Global Security Mag reports that data from Stocklytics show cybercrime’s annual cost will reach $9.2 trillion in 2024, a trillion dollars higher than the previous year. Moreover, experts forecast this number to grow by 70% and hit $13.8 trillion by 2028, highlighting the importance of cybersecurity managed services.
Unless your organization utilizes cybersecurity managed services, it could fall victim to the illicit acts of malicious actors. And if that happens, your company, regardless of size, can face significant losses, reputation damage, and even legal liabilities.
To that end, our team at EMPIST put together this guide on managed cybersecurity solutions. Read on to discover their roles in overall IT security management and why you need them for optimal business network security.
Cybercriminals Don’t Discriminate
Cybercriminals target not only massive corporations but also small- to mid-size enterprises. According to a news release from Mastercard, in 2023 alone, over four in ten cyberattacks targeted smaller businesses. The release also mentioned that each attack’s average cost can be between $120,000 and $1.24 million.
Your organization can become part of those statistics without adequate cybersecurity and data protection services.
Identify and Address Security Gaps in Your System
The first fundamental step to fortifying your organization’s security is identifying its cyber threats and risks. Otherwise, you’ll be unable to stop the threats that can endanger your organization. Your company will also likely lack the necessary threat containment and mitigation tools.
For those reasons, it’s imperative to partner with a reputable cyber risk assessment before any of the above disasters happen.
What Is a Cyber Risk Assessment?
A cyber risk assessment analyzes an organization’s potential and existing cyber risks. It’s a comprehensive security review that uses vulnerability scanning and penetration testing technologies.
Vulnerability scanning involves regularly scanning your company’s network for potential and existing threats.
On the other hand, penetration testing, also called “pen test” for short or “ethical hacking,” involves simulated “real-world” cyber attacks on your network and IT system. The tester (a cybersecurity professional) will conduct this security exercise to evaluate your organization’s security framework extensively.
The Benefits of a Cyber Risk Assessment
At the end of each test, you’ll learn about existing and potential vulnerabilities and weaknesses plaguing your network and IT infrastructure. They include the following threats that cyber criminals may use and exploit:
- Entry points
- Misconfigurations
- Outdated software or legacy technology
The cybersecurity expert will also create a detailed report summarizing the pentest’s findings, which typically cover the following areas:
- All discovered vulnerabilities and weaknesses and their potential impact if exploited by malicious actors
- All accessed data, including confidential, private, restricted, and sensitive information that should have otherwise been inaccessible
- Length of time it took for the existing cybersecurity technologies and tools to detect the simulated attack
- If the current security measures are enough to prevent and remediate future attacks
The cybersecurity expert will recommend cybersecurity services to help minimize and address the above risks. You can then use the information provided to enhance and strengthen your company’s cybersecurity position and comply with legal requirements.
Minimize Losses by Fortifying Your IT System
As mentioned above, each cyber attack can cost organizations an average of $120,000 and $1.24 million. As a Harvard Business Review article points out, such massive expenses cyberattacks lead to include the following:
- Ransom payments (for ransomware attacks)
- Business downtime following the attack
- Revenue losses
- Drops in stock prices
- Legal and audit fees
The Harvard article also pointed out that audit fees for organizations that suffered a breach can be around 13.5% higher than those that haven’t experienced an attack. Furthermore, it mentioned how such expenses often get passed on to investors and customers through increased business costs. With all these expenses, it’s no wonder small- to mid-size businesses can go bankrupt.
So, before any of those happen to your company, invest in top-of-the-line cybersecurity managed services.
Enjoy Peace of Mind With Proactive Monitoring and Support
Cybersecurity managed services can help your organization by taking over some or all of your security needs. For example, you may opt only for individual services (e.g., vulnerability scanning, penetration testing, or enterprise security awareness training).
Your other option is to invest in fully managed cybersecurity services that can provide more extensive protection, including but not limited to:
- Vulnerability scanning
- Penetration testing
- Enterprise security awareness training
- Dark web monitoring
- Managed multi-factor authentication (MFA)
- Password management
- Patch management
- 24/7/365 support
In addition to cybersecurity services, managed service providers (MSPs) can also assist with your organization’s other IT requirements, such as:
- Back-up and disaster recovery
- Managed detection and response
- Managed Voice over Internet Protocol (VoIP)
- Public cloud management
- Service desk
With all those services, you can enjoy round-the-clock protection, providing you and everyone involved in your organization (from employees to investors and clients) more peace of mind. Since many of the above solutions are proactive and preventive, they can help stop problems before they occur. Even if they still happen, your enhanced security and protection can help mitigate the damage and losses.
Improve Your Organization’s Reputation
Companies victimized by cyber attacks lose money and their reputations, as evidenced by the drop in stock prices. However, even if your organization doesn’t have publicly traded stocks, it can still lose face following a security breach. If this happens, you’ll be in a financial disaster, with investors possibly pulling out and new and existing clients choosing your competition over you.
By fortifying your company’s security standpoint now, you can put your investors’ and customers’ minds at ease. So long as you keep things this way and your reputation intact through proactive cybersecurity methods, they’ll likely stay with you long-term.
Partner With EMPIST for Your Organization’s CyberSecurity Managed Services
Your company needs cybersecurity managed services to identify security threats, address vulnerabilities, mitigate potential losses, and prevent reputation damage.
So, consider partnering with EMPIST as soon as possible. Our company brings nearly a quarter-century of information technology experience, from cybersecurity to managed IT services, web development, and cloud solutions. We aim to deliver proactive and preventive support, allowing us to resolve your existing security challenges and minimize future threats.
Contact us today for a free consultation to learn more about our cybersecurity, IT, and web services!