Small and medium-sized businesses (SMBs) are the unsung heroes of the U.S. economy—responsible for over half of the country’s annual GDP and employing millions of Americans. Yet when it comes to cybersecurity, SMBs face a uniquely daunting landscape: growing threat volumes, limited budgets, and a shortage of specialized expertise.
At SecureWorld Chicago on May 21st, cybersecurity professionals, IT managers, and business leaders will have an invaluable opportunity to dive into these critical issues in the panel session, “Cybersecurity Challenges for Small and Medium Businesses.”
The presentation will provide practical guidance to help SMBs build resilience and maintain business continuity in a world where even small vulnerabilities can have catastrophic consequences. Speakers include Walter Lefmann, former Director of Security, CTC Trading Group LLC; Trent Ridgway, Security and Infrastructure Manager, Anning-Johnson; Arvin Verma, Sr. Strategic Advisor & vCISO, Sentinel Technologies; and moderator Dave Malcom, President & CEO, Malcom Risk Advisors.
What you’ll learn
The state of SMB cybersecurity in the U.S.
Understand the latest trends, threat patterns, and challenges that SMBs are facing right now—and why attackers increasingly see SMBs as lucrative targets.
The cost and impact of cyber breaches
Learn just how devastating a single cyber incident can be for a small or medium business, including real-world examples and financial impact analysis.
Top threats and vulnerabilities
Discover the primary attack vectors—like phishing, ransomware, supply chain vulnerabilities, and insider threats—that are putting SMBs at risk.
Best practices and frameworks
Explore practical cybersecurity frameworks (like NIST CSF and CIS Controls) that SMBs can realistically implement—even with limited resources.
Building or strengthening your cybersecurity program
Get step-by-step advice for improving your organization’s security posture, from employee training and risk assessments to layered defenses and incident response planning.
Whether you’re protecting a 10-person startup or a 400-person regional business, the stakes are the same: a serious cyberattack can cripple operations, destroy customer trust, and sink the bottom line.
But cybersecurity doesn’t have to be overwhelming—or out of reach. This panel is designed to give you actionable, affordable, and realistic strategies you can start applying immediately, no matter the size of your team or budget.
“‘Big’ ain’t always ‘better,'” Lefmann said. “Small is closer to the business. Small is nimble. Small is efficient. You have a visible impact. Your scope is wide, not siloed. You may actually be the envy of many ‘big’ shops!”
Who should attend
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IT managers and directors looking to strengthen security without ballooning costs.
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Small business owners and executives who need to understand cyber risk in business terms.
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Cybersecurity practitioners supporting SMBs or looking to adapt enterprise-grade security to smaller environments.
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Managed Service Providers (MSPs) working with SMB clients on cybersecurity solutions.
“Evaluating the use of MSSPs to help offset the cost of building a cyber program for your SMB can assist greatly from both a financial perspective as well as from a resource perspective,” Verma said. “Many organizations are hiring virtual CISOs, which provides an executive-level cyber resource without the typical cost of hiring a CISO full time. These often pair up with SOC-as-a-service and other monitoring capabilities, which can help ensure that any cyber events and incidents are immediately identified and remediated.”
Here are some additional facts about the impacts of SMBs on the U.S. economy.
Number of small businesses in the U.S.
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As of 2024, there are approximately 34.8 million small businesses in the United States, accounting for 99.9% of all U.S. businesses.
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A significant portion, about 81.9%, are non-employer firms, meaning they are sole proprietorships without any employees.
Employment impact
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Small businesses employ around 59 million people, representing 45.9% of the U.S. workforce.
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Between 2013 and 2023, small businesses were responsible for 55% of net job creation, highlighting their crucial role in employment growth.
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During the post-COVID economic recovery, small businesses contributed to 71% of total job creation, underscoring their resilience and importance in economic rebounds.
Economic contribution
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Small businesses contribute approximately 43.5% to the U.S. Gross Domestic Product (GDP), amounting to trillions of dollars in economic activity.
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They also account for 39% of all private sector payroll, emphasizing their significant role in income generation.
Export and innovation
Business size distribution
Among the approximately 6 million small businesses with employees:
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49% have 1 to 4 employees
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27% have 5 to 19 employees
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1% have 100 to 499 employees
State-level highlights
States with the highest number of small businesses include:
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California: 4.2 million
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Texas: 3.3 million
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Florida: 3.3 million
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New York: 2.2 million
Here’s a related article from TechNewsWorld.
Check out the full conference agenda and registration details for SecureWorld Chicago on May 21 at the Donald E. Stephens Convention Center in Rosemont, Illinois.