Small and medium businesses (SMBs) are the core of our economy. The local dentist’s office you visit for a checkup, the regional hospital saving lives, the corner store you go to for a snack, the local restaurant or bar – all of these are meaningful pieces of our daily lives and our local communities.
The impact of SMBs on society is extensive, from being responsible for nearly half of all employment to creating local economic resilience and growth. When SMBs hire locally and then circulate the money back into the community, they stimulate jobs, opportunities, creativity, entrepreneurship, and enterprises. All these not only allow a community to prosper but also protect it from external economic instability.
Unfortunately, they are also a group at risk. Cyberattacks are increasingly targeting SMBs, who are, unfortunately, in many cases, less able or prepared to defend themselves due to limited budgets and staff. While SMBs may have thought they were too small to be vulnerable or targeted for attack, that is increasingly proving not to be the case. In fact, it’s very much the opposite. The majority – 78% – of SMBs report worrying that a serious attack could put them out of business.
As a result, we are seeing a growing market emerge around SMB cybersecurity. While previously a smaller market, it has grown significantly, accounting for nearly half of all spending on technology and billions of dollars of investment into cybersecurity. We are also seeing new innovators and technology emerge explicitly targeted to help mitigate risk for this sector.
In this NightDragon Special Market report, we’ll explore the growing market for SMB cybersecurity, including examining the challenges facing these organizations, overall market growth, and a map of current technology players innovating in this space.
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