Cybersecurity Solutions for Small and Medium Businesses (SMBs)

Small and medium businesses must prioritize cybersecurity to avoid financial, legal, and reputational risks. Using a unified cybersecurity platform or partnering with an MSSP offers effective, cost-efficient protection for endpoints and networks.

This article will help you make an informed decision between the two solutions.

Why is cybersecurity important for small businesses

Small businesses are increasingly becoming targets for cybercriminals. So, cybersecurity is becoming a concern for them too. While SMBs have fewer defense tools than large enterprises, they still hold sensitive data, making them a target for hackers.

Cyberattacks can lead to devastating consequences:

financial losses
legal liabilities
irreparable damage to your business reputation

SMBs often lack the resources to recover from such attacks. This means the impact can be even more severe compared to larger organizations.

Why are SMBs interesting targets for cybercriminals

Picture your business as a small but valuable jewel. Cybercriminals, like pickpockets, often go after these “easier” targets, knowing they may lack sophisticated security measures. Many small businesses operate under the false assumption that they are too small to attract hackers’ attention. This misconception makes them easy targets.

Additionally, SMBs may hold valuable data, such as customer information and financial records. That’s an interesting asset for cybercriminals.

However, the increase in cyberattacks targeting SMBs has another strong reason. Cybercriminals now use automated tools for vulnerability scanning. These tools don’t check business size.

Hackers will automatically use their exploit kits on any organization vulnerable to a certain flaw. Small and medium businesses that overlook patching and threat detection are the first to fall victim to widespread attacks, like SQL injection or brute force.

Main risks in case of a cyberattack

Financial Losses

The financial consequences of a cyberattack can be overwhelming. According to the Verizon 2023 Data Breach Investigations Report, the median cost per ransomware attack reached $46,000. Ransomware now accounts for 32% of all breaches. This figure doesn’t include hidden costs, such as potential loss of business and customer trust.

Legal Liabilities

Beyond the direct financial costs, SMBs also face potential legal liabilities. Regulatory fines can pile up if your business fails to comply with data protection laws. Imagine losing money to both hackers and authorities for not protecting your customers’ data.

Reputation Damage

A cyberattack can tarnish your reputation, making customers hesitant to do business with you. According to various studies, customers are less likely to trust SMBs that have experienced a data breach, leading to lost sales and a damaged brand image.

Essential Cybersecurity Tools for SMBs

Small business owners need a robust set of tools to defend against cyber threats at a price they can afford and with minimal human intervention.

Firewalls

Consider these your business’s digital gatekeepers, blocking unauthorized access. A firewall acts as the first line of defense for your business by filtering incoming and outgoing network traffic.

Next Generation Antivirus (NGAV)

These are more advanced than traditional antivirus software. NGAVs are effective for detecting and neutralizing even sophisticated cyber threats. Compared to traditional solutions, they analyze the behavior of files and processes to identify suspicious activity, even if it’s unknown. Regular antivirus solutions are only effective for protecting against known threats.

Multi-Factor Authentication (MFA)

MFA adds an extra layer of security by requiring multiple forms of identity checking. Think of this as an extra lock on your front door, double-checking who gains access.

Password Management

Password management tools store your keys (passwords), ensuring they don’t fall into the wrong hands. These tools also allow small and medium businesses to create as many strong passwords as possible without having to remember any.

Endpoint Detection and Response

EDRs monitor your digital premises for suspicious activities like a vigilant security camera. They typically provide continuous monitoring and response to potential threats on your endpoints.

DNS Security

DNS Security tools prevent hackers from redirecting your web traffic to malicious sites. They can also detect malicious communication attempts and block them before they can do any harm.

Ransomware Encryption Protection

Ransomware Encryption Protection (REP) detects and blocks data encryption attempts.

Automated Patch Management

Automated patch management closes security gaps by automatically updating software with the latest security patches.

Privileged Access Management

Privileged Access Management (PAM) solutions control and monitor access to critical systems and data. You can use them to monitor, escalate and de-escalate privileges.

Email Security

Email security tools protect against threats like phishing. In 2023, the median time for users to fall for phishing emails was less than 60 seconds. Phishing attempts can result in credential stealing and malware deployment.

Remote Desktop

As small and medium businesses continue to adopt remote work, the need to allow employees to access data and apps via a virtual private network or remote desktop rises. Remote Desktop Security secures remote access, ensuring only authorized users can log in.

The 4 types of cybersecurity solutions for SMBs

Small and medium businesses have various ways of dealing with their cybersecurity needs. Most are restrained by budget and have few to no IT security trained employees. Depending on their industry compliance goals, infrastructure complexity, and resources, they often choose one of the following solutions.

Implementing a unified cybersecurity platform

A unified cybersecurity platform integrates various security tools into a single, cohesive solution. This approach simplifies management and provides better visibility across the entire network.

