Business of Tech: Daily 10-Minute IT Services Insights

Inflation, AI Investments, CMMC Cybersecurity, and MSP Growth Insights for Small Businesses

Oct 15, 2024

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A recent GoDaddy survey reveals that inflation, taxes, and housing costs are top of mind, with 93% of respondents prioritizing wage and cost inflation. The survey also indicates a shift in voting behavior among small business owners, with many anticipating a significant impact from the elections on their future. Despite economic uncertainties, a majority of small business owners remain optimistic about growth in the coming year.

Host Dave Sobel highlights the economic landscape, noting the potential distortions in job market metrics due to recent events such as Hurricanes Helene and Milton, as well as the ongoing Boeing strike. Goldman Sachs estimates that these factors could lead to a reduction in job growth, complicating assessments of the job market. RSM's chief economist predicts that October's job figures may show flat or negative growth, drawing parallels to the data fog created by Hurricane Katrina in 2005. This uncertainty underscores the challenges small businesses face in navigating the current economic climate.

The episode also delves into the evolving landscape of technology investments, particularly in AI and cybersecurity. A report from TD Cinex reveals that channel partners are increasingly prioritizing AI-driven solutions, with nearly half planning to offer these technologies within the next two years. Despite facing challenges such as increased competition, the IT market is projected to see a 6.2% increase in spending in 2024. Sobel emphasizes the importance of balancing innovation with core technologies, as cybersecurity remains a top priority for partners.

Finally, the Department of Defense's release of the final rule for its Cybersecurity Maturity Model Certification (CMMC) program marks a significant development for defense contractors. The new certification process aims to enhance the security of controlled but unclassified information, replacing the previous self-certification method. Sobel stresses the importance of data management for service providers, as compliance with CMMC requirements will create new opportunities for cybersecurity firms and compliance specialists. As contractors seek assistance in aligning their systems with NIST standards, managed service providers can play a crucial role in offering consulting and remediation services.

Three things to know today

00:00 Inflation, Taxes, and Housing Costs Dominate Concerns for Small Business Owners Ahead of Election Day

05:55 TD SYNNEX Report: Channel Partners Shift Focus to AI and GenAI Investments Amid IT Spending Growth

08:32 Defense Department Releases Final CMMC Rule, Paving the Way for New Contractor Cybersecurity Requirements

Supported by: https://www.huntress.com/mspradio/

https://mspradio.com/engage/

Event: www.smbTechFest.com/Go/Sobel