Cybersecurity for Small and Midsize Businesses: A New Opportunity for Service Providers

Introduction

Small and midsize businesses (SMBs) need and want cybersecurity. In their 2021 Cyber Readiness Report, Hiscox stated, “The proportion of firms attacked rose from 38% [in 2020] to 43% [in 2021]. Many suffered multiple attacks.” Security is a global problem: A Cyber Security Breaches Survey conducted by the U.K.
government in 2021 found 37% of micro firms (1–9 employees), 39% of small businesses (10–49 employees), and 65% of medium businesses (50–249 employees) identified breaches or attacks in the last 12 months. Given the similarities in the responses it’s not unreasonable to conclude that small businesses with meaningful assets everywhere in the world are being targeted. This white paper will explore:

• SMB exposure on the internet, and unique challenges they face dealing with security threats

• How ISPs can help SMBs address their security exposure
• The market opportunity for SMB security, and how providers can build a business case