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Small businesses may think they won’t be targeted by cybercriminals, but they would be wrong.

With the increase in the number of cyberattacks, chances are that small and medium businesses (SMBs) will suffer their share of attacks. According to the IT Governance USA Data Breaches and Cyber Attacks – USA Report 2024, 6.8 million known records were breached in more than 2,700 publicly disclosed incidents within a 5-month period.

Hackers that use ransomware, one of the most popular attack vectors, sometimes target SMBs because they think smaller businesses are more likely to pay a small ransom than to shell out the big bucks for remediation. During December of 2023 and February of 2024, ransomware accounted for approximately 50% of cyberattacks.

To combat today’s advanced and pervasive threats, small businesses need to use managed security services to strengthen their cybersecurity.

Cyberthreats are continuously evolving, becoming more sophisticated and exploiting new attack vectors. For example, many companies are concerned about the effect Generative AI will have on the risk landscape. The 2024 Annual Threat Assessment of the U.S. Intelligence Community identified Gen AI as a disruptive technology that creates “unintended consequences— from rampant deepfakes and misinformation to the development of AI-generated computer viruses….”

To ensure that your company is prepared to defend itself against emerging threats, you should assess your security needs and strategies regularly. Evaluating your security requirements allows your company to adapt with changes in the threat landscape and develop custom security strategies to keep ahead of security risks.

Use this 10-item checklist to assess how your company is addressing cybersecurity and to prepare to make any necessary improvements.

Gartner forecasted that global cloud spending will increase 21% during 2023 to reach $592 billion, with $42 million going to cloud management and security. 

Although companies are investing in cloud security, they may not understand who is responsible for which aspects of protecting cloud assets. While the cloud provider takes care of infrastructure security, the customer is usually accountable for securing applications and data. 

To protect their cloud resources adequately, organizations need to assess their cloud security to understand the risk landscape, bridge gaps in security, and meet compliance requirements, as well as to find the right ways to prevent and respond to attacks. 

Today’s companies need to stay at least one step ahead of cybercriminals by taking a proactive approach to IT security. Preventing a breach, such as a ransomware attack, is better than remediating an attack that has already taken place. By that time, attackers have already shut down systems and compromised or stolen sensitive data. 

The recent malware attack on U.S. Federal Agencies, including the Treasury Department, underscored how no organization is truly safe from cybercrime. Hackers, who were allegedly Russian, were able to compromise agency email systems by infecting third-party software from SolarWinds.