Businesses can no longer afford to relegate cybersecurity to the bottom of the budget, not with cyberattacks targeting any business regardless of size, strict security, and privacy regulations surrounding data. Businesses with a small or limited budget have the advantage of partnering with a managed IT services provider (MSP) for their cybersecurity needs. Why is this need more urgent than ever, and why is an MSP the intelligent business choice?
The numbers
According to the Ponemon Institute’s 2018 State of Cybersecurity in Small & Medium Size Businesses (SMBs) survey, cyber attacks on SMBs have increased from 61 percent in 2017 to 67 percent in 2018. Only 28 percent of these SMBs evaluated their ability to mitigate threats, vulnerabilities, and attacks as highly effective. 58 percent of SMBs in the study experienced a data breach in the last year.
Most SMBs in Ponemon’s research said attacks against their companies had severe financial consequences. For instance, the report cited that many of them spent an average of $1.43 million because of the damage or breach of IT resources, a 33 percent increase from 2017. Disruption to operations also cost an average of $1.56 million, a 25 percent increase from 2017.
The attacks
So what types of cyberattacks on SMBs were prevalent last 2018? According to the study, the order from most to least common are as follows: phishing/social engineering, web-based attacks, general malware, compromised/stolen devices, denial of services, advanced malware/zero day attacks, SQL injection, malicious insider, cross-site scripting, and uncategorized attacks.
Why managed services?
Partnering with MSPs is the most effective way to prevent attacks and protect your business from these malicious threats. They include a full range of proactive IT support that focuses on advanced security, such as around the clock monitoring, data encryption and backup, real-time threat prevention and elimination, network and firewall protection, security awareness training, and more.
Not only that, but because managed services are designed to identify and fix weak spots in your IT infrastructure, you’ll optimize the digital backbone of your business processes. You’ll have faster network performance, a business continuity and disaster recovery strategy, as well as minimal downtime. One of the best things about managed services is that you get a dedicated team of IT professionals ready to assist you for any technology problems you may encounter. This is much more effective and budget-friendly than having in-house personnel handling all your IT issues.
Being proactive when it comes to cybersecurity is the only way to protect what you’ve worked hard to build. If you’d like to know more about how managed services can benefit your business, just give us a call, we’re sure to help.