Emerging Threats
Cybercrime costs have increased by over 400% in the past two years. Hardly a week goes by without news of another data breach, ransomware attack, or cyber attack making front-page news. Analysts predict that attacks will continue to increase in frequency, damage, and complexity with costs from consumer litigation, compliance requirements, and Incident Response expected to rise as a result.
SMB’s are at risk
While it is the large corporations and government agencies that make the headlines as victims of cyber attacks, small and medium-sized businesses are breached at similar snowballing rates according to a recent Ponemon Institute survey. Fifty-five percent of small and mid-sized businesses reported experiencing a cyber attack within the previous year, while only 14 percent considered their cyber defenses to be highly effective as criminals constantly probe for security weaknesses. Unfortunately, attacks are always more costly on a relative basis to small organizations than those on larger organizations that suffer a significant incident like a ransomware attack. Those who are unable to recover from such attacks may go out of business and if they do recover there now can be damage to the company’s reputation. Customers are far less likely to purchase products, and services from organizations that have been breached.
Sophisticated attacks
Attacks will continue to shift to new techniques that organizations do not expect whether it is exploiting software vulnerabilities, deploying phishing attacks, or targeting line of business applications. Attackers are constantly generating new tactics to exploit poor security practices of small and medium-sized businesses. Those without dedicated IT security engineers and the resources to comprehensively monitor and respond to the latest threats are particularly at risk of falling victim to cyber-attacks.
What can you do?
One way for businesses to respond to the latest threats in a cost-effective manner is through the services provided by managed security service providers (MSSP), who can provide 24/7 cutting-edge services for businesses at a fraction of the cost of a similar capability built in-house. Many small, and medium businesses are reporting that information security is becoming a growing part of their IT budget as cyber-attacks have become more sophisticated. Businesses are investing more in defensive technology and subsequently in experts to manage the technology.
Protecting your data, customers, and employees from cybercrime can become overwhelming. An IT security provider helps solve the issue of cyber defense in the same way a contractor manages and executes the details of building a home, instead you spend vast amounts of time and effort renovating a home yourself. MSSPs can offer a wider range of services specialized to meet customer requirements. One common misconception is that you can just install a piece of software and be secure. While these tools can offer a layer of security, the devil is in the details. A worthy cybersecurity company understands this and configures your environment to reduce the number of ways you could be attacked. When working with your run-of-the-mill IT company, they will usually leave you open to attack by leaving everything set to their default settings.
Partnering with a cybersecurity provider rather than investing in just the latest shiny piece of software or endpoint protection can bring a layered approach to your company’s security while also giving you a predictable and manageable investment. RT Solutions strives to empower your business with proven security processes, providing 24/7 protection and support capabilities.