Heimdal’s XDR platform is a prime example of how unification enhances protection. According to Morten Kjaersgaard, Chairman and Founder of Heimdal, this XDR platform offers the “widest unified cybersecurity solution.”

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Here’s more on why consolidating your cybersecurity tools adds value.

Advantages of a Unified Platform:

Simplified Management: Centralized control and monitoring make it easy to manage even for a small IT team.
Better Visibility: Holistic view of the entire network enables quick detection and response to threats.
Seamless Integration: All the tools you need work together and communicate in real-time to prevent and contain potential incidents.

Partnering with a Managed Security Service Provider (MSSP):

An MSSP offers 24/7 monitoring, expert knowledge, and scalable security solutions. By partnering with an MSSP, small businesses can effectively manage and mitigate cyber risks without paying and training an in-house IT team.

Benefits of Partnering with an MSSP:

24/7 Monitoring: Continuous network surveillance to detect and respond to threats in real time.
Expert Knowledge: Access to cybersecurity professionals who can provide insights and recommendations.
Scalable Solutions: Flexible services that can grow with the business.

Partnering with a Managed Service Provider (MSP)

An MSP manages your SMB’s IT infrastructure and addresses security concerns. Imagine having a dedicated team that handles your technology needs and ensures your business is protected from digital threats. This holistic approach ensures that all aspects of the business’s technology environment are secure and functioning efficiently.

Learn more about the MSP landscape.

Benefits of Partnering with an MSP:

Comprehensive IT Management: Covers both IT infrastructure and cybersecurity, reducing the burden on internal teams.
Proactive Security Measures: Regular updates and maintenance to prevent security vulnerabilities.
Cost-Effective: Bundled services can be more economical than purchasing separate IT and security solutions.

Single-purpose tools

Using a mix of single-purpose tools from different brands and open-source software is usually less effective. Threat detection and incident response will work slower due to compatibility issues and a lack of communication between tools.

Cybersecurity tips for small businesses

To strengthen your overall security posture, consider the following best practices:

Employee Training: In 2023, human error caused 68% of data breaches. Regular cybersecurity training can prevent mistakes and protect your business.
Regular Software Updates: The WannaCry ransomware in 2017 exploited outdated Windows software, leading to massive disruption. Keep all software updated to avoid similar attacks.
Data Encryption: Like larger enterprises, SMBs must start treating sensitive data as priceless assets. To protect sensitive data both at rest and in transit, they must encrypt it.
Secure Backup Practices: Implement secure backup solutions to ensure data can be recovered in case of a breach or ransomware attack.
Access Control: Implement access controls to restrict data access, following the principle of least privilege.
Monitor and Audit: Regularly monitor network activity and conduct security audits to identify potential risks.

Cost-Effective Cybersecurity Solutions for SMBs

Cost-effectiveness is a critical factor for SMBs when evaluating cybersecurity solutions. The goal is to find a solution that offers robust protection without straining the budget.

To do this, weigh the costs and benefits of options like MSSPs, unified platforms, and standalone tools.

Key Factors to Consider:

Scalability: Can the solution grow with your business? A scalable option adapts to your needs without a complete overhaul, making it cost-effective in the long run.
Ease of Use: User-friendly solutions require less training and fewer resources, saving time and money.
Long-Term ROI: While a comprehensive cybersecurity solution may seem expensive initially, it can save significant costs by preventing breaches, reducing downtime, and avoiding fines.

Heimdal’s XDR platform offers the best balance of cost, ease of use, and long-term value. This makes it ideal for SMBs looking to protect their assets without overspending. It offers a unified, scalable solution that integrates seamlessly with your existing infrastructure.

Heimdal’s advanced threat detection and automated response reduce the need for manual work. This lowers resource use and increases ROI over time.

The next level of security – powered by the Heimdal Unified Security Platform

Experience the power of the Heimdal cloud-delivered XDR platform and protect your organization from cyber threats.

End-to-end consolidated cybersecurity;
Complete visibility across your entire IT infrastructure;
Faster and more accurate threat detection and response;
Efficient one-click automated and assisted actioning

Conclusion

The number of cyberattacks on SMBs is rising. Hackers don’t just target large enterprises; small businesses are equally vulnerable to phishing attacks, social engineering, and ransomware.

Preventing an attack is far cheaper than paying for the consequences. Unified cybersecurity platforms, such as Heimdal’s XDR, offer comprehensive protection and simplified management, making them the best choice for small businesses looking to safeguard their operations without breaking the bank.

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Livia Gyongyoși is a Communications and PR Officer within Heimdal®, passionate about cybersecurity. Always interested in being up to date with the latest news regarding this domain, Livia’s goal is to keep others informed about best practices and solutions that help avoid cyberattacks.

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