Cybersecurity: What do small and medium businesses need?

Cybersecurity

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This article is part of: Cybersecurity

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We surveyed the market to deliver practical guidance for solution providers seeking to capitalise on the growing SMB cybersecurity trend.

STL Partners’ survey results indicate that cybersecurity is of high importance to small and medium-sized businesses (SMBs), with 91% saying that it is a top priority for their management. The majority expect to increase their investment in cybersecurity in the future, but many need help managing this important aspect in an increasingly digitised economy.

We surveyed 826 IT decision-makers across seven markets (Australia, Canada, France, Germany, Spain, the UK and the US) to understand how SMBs manage cybersecurity, what they think of it and what worries them, how they purchase solutions and what they expect to change in the future.

The survey also explores the current structure of the market and the opportunities for telcos. We look at which group of solution providers is winning, with whom SMBs prefer to work and what their appetite is for purchasing cybersecurity solutions from telcos.

SMBs care about being protected online, but managing cybersecurity is challenging

Further findings from the research:

  • Cybersecurity solution providers should be prepared to address SMBs as a heterogenous group, with varying levels of understanding of cybersecurity.
  • Selling cybersecurity to SMBs is complicated by the fact that for almost half of them, cybersecurity is managed by a non-expert.
  • For a large share of SMBs, cybersecurity is a prerequisite for working with some of their clients.
  • Top management is often involved in the purchasing of cybersecurity solutions, typically providing final approval. Cybersecurity providers should be able to address the needs and the concerns of both technical staff and the business’s senior management.
  • Telcos enjoy a high level of awareness of their cybersecurity propositions and a high openness to be considered by SMBs as a supplier in the future. However, they feature quite low on the leaderboard of preferred suppliers. They have work to do improve their position in the market.

The report includes detailed recommendations for cybersecurity solution providers. It also features some specific recommendations for telcos to help them capitalise on the trend of growing cybersecurity spending by SMBs.

Five key steps to unlock the SMB cybersecurity opportunity

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Content of the full report

  • Executive summary and recommendations
  • Introduction and sample
  • Organisation and management of cybersecurity
  • Importance of cybersecurity
  • Challenges SMBs face
  • Current adoption of cybersecurity
  • Purchasing journey
  • Expectations for the future
  • Consideration of telco propositions

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Nicola Warren

Author

Nicola Warren

Senior Analyst

Nicola Warren is a senior analyst, leading the Transformation Leadership research service at STL Partners.