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Risk assessment data compiled by ConnectWise reveals most SMBs exposed to critical security risks

Nearly 70% of SMBs have not identified and documented cybersecurity threats, making them prone to risks and susceptible to any type of cyber attack.

Tampa, FL, 15 Oct 2019

Results of more than 1 000 risk assessments completed by ConnectWise partners reveal that the majority of small and medium-sized businesses (SMBs) do not have cybersecurity protection at the top of their agenda and are highly prone to risks and vulnerabilities. The risk assessments reveal that an alarming 69% of SMBs have not identified and documented cybersecurity threats, while two-thirds (66%) have not identified and documented cybersecurity vulnerabilities.

Beginning in autumn 2018 and continuing through this spring, ConnectWise’s managed service provider (MSP) partners around the world were offered free risk assessments using a tool from Sienna Group, now known as ConnectWise Identify, to assess its SMB customers’ security posture against a wide variety of malicious cybersecurity threats. While these assessments are still ongoing, results from the first 1 000 showing the top risks SMBs face have now been completed.

Data from the assessments also revealed the following facts about SMBs:

  • More than half (57%) have not informed and trained all users on cybersecurity;
  • Almost half (48%) have not analysed cybersecurity attack targets and methods; 
  • Almost half (48%) do not have a response plan for a cybersecurity incident; and
  • Over two-fifths (43%) do not have a recovery plan for a cybersecurity incident.

“These results highlight how unprepared many small business owners still are for cybersecurity attacks,” said John Ford, chief information security officer, ConnectWise.

Partly because of the intense media focus on massive security breaches like Equifax and Marriott, many SMBs continue to operate under the belief that security breaches only affect large enterprises. The fact that almost 70% of SMBs hadn’t identified and documented cybersecurity threats is a serious concern as sensitive company, employee and customer data would be susceptible to any type of cyber attack, whether it is ransomware, malware, taking down the company’s site via a DDOS (distributed denial of service) attack, or any other type of malicious activity taking place in this day and age.”

Attacks on SMBs are on the rise, and the associated costs can be detrimental to their business. In fact, the average cost from damage or theft of IT assets and infrastructure increased from $879 582 to $1 027 053, and the average cost of the disruption to normal operations increased from $955 429 to $1 207 965, according to the Ponemon Institute: 2017 State of Cybersecurity in SMB study.

As a result, SMBs are projected to grow their spending on remote managed security to an estimated $21.2 billion by 2021, making it the highest growth area in the managed services market.

“SMBs must consider the associated risks if such an attack were to take place as it would not just affect the company financially and its reputation, but its detrimental impact could even shut an organisation down,” Ford said. “This is why it’s important for them to work with MSPs to understand where their cybersecurity risks lie and how they can be remediated.”

ConnectWise Identify aligns with the Cybersecurity Framework written by the National Institute of Standards and Technology (NIST), which provides a way for organisations, including SMBs, to assess security risks and provide guidelines for identifying, protecting, detecting, responding to and recovering from cyber threats.

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ConnectWise is a software company that fuels Technology Solution Provider (TSP) growth. We provide the industry’s most popular platform for operating an As-a-Service business. Featuring the most extensive set of elegantly integrated functions, ConnectWise automates the full lifecycle of technology service delivery, from sales and service to project tracking and back-office functions, for more than 27,000 partners in more than 65 countries. We believe in an open ecosystem, the power of choice and providing a single pane of glass view. 

Editorial contacts

Elizabeth Bassler
Senior Manager, PR & Media Relations
EBassler@ConnectWise.com