In his keynote address from Trava's #BeCyberSmart: Cybersecurity Awareness for Today's SaaS Companies live event, Trava co-founder and CEO Jim Goldman answers the question, "How should I be thinking about cybersecurity?”
Business leaders will learn what a comprehensive cyber risk management program should look like, why each component is critical, and common pitfalls small business leaders face when implementing cyber risk management.
Small and medium businesses face major cybersecurity risks and they know it. Statistics indicate the majority of SMBs have been victimized or live in fear of an attack. Furthermore, 88% of small business owners believe they’re vulnerable to one.
Actual numbers show they're indeed at risk. In the past 12 months, 66% of small businesses experienced a data breach, costing them about $149,000. Yet, despite their fears and risks, the majority of SMBs remain uninsured or under-insured, and without a digital risk management plan in place. Why is this?
A large percentage of SMBs don’t have sufficient cyber risk management plans in place, but reasons for this vary. For the most part, many don’t fully understand what a comprehensive cyber risk plan entails or how to develop one. Essentially, these SMBs avoid conducting cyber risk management because they “don’t even know what they don’t know.” In other words, they procrastinate finding a solution because they aren't sure where to start.
SMB leaders face numerous pitfalls when it comes to cyber risk management. One big one is the fact that customers, vendors, and business partners often withhold business until certain terms are met, which include specific amounts of cyber liability insurance, certifications, and completing security questionnaires.
Needing these criteria puts SMBs in a conundrum because many know they’re at risk, but aren’t sure how to implement solutions to mitigate cyber incidents. Even when they pursue solutions, they stumble into a very crowded managed service provider (MSP) landscape, heightening their confusion about the variety of cybersecurity tools to choose from.
Business owners of SMBs generally aren’t IT specialists. To solve their IT issues, they typically turn to MSPs for solutions. However, while MSPs offer good solutions, their tools aren’t necessarily tailored to fit the precise needs of a company’s specific industry because there isn’t a one-size-fits-all solution for all businesses. Essentially, a random collection of cybersecurity tools doesn’t equate to a comprehensive cybersecurity program.
So, how is the average business owner supposed to choose the best tools for their company?The answer is to pursue cyber risk management before selecting cybersecurity tools because it’s critical to think of cybersecurity from a holistic sense. SMBs need to fully understand the particular problems they face before seeking a solution.
Trava uses digital risk management software to uncover your specific cybersecurity needs. We’re firmly committed to connecting our clients with the right solutions that make sense for their company.