Cyber security breaches continue to be a serious threat to businesses. Since 2020, cyber-attacks have grown at an exponential rate, with the United Nations reporting a staggering increase of 600%. This rate of increase is more than the industry is able to cope with and has left many businesses vulnerable.
The threat to SMEs
This is especially true for small and medium enterprises (SMEs), who often do not have the scale of resources or specialists in place to implement the level of security that is now required. As a result, cyber criminals have directly targeted these vulnerable businesses. According to Accenture’s Cost of Cybercrime Study, 43% of all cyber-attacks are aimed at small businesses, with only 14% adequately prepared to defend themselves.
The financial implications of these attacks can be devastating. With SMEs generally working to closer margins and with less robust contingency planning in place, a directed ransomware attack can be financially crippling and even lead to business closure. What action, then, can SMEs take to reduce this threat?
The role of a CISO specialist
Many companies are heeding this increased threat by incorporating a Chief Information Security Officer (CISO) into their business structure. A CISO is an experienced and dedicated cyber security specialist who focuses on implementing up-to-date security measures, business-wide best practice and cyber security policies, and working with all stakeholders to mitigate cyber security risks. This role is not a tick box exercise for business, but rather wholly practical, implementing measures specific to the organisation and their needs.
Cyber security skills shortage
With the increased risk from a myriad of cyber threats, the IT industry has struggled to keep up. There is a shortage of skilled cyber security staff across the globe. This means that those business looking to hire a dedicated CISO are finding it increasingly difficult to source specialists.
Outsourced CISO specialists
As well as those business who cannot find specialists, many SMEs will not have the budget, or the need, for a dedicated CISO. This is where working with an outsourced cyber security team can be a real asset.
An outsourced CISO specialist can provide SMEs with solutions to fit their particular security needs and budget. They can also be brought into a company for specific purposes, such as covering a new role, mentoring existing staff and assessing and advising on a breach that has taken place.
How we can help
SDT has experienced specialists that can advise your business on the latest IT security and risk management.