Cybersecurity
MSPs: The unsung heroes protecting SMBs
Brian Thomas, channel programmes lead at Malwarebytes, explores how MSPs can help SMBs in the channel navigate cybersecurity during the cost-of-living crisis
N
ot only did the pandemic put small and medium-sized businesses (SMBs) on the back foot, but the growing likelihood of
corporation tax rises under the new UK government has significantly increased economic pressures on firms and further fed into the cost-of- living crisis. With the UK’s inflation rate hitting a 40-year high, it’s no surprise that in August alone around 2,000 small businesses fell into administration, a 43% increase compared with August 2021. Tight wallets, coupled with wider political instability, has stifled the confidence of many small business owners. At the same time, a similarly pervasive threat
has been looming over SMBs. This year, half have experienced a cyberattack, with 54% of those firms being subjected to financial losses. In effect, the move to digital – accelerated by Covid-19 – has brought with it a great number of cyber vulnerabilities. Cyber-criminals are constantly finding new ways to infiltrate businesses’ digital infrastructure. In fact, some attacks can be so advanced that they may go undetected for long periods of time. Fortunately, this is where MSPs come in. They can act as instructors on
how to understand ransomware and choose the right technology to help protect businesses. Cooperating with experts in the cybersecurity space will enable SMBs to identify the root of their cyber-vulnerabilities and get
34 | March 2023
ahead of the problem, rather than retroactively trying to solve issues.
What are the risks that SMBs face? The cost of failing to adhere to contractual commitments due to a cyberattack when working as part of a supply chain is enormous. That is why SMBs must be astute when it comes to knowing the specific threats that are out there. There are two main digital weapons they should look out for:
1) Ransomware Ransomware is public enemy number one, and it is extra-threatening right now while firms are already in a fragile financial state. There is simply
not enough in the budgets of many SMBs to account for paying ransomware fees. Smaller businesses need to increase their cybersecurity awareness, as a failure to do so will make them a bigger target for ransomware criminals.
2) Phishing Another increasingly common weapon deployed by cybercriminals is ‘phishing’, often referred to as social engineering attacks. These attacks have evolved simply from being fraudulent messages designed to trick people,
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