For smaller and mid-size companies (SMEs), the cyber risk threat has intensified because of their growing reliance on outsourcing for services, including managed IT and cyber security providers, given these firms lack the financial resources and in-house expertise of larger organizations.
As larger companies have ramped up their cyber protection, criminals have targeted smaller firms. SMEs are less able to withstand the business interruption consequences of a cyber-attack. If a small company with poor controls or inadequate risk management suffers a significant incident, there is a chance it might not survive.
“SMEs should remain vigilant and have a clear understanding of the risks involved and allocate ample resources in terms of personnel, IT infrastructure, and budget to implement the required security measures,” says Rishi Baviskar, Global Head of Cyber Risk Consulting, Allianz Commercial.
“Initiating a conversation with an MSSP [Managed Security Service Provider] can serve as an excellent initial move, allowing for the creation of an IT budget and strategy tailored to the business’s specific priorities.”
Businesses can…
