Page 64 - Cyber Defense eMagazine January 2024

3. Supply Chain Risks

SMEs are the stepping stone to larger organizations and third-party vendors that are more valuable to
hackers. Compliance regulations force SMEs to establish policies and processes between themselves
and third parties, but most businesses don’t realize that these regulations often define minimum
acceptable requirements. That means you must do more, such as investing in employee training and
continuous monitoring solutions.

4. Rapidly Evolving Cyber Threats

Cloud services are essential for improving efficiency and cost savings, especially in the era of remote
working and agility. Without an advanced understanding of cloud security requirements and the context
of the evolving threat landscape, SMEs risk falling victim to attacks like malware, ransomware, and
phishing. 42% of SME leaders have difficulty visualizing the full scope of an attack, highlighting that they
are unprepared for disruptive crisis events.

5. Lack of Cybersecurity Training for Employees

40% of SMEs say that a lack of skilled security personnel is a barrier to maintaining a security posture.
Knowledge and experience gaps mean employees won’t feel confident and competent in identifying
dangerous threats like social engineering attacks and phishing. Cybersecurity training helps foster a
culture of security, making it an everyday, long-term consideration rather than a cause for panic.

6. Internal Threats and Human Error

While IT professionals are focused on external threats like hackers, the danger might be lurking closer to
home. Common mistakes like easy-to-guess passwords, a lack of multi-factor authentication, and little
understanding of access control for ex-employees can put your organization at risk. Only half of SME
leaders are confident that ex-employees can no longer access systems—let’s hope there’s no bad blood!

Cyber Defense eMagazine – January 2024 Edition 64
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