IT Resilience
With tightening budgets and a lack of skilled IT professionals, this article focuses on key areas for investment to reduce risk and future-proof your business.
A Challenging Landscape for SMBs
The threat landscape has worsened in the past six months. A recent industry study reveals:
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Email-Based Threats: 75% of companies report increased email threats, with 97% targeted by phishing attacks. 20% of those hit with phishing attacks received ransomware demands, and only half of the companies that paid recovered their data.
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Data Loss and Business Impact: 60% of businesses that lose their data shut down within six months, and 72% of businesses that experience major data loss close permanently within two years.
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Cyber Insurance: SMBs are finding it increasingly difficult to get cyber insurance without certain security measures. 28% of businesses applying for cyber insurance were denied in 2023, and 96% had to implement new security solutions to qualify.
SMBs that continue to run outdated systems, such as Windows 10, face additional risks. With Windows 10 support ending in October 2025, businesses need to migrate to Windows 11 or face exposure to security threats.
Upcoming Changes to Prepare For
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DMARC Email Authentication: By February 2024, all businesses that send bulk emails or handle online payments must implement DMARC to prevent email spoofing and phishing attacks. Failing to do so will reduce email delivery rates and harm sender reputation.
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Windows 10 End of Life: Windows 10 support ends on October 14, 2025. Businesses must upgrade to Windows 11 to continue receiving critical updates and security patches.
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PSTN Retirement: The analog phone network will be retired in December 2025, meaning businesses need to migrate to modern digital lines. This will also affect alarms, telecare systems, and other devices connected to phone lines.
It’s important to act now to avoid disruptions and outpace demand for services like migration and upgrades.
Where Else Should SMBs Focus?
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Infrastructure Modernization: Unsupported systems are vulnerable to data breaches and incompatible with new technologies. SMBs should replace outdated systems like analog phone lines and Windows 10 with modern digital and cloud solutions to increase efficiency and security.
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Cyber Security Resilience: A multi-layered approach to cyber security, including certifications like Cyber Essentials Plus, advanced anti-spam, and upgrading to Endpoint Detection & Response (EDR) systems, can protect against modern threats.
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Access Management: Implement multi-factor authentication (MFA) and conditional access to secure user access to systems and data.
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Data Protection & Recovery: Ensure your data can be recovered quickly in case of disaster, with a fully documented and tested recovery plan. Microsoft 365 only retains data for 14 days, so it’s essential to have a dedicated backup solution for critical data.
By focusing on these areas, SMBs can build resilience and boost business efficiency, reducing risk and positioning themselves for growth in 2024.
