10 SMB Cybersecurity Facts that MSPs Need to Know About Attitudes & Purchasing

Use10 SMB Cybersecurity Facts that MSPs Need to Know About Attitudes & Purchasing to Guide Your Next Pitch!

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In a tumultuous year for businesses, the cybercrime boom of 2020 broke all records, and cybercriminals are definitely not slacking off in 2021. Worldwide, cybercrime costs small and medium businesses more than $2.2 million a year.  From increases in cloud data breaches to surging ransomware risk, the business cybersecurity landscape has been growing more dangerous and more expensive for businesses of every size. Chaos spawned by the global pandemic combined with surging nation-state cybercrime and technology evolution has spawned a fast-paced atmosphere that has spawned new vistas of opportunity for cybercriminals and new vistas of risk for businesses.   

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 10 SMB Cybersecurity Facts that MSPs Need to Know 

• In 2020, 80% of firms saw an increase in cyberattacks 
• 60% of the information available on the Dark Web could potentially harm enterprises 
• 41%  of SMBs dealt with a cybersecurity mishap related to COVID-19 
• 60% of organizations that are hit by a successful cyberattack go out of business within 6 months 
• About 85% of IT professionals foresee a data breach at their organization in the next 12 months. 
• 62% of IT departments are tightening their budgets, 
• 55% of ransomware attacks now involve companies with fewer than 100 employees 
• 80% of firms experienced an increase in cyberattacks in 2020 
• 54% of small businesses think they’re too small for a cyberattack. 
• 3 out of 4 small businesses say they don’t have the personnel to address IT security 

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Cybercrime is High but Budgets (and Defenses) Are Low 

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Cybercrime rates have never been higher, and the cost of cybercrime is astronomical. However, in the wake of the COVID-19 pandemic, 62% of IT departments are tightening their budgets, yet cybercrime is increasingly prominent. That’s why an estimated 60% of companies that are hit with a cyberattack go out of business within 6 months. You would think that numbers like that would be a strong impetus for businesses to find and deploy the best defense against cyberattacks that they can afford, but that’s not the case. An estimated 60% of business leaders surveyed by IBM revealed that their businesses didn’t have any sort of defense against cyberattacks in place at all. 

Many business owners and executives in every industry don’t realize that cybersecurity should even be on their radar. Even worse, there are many SMBs and business executives that fail to understand the potential danger to their business that could come from just one cyberattack, like business email compromise or ransomware. One investigation into a cyberattack costs an average of $15,000 for SMBs. That’s just to find out what happened, not get back to work.  SMBs spend an average of $955,429 to restore normal business in the wake of a cyberattack 

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SMB Cybersecurity Spending Attitudes  

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• 60% of SMB owners feel that they will not face any kind of cybersecurity incidents. 
• Only 9% of SMB owners ranked cybersecurity as an important success factor  
• 18% of SMBs ranked defense against cyberattacks as the least important factor in their success. 
• 25% of SMB execs said that they wouldn’t know where to even start with SMB cybersecurity 
• Over 65% of senior-level decision-makers said they didn’t believe the businesses for which they’re responsible would ever fall victim to a cyberattack 
• One in five companies do not use any endpoint security whatsoever 
• One in three small businesses with 50 or fewer employees rely on free or consumer-grade cybersecurity tools for all of their cyber defense 
• 25% of small business owners in a recent cybersecurity awareness survey didn’t even realize cyberattacks would cost them money. 
• 83% of small businesses haven’t put cash aside for dealing with a cyberattack. 

The most recent CNBC /Momentive Small Business Survey expands on that unfortunate conclusion, and the results were no less disturbing. Even with skyrocketing data breach increases, a stunning 56% of the SMB owners surveyed said they are “not very concerned” about being the victim of a cyberattack in the next 12 months, and among those, 24% said they were “not concerned at all.” Many also dismissed the seriousness of today’s biggest risks. The same survey discovered some even more disturbing findings. The SMB owners were generally quite confident (59%) that even if they were hit with a cyberattack, they’d quickly resolve it. Only 37% were “not very confident” and only 11% were “not confident at all.”  

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Grow Your SMB Cybersecurity Sales with ID Agent 

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Putting your best foot forward and establishing your expertise upfront is critical to your MSP’s success in capturing new clients – 67% of companies engage a vendor’s sales team after they have already made a purchase decision. ID Agent can help. Just like your clients and prospects, security should be high on your priority list as a great way to grow your MSP.  

The ID Agent Digital Risk Protection platform has everything that you need to provide strong security for businesses of any size that is an excellent value for you and your clients including: 

BullPhish ID  maximizes your client’s training investment by offering lessons on topics like phishing, compliance, password safety, security hygiene and more. Choose from our plug-and-play complete training modules and phishing simulations or customize the content to reflect the unique industry risks that employees face daily.   

Dark Web ID features 24/7/365 always-on monitoring that alerts businesses when their credentials appear on the dark web, reducing nasty third-party credential exposure risk. Automated alerts and reporting mean that your team doesn’t need to spend time staring at a dashboard to stay informed.   

Passly is an incredible value, packing so much bang for the buck. Essentials like multifactor authentication, single sign-on and secure shared password vaults make remote management and access control easy, and automated password resets will make everyone happy. 

See these solutions in action in short demonstration videos: https://www.idagent.com/learn-more  

Don’t just take our word for it. ID Agent solutions help MSPs drive revenue fast. Hear what our partners have to say about the benefits of teaming up with ID Agent: https://www.idagent.com/case-studies/ 

Show your customers that you’re taking their pain points seriously and addressing their top concerns by enhancing your menu of security options, giving your MSP an edge over the competition while establishing immediate credibility in the security sphere. Our partners typically realize ROI in 30 days or less. See why nearly 4,000 MSPs in 30 countries choose to partner with IG Agent. BECOME A PARTNER>> 

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