Last Updated: 29th December, 2019
Managed Security Services (MSSP): The big players are getting it. Data breaches are big of an issue. It’s brilliant to have proactive cybersecurity. Which really makes absolute sense, as when the expense of data breaches is surging together with the string of attacks. Unfortunately, a breached small or mid-sized business (SMB) often doesn’t fare as well.
In accordance to one industry report, there has been a 12-percent increase over the last five years in the costs incurred from data breaches, and companies are spending an average of $3.92 million per incident on cleanup.
Leaders within smaller businesses often view these large-scale numbers as not applicable, however. After all, they don’t operate at anywhere near the big guy’s level. Businesses like Target can deal with these major financial hits for years, but they still withstand them.
In fact, new National Cyber Security Alliance Research has found that after experiencing a data breach, 25 percent of SMBs filed for bankruptcy and 10 percent went out of business.
Cybersecurity With Managed Security Services (MSSP) Must Become An SMB Priority
Businesses must, regardless of size, prioritize cybersecurity and equip themselves with a robust cybersecurity program. Unfortunately, SMBs tend to outsource to a Managed Security Services or IT service provider (MSSP) with the expectation that this simultaneously covers their cybersecurity needs.
Another side of the coin is the small or mid-sized business (SMB) that manages its security program entirely in-house. In a recent survey of IT and cybersecurity pros, 53 percent said their own staff handled all things cybersecurity.
Those that manage their own security (as opposed to hiring an outside expert) are more vulnerable to a data breach and are less likely to know if a security incident has occurred or is actively occurring. SMBs with in-house security programs point to three main barriers to effectively protecting themselves:
- A shortage of staff with cybersecurity-specific expertise and skill sets;
- The cost and complexity of building in-house security operations;
- The inability to support 24×7 threat detection and response.
To put it simply, effective cybersecurity comes down to skills, money and time.
Why Are SMBs Afraid To Pull The Trigger?
As the bigger businesses tighten up their security measures, cyber-criminals are moving downstream to the less-sophisticated small or mid-sized business (SMB). Business leaders must ensure they stay one step ahead, while at the same time optimizing the skills-money-time ratio.
The best programs are from companies that specialize in Managed Security Services (MSSP), since like any highly technical service, expertise and bandwidth are required to ensure a business is properly secured from data breaches. Many SMBs, however, are waiting too long to have the conversation.
For SMBs, perceived costs of such a service are truly the elephant in the room. The fact is that it is far less costly for the business to proactively invest in cybersecurity than it is to pay the costs associated with breach recovery. In many cases, the business finds it can streamline its technologies and processes to the point that they are actually saving money.
When a business hires a Managed Security Services (MSSP), its management can expect that provider to develop an individualized program to make sure the business is protected. That plan should include 24×7 watch on a business system. There are now MSSPs with a cost-effective solution for the small or mid-sized business (SMB).
With this level of support, detection of a data breach can happen within minutes or even seconds (the average security breach remains undetected for three to nine months). This near-instant response helps the small or mid-sized business (SMB) minimize damage and ensure uninterrupted service to customers.
Time To Secure The Small Or Mid-Sized Business (SMB) With Managed Security Services (MSSP)
The MSSP’s perpetual focus on cybersecurity enables the small or mid-sized business (SMB) to operate with peace of mind. In addition to providing a sense of comfort and removing the stress, farming out cyber security management – especially for managing threat detection and response – leaves a company free to focus on its actual business without distraction from pressures beyond its core capabilities.
Cyber-criminals and their tools are constantly on the prowl. SMBs need to do everything possible to protect their data. The Managed Security Services (MSSP) model is now in financial reach for the small or mid-sized business (SMB), such that there are no barriers to keeping their data safe.