By: Mark Villanueva
Regardless of the size of your business, cybersecurity is no longer a nice-to-have; it's a necessity in today's current landscape. The problem is many small to midsize businesses (SMBs) often don't have the resources and the know-how to take their security to the next level.
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Improving your company's cybersecurity infrastructure can be a massive undertaking. Aside from requiring large amounts of financial investment on advanced systems, you also need to find top talent to manage it. A tall order considering that there's an ongoing shortage of skilled personnel across the globe: thankfully, businesses don't have to take on that challenge alone.
Many managed service providers (MSPs) out there offer managed cybersecurity to SMBs. It's one way to get advanced network security for your business without breaking the bank. Find out everything you need to know about outsourcing your company's cybersecurity to an MSP.
Cybersecurity is essential in today's current threat landscape. Unfortunately, many SMBs don't have the resources to meet their industry's security standards. Find out why managed cybersecurity makes business sense and how it can help SMBs take their security to the next level.
This guide was made for small and midsize businesses looking to improve their cybersecurity posture without breaking the bank. It's for people who are looking for smart ways to secure their networks with the help of a reliable service provider partner.
Small-Medium Businesses (SMB) face plenty of challenges when it comes to implementing cybersecurity. According to a study by the Ponemon Institute, only 14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective. That's because many of them face roadblocks in cybersecurity that seem insurmountable.
Check out the main challenges small businesses face with cybersecurity:
Small businesses don't have the luxury of spending too much on their IT budget. It's a constant struggle to find the balance between growing the company and keeping it running optimally. Unfortunately, that often leaves very little left to invest in cybersecurity. In a study by Insurance Bee, 83% of SMBs have no funds set aside to deal with a cyber-attack.
That could be a costly error for SMBs, especially considering that remediating a ransomware attack could cost you an average of $2 million.
Smartphones and bring your own device (BYOD) policies can provide a wide range of benefits for SMBs. In a survey conducted by Cisco, 69% of IT decision-makers in the US see BYOD policies in a positive light because they can improve productivity, mobility, and efficiency. On the other hand, it also increases your risk for cyber-attacks. That's because while BYOD policies are convenient, it also increases the number of endpoints you need to cover.
Things like data leaks, phishing scams, and other cyber-attacks become more common the more unsecured devices are connected to your network.
The cybersecurity industry has a serious skill shortage that has not been addressed for years. That means you'll be hard-pressed to find the right people for the job of managing your security because skilled professionals are scarce. In a study by Ninja RMM, three out of four small businesses have admitted that they do not have the necessary IT personnel to handle IT security.
More so than budget constraints, businesses are struggling to get the right people for the role even when they said that they were prioritizing cybersecurity and had put aside a budget for it.
Partnering with a reliable managed cybersecurity service provider can help address all those challenges.
MSPs offer cybersecurity at fixed, predictable rates and different tiered price points. That allows you to choose an agreement that can fit your IT budget. While these services aren't cheap, they are more affordable than building your own security operations center (SOC) from scratch.
You can also secure all devices connected to your network with the help of a security-focused MSP. They utilize advanced systems like security information and event management (SIEM) and endpoint detection and response software to keep track of all devices in your network. That allows them to detect and act on suspicious behavior and potential threats before they become serious issues.
Hiring an MSP also gives you the opportunity to tap into expertise you otherwise will have trouble getting due to the skill shortage. A reliable MSP will have a team of certified professionals well-versed in various fields of IT and different security disciplines.
Building your own SOC is a great investment for the future. It can grant flexibility and privacy concerning your security operations. However, it's going to require a massive investment of time and money to get started. Those are two things many SMBs don't have a lot to spare. Take a look below at some of the pros and cons of outsourcing cybersecurity to find out if the solution fits your needs:
Outsourcing allows you to easily grow or scale down your security efforts depending on your company's needs. In addition, their pricing models allow for greater flexibility, a significant boon for SMBs.
Another case for outsourcing is that many SMBs offer relatively low entry costs. If your SMB is still just starting out with a relatively meager cybersecurity budget, outsourcing can get you the most bang for your buck. Also, the solution doesn't require nearly the same amount of time and resource investment compared to building your own SOC.
Outsourcing to a company that's already gathered experienced and certified professionals allows you to tap on the expertise you might not be able to find anywhere else.
Another big plus to outsourcing is 24/7 protection. Many firms offering cybersecurity provide it as a standard. You might have been lucky enough to fill your team with top talent, but you must consider that they will need to take breaks and vacations. Outsourcing cybersecurity to a firm that offers 24/7 service can help fill in those gaps in your defenses.
Outsourcing requires compromising some control as you would need to stick with your service agreement with the security provider. They might need you to implement software and systems they trust and are certified on.
Not all businesses are equal when it comes to cybersecurity. The best security firms will always offer solutions tailored to your specific needs. Unfortunately, some security providers focus on profits first rather than results. If you're not careful in choosing the right MSP or MSSP to partner with, you could run the risk of getting cookie-cutter solutions. Those types of solutions simply don't cut it.
The average provider often handles the IT security needs of multiple organizations at once. That means firms might not always be able to provide absolute devotion to any single company's needs. While providers will address any critical issues you may have promptly, minor issues might take longer to resolve as they are less prioritized.
One thing you should know about choosing between building an in-house SOC and outsourcing cybersecurity is that both choices are not mutually exclusive. That means you can get the best of both worlds by blending both options. One of the best things about MSPs and MSSPs is that the nature of their business is focused on collaborating with you. They are experts at filling in the gaps to help support your business.
You can outsource while you are still building your in-house SOC and supplement the needs of your newly established security team. That allows you to cover all your bases and ensure your network is secure at all times.
