The 13 Biggest Small Business Technology Stories Of 2020

One of the best things small businesses can do is learn from the past to improve the future. And there are many lessons to be taken from 2020! Here is an insightful overview of some of the top SMB technology stories to peruse for some takeaways.

Every week I round up the five most important technology stories for small businesses and give an explanation of why. This week, I’ve selected the 13 technology stories that stood out for me. Why? Because they’re about technology trends that not only affected small businesses in 2020 but will continue to have an enormous impact in 2021. Here they are.

1 – Small businesses who pivoted to e-commerce saw record sales during Black Friday weekend. 

According to information released by Adobe Analytics, small businesses saw a 110% average increase in their online sales throughout the 2020 holiday season so far with a big boost coming during Black Friday weekend. (Source: NBC News)

Why this is important for your small business:

Depending on the research you’re reading, e-commerce sales have increased anywhere from 30 to 45% this year over last year. Of course, this was caused by the pandemic, but it really just accelerated an already existing trend. Small businesses that pivoted online were better able to navigate their way through this year’s unprecedented economic downturn. Those who didn’t suffer more…and will continue to be at a disadvantage in 2021 unless they do so.

2 – A hacker group donated their ransoms to charities.

So you’re not going to believe this but a ransomware group named Darkside disclosed that it has been donating portions of ransoms received from companies they’ve hacked to various charities. The group —which has been operating since August of this year—typically attacks big corporations, encrypts and steals their data, then demands a large ransom costing companies millions. The group released a statement that they only focus on big, for-profit organizations, and have taken pride in giving a portion of the paid ransom to charities such as Children International to help children in poverty, among several other non-profits. (Source: ZDNet)

Why this is important for your small business:

Ransomware is a billion-dollar industry and is so profitable that hacker groups, like this one, is literally paying it forward with money it has stolen from companies that paid it ransom. Ransomware and other security attacks – like the recent SolarWinds attack that impacted the treasury, commerce, and other government departments – will continue to wreak devastation on organizations of all sizes in 2021. Backup. Get software. Upgrade your operating systems. But most importantly get training.

3 – A Microsoft engineer was been sentenced to nine years for stealing $10 million from Microsoft.

Volodymyr Kvashuk— a former Microsoft software engineer—was recently sentenced to a term of nine years in prison after stealing over $10 million from the company’s online store in the form of store credit. Over the course of 2016 through 2018, the engineer was in charge of testing the online ordering process to help monitor and ensure all was operating properly. While the testing software prohibited physical shipments to testers, a loophole allowed for testers to buy gift cards virtually. Through the virtual purchases, Kvashuk stole enough to buy a $1.6 million home and a Tesla which cost $160,000. (Source: ARS Technica)

Why this is important for your small business:

Even the biggest companies with the best technologies can still get duped. Microsoft may not even miss the $10 million but employee theft like this could cripple a small business. This issue will continue to be pervasive in the years to come. I offered a few suggestions for protecting yourself here.