Keeping your business secure from cyber threats is a big job. However many companies employ a tech-savvy person who does the job with limited resources, knowledge, and certifications. That's why so many businesses are moving to managed service providers (MSP) - their secret weapon against cyber attacks. But is an MSP right for you?
Cybersecurity stats
Cybersecurity is an industry that’s constantly evolving, especially as digitalization and cyberattacks have both increased in the past several years.
If your business experiences a cyber breach, it can cost your company more than reputational damage:
In 2023 the cost of a data breach increased by 2% from 2022 calculation - reaching $25,000 per incident for SMB.
According to IBM’s predictions, businesses need to beware of triple extortion ransomware, which occurs when a ransomware attack experienced by one business becomes an extortion threat for its business partner. Cybercriminals will rely on blockchain to cover their tracks. And as more and more hackers turn to cloud environments, IBM expects companies to take more of a hybrid cloud approach.
What is a Managed Service Provider (MSP)?MSPs have the expertise and resources to prevent cyberattacks before they happen. With an MSP — a third-party resource for businesses who need help managing needs such as cybersecurity — you have access to a range of services as well as a dedicated team who proactively monitor and optimize these services - forming a multi-layered protection approach.
- Remain security compliant
Regardless of industry, you’re likely dealing with multiple sets of rules and regulations that you must follow to remain security compliant. Whether you’re a healthcare company under HIPAA, a financial institution adhering to GLBA, or any business that has access to cardholder information and has to comply with PCI DSS, dealing with these instructions and staying compliant can be a headache.
MSPs are able to help you stay security compliant. Managed service providers are highly experienced - they have the expertise needed to advise you on following government regulations. And they can help you prepare for audits and assessments. They’ll also keep an eye on your network via remote monitoring.
- Prepare a response plan
If a cyberattack or data breach does affect your business, there won’t be time to hesitate: You’ll need to confidently spring into action to minimize the damage. MSPs can help you feel prepared by outlining a response plan for cyberattacks before they happen.
Your MSP will walk you through the process of creating a practical incident response plan. If an incident occurs, they can help provide you with information such as what data and systems were affected and what actions they are taking to investigate. You’ll also need an alternative method of communication with your MSP in case your corporate network was affected by the compromise.
- Data backup and recovery
If you've already been affected by a data breach, your first goal is to secure your business. Then you’ll need to assess the damage and figure out how to move forward. This might involve data recovery or getting your system back up and running fast to reduce downtime.
An MSP should also handle proactive data backup - safely storing your files to protect them from any potential future breaches.
Data breaches, cyberattacks, and ransomware are very real dangers for companies of all sizes. Using an MSP for proactive monitoring, security compliance, and incident response can give you peace of mind and save you time so you can focus on your vital business tasks. (Want to learn more? Check out our blog on the 12 signs that you need an MSP)
