It was never easy for SMBs to compete against the big fishes in the market. SMBs are predicted to face more challenges because of the COVID-19 outbreak.
SMBs already have their challenges, but the technical threats are also something these SMBs are worried about. They need to be prepared for the many technical threats post covid period has for them.
4 Major Problems faced by SMBs are below
1) Data Privacy and Compliance
It is estimated that more than 35 million business records have been breached in just the first quarter of the year 2022, and these numbers are reportedly not coming down any sooner. SMBs are facing a varied level of problems in context to their data privacy regulation and compliance.
A study conducted by Bullguard shows that 60% of small businesses strongly believe they are not a direct target of hackers. However, as reported by business.com, 43% of data breaches in 2020 happened in SMBs. As can be predicted, these breaches are a result of the lack of seriousness and awareness amongst SMBs regarding cyber #threats.
3) Pricey solution
It’s not easy to run a business on a limited budget and buy an expensive #security solution. The cost of good software is a big concern for SMBs because it affects the profits earned by them. SMBs are always stuck between choosing business over pricey security solutions.
4) Unwilling to upgrade their security system
New security solutions need a lot of resources in regards to understanding the system and breaking it down for the employees. More often than not, these systems require a skillful team for comprehending these systems and maintaining them. Lack of resources and time also leads these SMBs to install one security solution and use it till the time their system does not break down.
Cybersecurity is a serious concern. No matter how big or small an organization is, #cybersecurity is something all organizations need to worry about. With increasing unemployment and technological exposure, the threat to data is growing. SMBs should become more considerate about cybersecurity-related issues and address them before they face a serious loss.