As a business owner or a Chief Information Security Officer (CISO), ensuring the security of your organization’s sensitive data and digital assets should be a top priority. As cyber threats increase in sophistication and prevalence, it has become crucial to have robust cyber security measures in place. However, it can be challenging to determine if your current security protocols are adequate or if you need to supplement them with cybersecurity managed services for added protection.
What do Cybersecurity Managed Services Include?
Cybersecurity managed services encompass a range of services provided by third-party cybersecurity experts or companies to help organizations protect their information systems, networks, and data from cyber threats. The specific services offered vary depending on the provider and the client’s needs. Some standard services that fall under the purview of cybersecurity managed services include:
- 24×7 attack surface management covers threat detection and response, vulnerability management, security patch management, firewall detection and remediation, and intrusion detection and prevention
- Implementation of strategies and tools to manage and secure endpoints to prevent malware incidents or sensitive data from being accessed without authorization
- Ensuring organizations remain compliant with industry regulations and security standards
- Providing the latest threat intelligence in regular reports analyzing security posture and performance to help organizations stay ahead of emerging threats and vulnerabilities and make informed decisions.
Five Signs Your Business May be at Risk
In this blog, we will discuss the signs that indicate your business may be at risk and needs cybersecurity managed services immediately. By recognizing these signs, you can take proactive steps to fortify your defenses and protect your organization from potential cyber disasters.
1. Increased Malware Incidents
One of the earliest signs that your business needs cybersecurity managed services is a rising number of malware incidents. Malware, such as viruses, ransomware, and trojans, cause significant damage to your systems and compromise sensitive data. Suppose your organization has experienced an uptick in malware attacks or is struggling to keep up with the evolving threat landscape. In that case, it may indicate that your current security measures are insufficient.
In 2022, a significant number of ransomware attempts amount to 493.3 million was reported by SonicWall. The rise in the count of malware instances generated daily touched 300,000 in 2023, with 92% distributed through email, taking an average of 49 days to be detected.
2. Unpatched Software and Outdated Systems
Cybercriminals often exploit outdated software and systems. Sometimes, the sheer volume of software patches can overwhelm your organization’s cybersecurity team. Failure to consistently apply security updates can expose your organization to known vulnerabilities. According to a recent study, the total cost of cybercrime borne by organizations is predicted to hit $8 trillion by 2023, and continue growing to $10.5 trillion by 2025!
If your business has difficulty maintaining an up-to-date infrastructure or struggles with patch management, it may be time to consider cybersecurity managed services. These services can ensure that your entire attack surface is constantly scanned and patches are applied regularly to minimize the risk of exploitation and maintain proper cyber hygiene.
3. Lack of Employee Cybersecurity Compliance Training
As your employees are on the front lines of your organization’s defense against cyber threats, the lack of adequate cybersecurity training may result in them unintentionally falling victim to phishing attacks, social engineering tactics, or other cybercrimes.
A recent survey pointed to compromised passwords being the root cause of 80% of all data breaches, leading to severe financial losses for both businesses and consumers. The survey further expostulates that 45% of surveyed employees hadn’t changed their passwords within a year, in spite of a security breach.
If your business has not invested in comprehensive employee cybersecurity training or struggles to keep up with changing best practices, cybersecurity managed services can provide the necessary education and awareness programs to empower your staff and reduce the risk of human error.
4. Inadequate Incident Response Capabilities
Another sign that your business may benefit from cyber security managed services is the absence of a well-defined incident response plan. In the event of a cyberattack or data breach, a robust response plan is essential to minimize damage, contain the incident, and restore normal operations quickly.
Research conducted by IBM concluded that companies take almost 200 days to identify a breach and an average of more than two months to contain one incident. This latency between infection, detection and containment has the potential to cost businesses millions of dollars. It was further identified that organizations that could contain a breach within 30 days, saved more than $1 million on average.
Supposing your organization lacks an incident response strategy or feels ill-prepared to handle potential threats, cybersecurity managed services can help you develop and implement an effective plan, ensuring a swift and efficient response.
5. Lack of Proactive Monitoring and Threat Intelligence
Cyber threats in today’s rapidly evolving threat landscape call for cybersecurity managed services offering proactive monitoring and threat intelligence capabilities that can help your organization adopt a risk-based approach to stay ahead of hackers. These services employ advanced Artificial Intelligence (AI) and Machine Learning (ML) tools and technologies to detect and mitigate risks in real-time, allowing you to identify known and unknown vulnerabilities across your company’s attack surface before they are exploited.
As cyber threats constantly evolve, the consequences of a breach can be devastating. It is estimated that the cost of cybercrime will increase by 70% to $13.82 trillion between 2023 and 2028. It is, therefore, crucial to identify cyberattacks and take action before it’s too late.
With a 9.7% compound annual growth rate (CAGR), the managed services market is likely to grow to $25.77 billion by 2029. By choosing a cybersecurity managed service provider such as Securin, you can ensure the ongoing protection of your sensitive data, maintain customer trust, safeguard the future of your business, implement a robust incident response plan and boost your organization’s reputation.