There are many factors that can affect how much cybersecurity services will cost. Check out some of the things you need to consider when planning your budget:
When it comes to cyber threats, not all industries face the same concerns. Some are more attractive to cybercriminals than others. Sectors like healthcare, financial, energy, and utilities are more prone to cyber incidents than others. That means if your business serves a high-hazard industry, you will need more security solutions to protect your network. In addition, you will have more stringent regulations in place that you will need to comply with.
If you keep any sensitive data from customers or clients, you will need more cybersecurity solutions to protect them. Whether you're keeping medical records, credit card details, social security numbers, or other personal information, then you're storing valuable targets for cybercriminals. Overall, it will influence how much you have to spend on your cybersecurity solutions.
Results of Your Security Assessment
Undergoing a cybersecurity assessment is essential, whether you need it to comply with industry regulations or simply to check for gaps in your defenses. You can conduct your own assessment or employ a third party like a managed IT service provider (MSP). That will allow you to identify risk factors that might have been right under your nose.
The results of an assessment will help you identify hidden vulnerabilities or things that you can improve on. You can leverage expert advice and experience to help guide which cybersecurity solutions would best fit your business and industry requirements. That will also affect how much you would need to invest in new tools and systems.
Setting a proper cybersecurity budget is essential. In order to set the right budget for your company's needs, you should definitely do your research and ask cybersecurity experts. You can also take a look at how much your peers are spending on cybersecurity. That's possible by checking industry-specific guidelines similar to the Financial Services Sector Cybersecurity Profile.
Also, it's vital that you think of cost optimization rather than cost reduction when considering your cybersecurity budget. Ask yourself how you can make use of the solutions you have or whether you have the personnel or the resources to make the most of them.
Some industries might have more cybersecurity compliance requirements in place, whether it's with government or international regulators. Depending on the industry or state you operate in, regulatory bodies may require you to have certain security solutions in place, while others might ask you to have cyber insurance coverage.
That can influence your cybersecurity budget. Depending on how underwriters and regulators evaluate your cybersecurity, you could end up shelling out a lot of money to comply. In addition, many insurance carriers nowadays have implemented more stringent measures to ensure that clients have certain security tools in place to reduce their risk exposure.
Check out some of the best MSPs that offer quality cybersecurity services for SMBs:
Managed Service Provider | Website and Location | Quick Facts |
Cipher Website |
Cipher is a global managed security services provider (MSSP) founded in 2000. The company provides SMBs and large enterprises around the world with tailored white-glove services. They specialize in cybersecurity monitoring, incident management and cyber defense, security asset management, vulnerability, and compliance management, and managed application security. | |
Security HQ Website |
SecurityHQ is an MSP that supports SMBs across the globe. The company was founded in 2003 and is best known for creating a tailored approach for their clients. They specialize in managed detection and response, managed endpoint detection and response, digital risk and threat monitoring, and more. | |
IBM Security Website |
IBM was established in 1911 and has provided businesses with various tech services throughout the years. Their managed services arm serves midsize businesses around the world. They offer fully managed security, including vulnerability scanning by IBM security, information event management, and endpoint security services. | |
Trustwave Website |
Established in 1995, Trustwave is recognized as a trusted security services provider. The company serves SMBs in the US and anywhere in the world. They specialize in threat and vulnerability management, compliance management, and network and data security. | |
Anomalix Website |
Anomalix is an MSSP headquartered in Chicago that serves SMBs in various sectors, including finance, healthcare, manufacturing, energy, education, and government. They specialize in providing managed security services and network, data, cloud, and endpoint protection. |
An effective security service provider should be available 24 hours a day, seven days a week, including holidays. That's because off-hours and holidays are where most cybercriminals make their move. ITS cybersecurity offers 24/7 support, so they're available when you need them most.
Backups are vital for your business's continuity. It can help you get back up and running much faster after a breach, an outage, or a natural disaster. ITS offers multiple backups as a standard and ensures that you can get to your data when things go wrong.
There's no single solution when it comes to cybersecurity. Each business has its own unique needs and requirements. That's why our security professionals don't believe in cookie-cutter solutions. They will ask questions and collaborate with your team to learn more about your processes and needs before offering solutions.
ITS cybersecurity can help you transition from a reactive threat response to proactive threat mitigation. We have the expertise and specialized tools to monitor and detect threats before they make an impact. Our team will also ensure your systems are always up-to-date with the latest security patches to prevent breaches.
Outsourcing cybersecurity to ITS will allow you to leverage our team of skilled and experienced professionals well-versed in a broad range of security disciplines.
ITS cybersecurity comes at predictable fixed rates at different price points. That allows small business owners to choose the solutions they need that fit their budget. It also makes planning for your security goals much easier to achieve and scalable.
Our team is always in the loop when it comes to the latest tech news. It has helped them stay ahead of emerging threats like zero-day exploits and others. In addition, it also allows them to tap into the latest security practices and technology available.
Managed cybersecurity services allow SMBs to leverage enterprise-level security systems and expertise to protect their businesses. It gives small business owners the opportunity to opt for the most advanced solutions, thanks to low entry costs and fixed fees.
At ITS, we understand that cybersecurity is essential for organizations of all sizes. That's why we have been helping hundreds of small to midsize businesses protect their networks for almost 20 years.
If you want to learn more about how we can help you improve your cybersecurity, schedule a meeting with one of our experts!
Managed cybersecurity services allow SMBs to leverage enterprise-level security systems and expertise to protect their businesses. It gives small business owners the opportunity to opt for the most advanced solutions, thanks to low entry costs and fixed fees.
At ITS, we understand that cybersecurity is essential for organizations of all sizes. That's why we have been helping hundreds of small to midsize businesses protect their networks for almost 20 years.
If you want to learn more about how we can help you improve your cybersecurity, schedule a meeting with one of our experts!