Cybersecurity is another area that has become a core business issue. With everyone working from home, companies have become far more vulnerable to attack than ever before. According to Verizon, SMBs accounted for 46% of all digital attacks in 2020. PwC’s Incident Response Team also reported that 86% of all cyber-related incidents it had to deal with in 2020 could be attributed to cyber criminals, up from 71% before the pandemic. IDC Predicts by 2024, 33% of SMBs will experience security breaches quarterly causing business disruptions of at least one week per quarter.
At the same time, more businesses now want to do security audits on the companies they work with to ensure they have cyber systems in place. Tosca, for instance, had to accelerate its security plans to replace outdated security infrastructure because a client it was pursuing required a digital security audit. Within two months, Tosca implemented Microsoft’s platform as a service security solution – a cloud model where security responsibly is shared between the cloud provider and the company itself.
Unfortunately, not all companies can move as quickly as Tosca. When many medium-sized businesses started, they were more concerned about getting the right product and service into market than protecting against a cyber-attack, and as a result may not have prioritized cybersecurity. This may ring true for your business. You may have bought cybersecurity software as your company has grown, but it may not have evolved along with the threats.
According to PwC’s 2022 Digital Trust Insights Survey, 69% percent of organizations predict a rise in cyber spending in 2022 compared to 55% last year. Over the last few years, numerous cloud-based security solutions have come to market. Because they operate in the cloud, they can detect threats and protect your people and data from anywhere. Many of these tools are more proactive – they identify and stop threats before they happen, instead of alerting you to a break-in after it happens. With automatic updates and credentialling, cloud applications are trustworthy and dependable, with clear performance monitoring to ensure that your tech is doing its job.
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Source: Microsoft, SMB Digital Cloud Journey.