Think your business is too small to be the target of a cyberattack? Here are two stats that will change your mind.
In the first half of 2023 alone, businesses with less than $25 million in revenue saw a 7% increase in cyberattacks. The average cost of one of these attacks was $115,000.
Now, chances are, as the owner of a small or mid-sized business, you don’t have an extra $115K to burn. And even if you did, the last thing you’d want to burn it on is a ransom demanded by some unknown person who managed to steal your company data.
So what’s the answer? How can you best protect your business from becoming one of the scores of businesses attacked annually?
It’s called managed security services.
Managed security services is a comprehensive suite of security measures delivered by a third-party provider to monitor, manage, and enhance an organization’s IT security posture.
For small and mid-sized businesses, these services offer a cost-effective way to gain access to advanced security technologies, expertise, and real-time monitoring capabilities without having to build and maintain an in-house security team.
But before you start Googling managed security services providers near me, there are a few things you need to know.
One, not every managed security services provider has the capacity or expertise to offer comprehensive managed security services. Small “IT shops,” for example, may talk a big game about security, but to them security might mean running antivirus software and a physical firewall.
Two, any managed security services provider that is worth its salt will be able to provide you with six core services:
One of the fundamental components of managed security services is to provide around-the-clock monitoring of an organization’s networks, endpoints, and systems. This ensures that potential threats are detected and dealt with in real time. Continuous monitoring also helps identify patterns and indicators of compromise (IoCs) that could point to ongoing or imminent attacks. By using advanced analytics, machine learning, and threat intelligence feeds, they can proactively detect vulnerabilities and mitigate risks before they escalate.
When your credentials (username, password) are stolen, time is the enemy. Compromised Credential Alerting automatically detects and notifies you when your login information is exposed in a breach or made available in places like the dark web or public repositories.
Software vulnerabilities are a leading cause of security breaches. Managed Security Services providers regularly scan a company’s systems for vulnerabilities and ensure that any identified weaknesses are promptly addressed. This includes applying software patches or deploying compensating controls to protect the organization until patches can be applied.
When a security incident occurs, time is of the essence. Managed security services providers deliver structured incident response procedures to ensure that any breaches or attacks are contained quickly, minimizing damage and disruption. Incident response services typically include identifying the source and scope of the attack, isolating affected systems, and restoring normal operations as quickly as possible.
Additionally, a provider can assist businesses in developing and maintaining an incident response plan, which is crucial for minimizing the impact of potential attacks.
Many industries, such as healthcare and finance, have strict regulatory requirements regarding data protection and security. Managed security services providers help businesses comply with regulations like HIPAA, GDPR, and PCI DSS by implementing appropriate security measures and providing regular audits and reports.
One of the most overlooked aspects of cybersecurity is employee awareness. Many breaches occur because employees unwittingly fall victim to phishing attacks or other social engineering tactics. Managed security services providers often provide security awareness training for employees, teaching them how to identify potential threats and avoid common cybersecurity mistakes
As a business owner, you likely don’t have the time or skilled resources to handle all your security needs internally.
Building an in-house cybersecurity team can be prohibitively expensive and difficult to maintain. Hiring skilled security professionals, investing in the necessary tools and technologies, and staying up to date on the latest security threats and best practices are challenges you simply can’t afford to take on alone.
But when you partner with a managed security services provider that offers comprehensive security solutions, you’re able to not only afford best-in-class security, you’re also able to actually focus on your business.
You also get:
Access to expertise: Managed security services providers employ cybersecurity experts who are trained in the latest threat detection and response techniques. These professionals have access to cutting-edge tools and technologies that are typically out of reach for smaller businesses.
Cost-effective security solutions: Managed security services are typically offered on a subscription basis, allowing you to pay for the services you need on a predictable monthly basis. This approach is often more cost-effective than hiring full-time security staff and purchasing the necessary security tools and technologies.
24/7 monitoring and support: Cyber threats don’t follow a 9-to-5 schedule, and neither should your security strategy. Managed security services providers give you round-the-clock monitoring and support, ensuring that any potential threats are detected and addressed in real time, regardless of when they occur. This constant vigilance is critical for preventing attacks that could cripple your operations.
Scalability: As your business grows, so do your security needs. Managed security services providers offer scalable solutions that can grow with your business. Whether you’re expanding to new locations, adding new services, or increasing your digital footprint, you can adjust what you pay for to meet your evolving needs.
Most of all, partnering with a managed securities services provider for comprehensive security gives you peace of mind that your business is not only protected but also equipped to respond to the ever-evolving cybersecurity landscape.
You know that old idiom “an ounce of prevention is worth a pound of cure?” When it comes to protecting your business, those words definitely ring true. To learn more about managed security services, schedule some time to chat with us.