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Cybersecurity GlossaryGuide to the most common, important terms in the industry
91% of SMBs Would Consider Using or Switching to a New IT Service Provider if Offered the "Right" Cybersecurity Solution
Three-quarters of SMBs worried about being the target of a cyberattack in the next six months
Cybersecurity remains a top priority for SMBs worldwide, as revealed in a survey conducted by Vanson Bourne and commissioned by ConnectWise, the leading provider of intelligent software and expert services for technology solution providers (TSPs). The second annual ConnectWise SMB State of Cybersecurity report released today found that more than three-quarters of the respondents worried they will be the target of an attack in the next six months, and 91% of SMBs said they would consider using or moving to a new IT service provider if it offered the “right” cybersecurity solution.
Sixty-eight percent of respondents said the “right” offering means having confidence in an MSP’s ability to respond to security incidents, while 58% stated it’s having confidence in an MSP’s ability to minimize damage or loss.
“There is an increased market opportunity for MSPs who participate in an ongoing basis in cybersecurity training, remain current on the latest threats, and become versed in cybersecurity technology,” said Jay Ryerse, CISSP, vice president of cybersecurity initiatives for ConnectWise. “As MSPs raise their understanding across the entire cybersecurity discipline, they find themselves strongly positioned for growth in a post-pandemic economic recovery, emerging from the experience stronger and more agile, and with customers better prepared for the cybersecurity challenges that lie ahead.”
With 86% of SMBs placing cybersecurity within the top five priorities for their organization, six in 10 will invest more in cybersecurity because it reduces risk for their organization. The research also highlights that over half of SMBs surveyed (52%) agree they lack the in-house skills necessary to properly deal with security issues, and 49% of SMBs find more cybersecurity expertise as an added benefit of working with an MSP.
This interest in cybersecurity investment suggests SMBs are seeking out MSPs to help close the skills gap and presents a growing market opportunity for MSPs to protect clients against the expanding threat landscape.
“The survey’s findings show what we know to be true: Confidence remains a key factor for SMBs in choosing the ‘right’ MSP offering for their business needs,” said Ryerse. “Currently, only 13% of SMBs are having regular cybersecurity-related conversations with their MSP. Even more worrisome is the fact that 29% of SMBs talk to their MSP about cybersecurity only after they have suffered an incident. It’s clear that MSPs must work to reinforce that confidence and build closer relationships with their clients.”
While COVID-19 has resulted in an increase in the number of cyberattacks, the pandemic did not significantly impact respondents’ views towards prioritizing cybersecurity. However, COVID-19 has raised new concerns for SMBs, with 79% of respondents worrying about their remote devices or remote employees being breached. As SMBs continue to explore and expand their remote workforce, this can also present areas of growth for MSPs.
The study was carried out between June and July 2020 and gathered information from 700 IT and business decision makers who are involved in cybersecurity in their organization. The research reveals that cybersecurity continues to be top of mind for SMBs globally, with respondents coming from the U.S. (300), the U.K. (150), Canada (100), and Australia and New Zealand (150). Respondents’ organizations have between 10 and 1,000 employees and belong to a range of sectors.
To read the full report, ConnectWise’s SMB State of Cybersecurity, is available for download here.
ConnectWise is the world's leading software company dedicated to the success of IT solution providers (TSPs) through unmatched software, services, community, and marketplace of integrations. ConnectWise offers an innovative, integrated, and security-centric platform—Asio™—which provides unmatched flexibility that fuels profitable, long-term growth for partners. ConnectWise enables TSPs to drive business efficiency with automation, IT documentation, and data management capabilities and increase revenue with remote monitoring, cybersecurity, and backup and disaster recovery technologies. For more information, visit connectwise.com.