Navigating the Tech Race: How Businesses Can Keep Up with Innovation and Security

In today’s fast-evolving digital world, businesses of all sizes face a critical challenge: keeping up with rapid technological advancements while ensuring cybersecurity remains a top priority. In a recent episode of the ISF Podcast, Steve Durbin, CEO of the Information Security Forum (ISF), delves into the complex balance between adopting new technologies and safeguarding organisations against cyber threats. This blog captures the key insights from their conversation and explores how these themes could impact businesses, including small and medium-sized enterprises (SMEs).

The Pressure of Technological Innovation 🚀

In the world of technology, speed is everything. New innovations such as AI and cloud computing are accelerating at a breakneck pace, leaving businesses with a tough decision: adopt new tech now and risk implementation challenges, or wait and miss out on its potential benefits.

Steve Durbin points out that many organisations feel this tension acutely.

“If you adopt new tech too early, you hit challenges that can diminish the return on investment, “But if you wait too long, you may be missing valuable opportunities to improve efficiency and gain a competitive edge. The key is finding the right balance, something that is easier said than done.

For SMEs, this challenge can be even more daunting. Limited budgets, smaller IT teams, and less flexibility mean that smaller organisations may find it difficult to adopt new technologies at the same speed as larger corporations. However, this doesn’t mean that SMEs should be left behind. By partnering with managed service providers (MSPs) and focusing on strategic investments in technology, SMEs can still innovate and remain competitive, even if their resources are more limited.

I believe SMEs have a unique opportunity here. They may not have the financial power of larger enterprises, but by being nimble and strategic in their technology adoption, they can often implement changes more quickly than bigger, slower-moving organisations. The key is working with the right technology partners to help them manage this complexity.

Legacy Systems: A Growing Problem for All Businesses ⚠️

One of the most significant challenges Durbin discusses is the persistence of legacy systems in many organisations. Even as new technologies emerge, businesses are still grappling with outdated infrastructure that was never designed to handle the demands of modern operations.

“We’re still talking about legacy systems, and replacing those in many organisations,” says Durbin, highlighting the frustration many CEOs feel when technology upgrades don’t happen quickly enough.

This problem isn’t unique to large corporations. SMEs, too, often rely on legacy systems that are patched and patched again, which can lead to higher maintenance costs and growing security vulnerabilities. The difference is that larger companies may have more resources to address these issues, while SMEs can be stuck in a loop of band-aid fixes due to budget constraints.

For SMEs, Managed IT Services could be a game-changer. MSPs can help by assessing existing infrastructure and providing cost-effective upgrades, offering solutions that are not only modern but also secure. In doing so, MSPs enable smaller businesses to benefit from technology advancements without the heavy financial burden.

The Overlooked Priority: Cybersecurity 🔐

Durbin stresses that cybersecurity often gets pushed down the priority list when businesses are focused on new technology. This is a dangerous mistake, as new technologies bring with them new vulnerabilities.

“Security has always lagged behind technology,” he observes, adding that the constant push for innovation can leave organisations vulnerable to cyberattacks if security isn’t properly integrated from the start.

While larger corporations may have dedicated cybersecurity teams, SMEs often lack the resources to manage their own security in-house. This is where MSPs with a focus on cybersecurity solutions can play a pivotal role. By offering managed security services, including firewalls, endpoint protection, and continuous monitoring, MSPs ensure that SMEs can stay secure even as they adopt new technologies.

Fun Fact: According to a 2021 study, over 43% of cyberattacks target small businesses, yet 60% of these businesses close within six months of being attacked. This statistic highlights how crucial it is for SMEs to prioritise cybersecurity, even if it feels secondary to other business goals.

Quantum Computing: A New Frontier 🌐

One of the most interesting forward-looking topics in the podcast is the potential of quantum computing. While it’s still in its early stages, quantum computing is expected to disrupt current encryption methods, posing new challenges for businesses in terms of security.

Durbin points out that once quantum computing reaches maturity, it could render many existing encryption systems useless. For businesses, especially those handling sensitive data, this could mean a complete overhaul of their cybersecurity systems.

While quantum computing might seem far off for smaller businesses, it’s something SMEs need to be aware of. Staying informed and beginning to prepare for a future with quantum technologies could give them a head start when these systems become more widely available.

Personal Insight: SMEs may feel like quantum computing is a distant issue, but it’s never too early to start considering future risks. By working with an MSP that’s already monitoring developments in quantum computing, SMEs can ensure they won’t be caught off guard when the time comes to upgrade encryption systems.

How Can Businesses Prepare for the Future? 💡

Durbin’s overarching message is that businesses need to be adaptable. The pace of technological change will only continue to accelerate, and businesses—whether large or small—must be agile enough to keep up while staying secure.

So, what should businesses do to stay ahead?

1. Protect Your Most Valuable Assets: Durbin advises focusing on your “crown jewels”—the most critical assets that your business relies on. Whether it’s customer data or proprietary systems, make sure these are well-protected.
2. Engage With the Supply Chain: It’s not just about your own business. SMEs need to ensure that the vendors and partners they work with are also keeping up with technological and security standards.
3. Plan for the Future: While you might not need to upgrade to quantum-proof encryption just yet, businesses should start preparing for the future. Cybersecurity isn’t just about today’s risks—it’s about anticipating the challenges of tomorrow.
4. Leverage Managed IT Services: By partnering with MSPs, businesses can access expertise in cloud services, cybersecurity, and IT management without the need for an in-house team. This allows smaller businesses to focus on growth while the experts handle their technological needs.

Final Thoughts: Innovation and Security Aren’t Optional 📈

Durbin’s conversation highlights a critical point: Technology and security can’t be separated. Whether you’re a multinational corporation or an SME, both must work hand in hand for your business to thrive in today’s digital world. While larger businesses may have more resources, SMEs are not without options. By making smart choices, leveraging Managed IT Services, and staying ahead of security threats, even the smallest organisations can stay competitive and secure.

For SMEs, the road to innovation might seem daunting, but with the right strategy and the right partners, it’s entirely within reach.