Small and Medium Businesses Day: Tips on Securing the Backbone of National Economies

The United Nations General Assembly designated 27 June as Micro-, Small, and Medium-sized Enterprises Day to raise awareness of these businesses’ contribution to national economies. SMBs account for 90% of companies, 60 to 70% of employment, and 50% of GDP globally. They are the backbone of societies worldwide, contributing to local and national economies while sustaining livelihoods, especially among the working poor, women, youth, and marginalized groups.

An expanding and more complex business risk environment

More than ever, small businesses need support to overcome the ripple effects of geopolitical tensions, climate crisis, and financial recession. Besides these threats, SMBs face increasing cyber risks as they rely on digital technology and services to innovate and gain an advantage in a competitive market. According to the World Economic Forum 2023 Global Risks Report, cybercrime and cyber insecurity are among the top 10 short- and long-term global risks.

The latest Verizon 2023 Data Breach Investigations Report highlights that due to digitization, SMBs and large companies increasingly use similar services and infrastructure. Cloud-based models and as-a-Service offerings have allowed small businesses to access technology that was previously beyond their reach. That has led to a convergence of attack surfaces regardless of the organization’s size. However, small businesses ability to respond to threats due to constrained resources is very different.

Security concerns are amplified when considering the regulatory environment SMBs operate in. Just like their “big cousins,” small businesses must comply with a wide variety of security and privacy regulations, from GDPR to HIPAA and PCI DSS. According to the Thales 2023 Data Threat Report, an increasing number of businesses find it more challenging to comply with privacy and data protection regulations in the cloud. On top

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