The risk of cyberattack is growing
Cyber Security is now a core business requirement for most organisations as the threat landscape continues to grow and evolve. As hackers and malware become more skilled at infiltrating vulnerable networks, leaders who have not previously considered cybersecurity are struggling to meet the evolving threat. So the risks are accelerating and compliance obligations are increasing, but often internal skills and capabilities remain static for many organisations.
The impact of a cyber attack
The damage cyberattacks inflict on organisations ranges from unauthorised access via a relatively simple hack to large-scale theft of sensitive data. If a company falls victim of a ransomware attack, then this can cause extended downtime and significant brand damage which can sometimes result in a business not being able to recover.
The impact of a security breach can be broadly divided into three categories: financial, reputational and legal.
Cyber attacks often result in significant financial loss arising from:
- Theft organisation data & information
- Theft of financial information
- Theft of money
- Disruption to trading
- Loss of customer or prospects
Cyber attacks can harm your business’ reputation and brand. This reputational damage can cause:
- loss of customers
- loss of sales
- reduction in profits
The reputational damage can also impact on your suppliers and affect relationships you may have with partners, investors and other third parties vested in your business.
Legal consequences of cyber breach
Data protection and privacy laws require organisations to manage the security of all personal data they hold, whether that be on their employees or customers. If this data is accidentally or deliberately compromised, and the organisation has failed to implement appropriate security measures, then they may face fines.
So with the risks of cyber attacks growing and the impact being significant Cybersecurity managed services is becoming one of the fastest-growing industries in the world as it offers a cost-effective solution to defend and protect critical digital assets so organisations can concentrate on growing their core business.
What Kinds of Services to MSSPs Offer?
A MSSP can offer a broad range of security capabilities and services, or it may specialise in one or a few core focus areas, such as IAM or privilege management.
MSSP services may include:
- Managed SIEM, log collection and monitoring
- Unparalleled visibility and insights to internal security events
- Proactive monitoring 24/7/365
- Incident resolution recommendations
- Assistance with Remediation and Rectification of cyber security issues
- Custom Reports and Dashboards development
- Managed endpoint detection and response (EDR)
- Threat hunting
- Digital brand protection
- Vulnerability Management
- Improvements in internal Incident Response Processes
- Regular reporting on security issues
The benefits of engaging a Managed Security Services (MSSP)
1. Access to industry leading expertise
When you work with a MSSP to are gaining access to the best cyber-security expertise, these experts aren’t merely tech-savvy – they are seasoned, qualified security professionals. This is something that many companies don’t have in-house as experienced and dedicated staff for IT security are not only expensive, but also difficult to find.
Outsourcing this to a Managed Security Service Provider means you can be certain that a security expert will protect and manage your data and organisation properly. The certified employees of good MSSPs are always aware of developments in industry and in modern cyber threats.
In addition, a MSSP will be solely focussed on the task and won’t be juggling several other tech-related tasks, therefore the level of protection will be significantly higher.
2. Dedicated time to focus on your business
Many organisations informally task their IT employees to take on cybersecurity tasks and monitoring. This is approach is not ideal as not only do they not have the expertise they don’t have the time and therefore the results are mediocre.
An MSSP frees up time, so the IT team can focus on other things that really moves their business forward. Most IT teams specialise in optimising company operations – not protecting them. This IT relief is probably one of the greatest benefits of MSSPs.
3. 24/7 Threat detection
MSSP efforts are not mere spot checks; they are 24/7. Cyberattacks can occur at any time, and the longer that an attacker has access to an organisation’s systems, the greater the cost and potential impacts to the organization. 24/7 threat detection and response capabilities ensure that an organisation can minimize attackers’ “dwell time” on its network.
However, most organisations do not have the resources necessary to maintain an effective 24/7/365 SOC in-house. Partnering with an MSSP enables these organisations to take advantage of a mature, effective SOC at a fraction of the cost of maintaining it internally.
4. Cost effective
The cost of attracting and retaining a security team made up of skilled experts, as well as the need to acquire the necessary cybersecurity solutions can rapidly add up.
With an MSSP, the cost of security is distributed over the MSSP’s entire client base. Many cybersecurity solutions are designed for multitenancy, enabling the MSSP to independently support each client in isolation with a single appliance. By distributing costs across its customers, an MSSP can offer each of them a higher level of security protection than they could independently achieve at a fraction of the price of maintaining it in-house.
MSSPs are not only cheaper but outsourced teams can accomplish more with greater efficiency what in-house teams can.
5. Advanced technology
Protecting against all the cyber threats that an organisation may face requires an array of security solutions which is constantly evolving. An in-house team will then have all the investment in purchasing, configuring, and maintaining them which can be significant.
When partnering with an MSSP, your organisation takes advantage of their existing security investment which can rapidly deployed to a new client’s environment.
MSSPs can be scaled up or down according to your organisations needs and budget. For example, initially your organisation may only require assistance with monitoring and incident response but as it grows you may require further services. Or you may temporarily need extra capacity then you simply scale up. If you had an in-house team then it is much more difficult to scale up and down and it becomes a very costly exercise.
7. Reliable support and fast response times
MSSPs can respond immediately to successful intrusions to prevent lost or stolen data. After resolving an incident, they can use the incident to adapt to the evolving cyber-threats.
Good MSSPs offer Service Level Agreements (SLAs) alongside their 24-hour, 7-days-a-week, 365-days-a-year support. An SLA includes guidelines on incident response times and guarantees in the event of security incidents.
This means that all potential risks associated with cyber threats are lifted from your organisation to a specialised third party, the MSSP.
Cybercrime is fast evolving and without proper protection, monitoring and tracking these threats would take a considerable amount of time and energy, for an in-house team. For many organisations a MSSP really is a no brainer, itscost-effective, provides specialised cyber security expertise and a much stronger, more efficient service.
How can CyberCX help?
CyberCX Managed Security Services brings you unified expertise from leading cyber security specialists as a 24/7/365 managed service, providing security that gives you peace of mind and the ability to focus on other important parts of the business.
To learn more about how CyberCX’s managed security services work, speak to one of your consultants today.