most business owners understanding the threat that cybercriminals now pose with regards to data loss and SaaS applications. Yet 44% of those surveyed by JumpCloud expect security spending cuts in the coming year. Forty-one percent said they expect their budgets to remain unaffected.
Perhaps the biggest takeaway: Three-quarters of small and mid-size organizations expect organizational risk to increase. A direct result of cybersecurity budget cuts. Further, the majority of IT administrators are more concerned about their business’ security posture now than they were six months ago.
An Evolving Landscape
The landscape for small to medium-sized enterprises has been fundamentally changed since the Covid-19 pandemic. In particular, the transition from in-person to remote work has opened the door to increased cyber crime threats.
According to the JumpCloud survey, 58% of IT administrators say hybrid work makes it harder for employees to follow good security practices.
In an effort to address those vulnerabilities and mitigate risk, more businesses have begun integrating SaaS software and systems. More than half (56%) of SMEs now employ a cybersecurity staff member. Their roles is dedicated to identifying vulnerabilities and performing fixes. That’s up from 45% in April.
Another important change involves the adoption of single sign-on (SSO) solutions designed to streamline the login process. In April of 2021, just 20% of organizations had implemented SSO. Now, 18 months later, 46% say SSO is required across the entire organization and just 11% say they haven’t deployed SSO at all.
To read JumpCloud’s complete report, click here.