Proactively combating increases in cyber threats against SMBs

As the imminent threats of data breaches and cyber crimes continue to stoke fear among businesses, do small- to medium-sized businesses have the resources to protect themselves?

As previously reported on HR Leader, there is a worrying shortage of technical cyber security skills among the Australian workforce. For SMBs that often lack the resources to implement stringent cyber security measures, a shortage in the industry could spell a disaster for them.

StickmanCyber released its report, Australia’s Cyber Security and Technical Skills Gap, which focused on the cyber security shortage that’s happening across Australia.

As it stands, there are only 11,387 cyber security workers in the entire country in vital roles such as penetration tester, cyber security engineer, cyber security analyst, cyber governance risk and compliance specialist.

According to the report, only 3 per cent of all Australian ICT professionals are currently in specialised cyber security positions, meaning that there is just one pro for every 240 Aussie businesses.

If you put the data in a broader context, based on there being 2.6 million businesses in Australia, there is roughly one ICT worker for every seven businesses.

With bad actors seemingly shifting focus to the more vulnerable smaller enterprises, the shortage of cyber security professionals is a bad mix for SMBs that may attempt to apply an expert to protect their data.

According to a new report by ESET, 76 per cent of respondents agreed that smaller-sized businesses were more vulnerable to cyber attacks.

“Our report reveals that although SMBs are confident in their security measures and IT expertise, the majority still faced cyber security incidents over the past year. They feel more vulnerable compared to larger enterprises, underscoring the critical need for SMBs to enhance their security posture,” said Parvinder Walia, president of Asia-Pacific and Japan (APJ) for ESET.

Emerging as the top concerns for Aussie SMBs were email phishing and ransomware, with 72 per cent concerned about these threats, and an alarming amount even considering paying in the event of a ransomware.

“It is crucial for SMBs to understand that paying cyber criminals only perpetuates further cyber crime. Instead, they should focus on implementing proactive measures to prevent cyber attack,” said Walia.

Not having the security measures in place opens the option of just paying the bad actor to retrieve their data. It’s a sad predicament for SMBs that may lack the resources and economic fortitude to pay for measures that larger enterprises can, and when you pair that with the overall shortage of cyber security professionals, SMBs are without a doubt getting the short end of the stick in this space.

The report, however, revealed some of the potential safeguards that Aussie SMBs can deploy to dispel cyber crime from threatening their organisation.

• Increased investment in cyber security: Forty-two per cent anticipate a rise in cyber security spending over the next 12 months, with 18 per cent of these firms expecting to do so by more than 80 per cent. In contrast, firms in Japan and India exhibit a more aggressive approach, showing a stronger inclination towards increased cyber security expenditure.
• Potential third-party outsourcing: Thirty-six per cent of SMBs currently outsource a portion of their cyber security responsibilities to a third-party service provider, while 24 per cent manage cyber security in-house and do not plan to outsource. Looking ahead, 19 per cent intend to outsource some or all aspects of cyber security within the next 12 months.