In 2016, cyber crime damages cost $3 trillion. That figure is expected to hit 6 trillion by the time 2021 rolls around, and this is merely the cost of damages, according to CSO. Spending on security infrastructure is expected to total $1 trillion by the same year, as reported by Accenture. Microsoft predicted that the average data breach cost to a company will jump from 3.8 million in 2017 to 150 million in 2020. Oh by the way, these figures are in US dollars.
43 per cent of cyber attacks are targeting small businesses.
There’s no dancing around the fact that these numbers are concerning. In an age where 43 per cent of cyber attacks are targeting small businesses (Symantec), and new malware specimens are cropping up every 4.2 seconds (G Data), now is the time for your business to invest in cybersecurity infrastructure. The best way for small and medium sized enterprises to do this is by outsourcing cyber security to a managed security service provider (an MSSP), such as LOOKUP.com. Here are four reasons why 2018 is the year to do it.
1) You’ll have a high level of expertise in your corner
Managed security staff are experienced professionals in their field. Bringing not just a sound track record of IT security management, but also an extensive, up-to-the-minute knowledge of potential threats. A managed service is the best way to mitigate threats. Having an expert monitoring your system means any threat attempting to access the network will be detected, though you’ll have the best systems in place to prevent this from happening. Flexible, adaptive and dedicated, a managed security service offers peace of mind in a time where such a thing is hard to come by.
2) You’ll save a significant amount of critical time
When it comes to cybersecurity, time is often of the essence. When an in-house security team needs to make changes there will be numerous protocols to follow, which can take some time to implement. Hackers, on the other hand, aren’t restricted to corporate processes and can subsequently mount an attack using the most modern methods possible at whichever time they see fit. A managed security service can stay ahead of attackers at the same time as dealing with real-time threats, a difficult task to find the time and resources for with an in-house specialist.
3) It will reduce your IT spending
Bringing in a managed security service provider eliminates the need to have a fully staffed, full-time, on-site security department. There is currently a huge demand for experts in this area, and salaries reflect that demand. Because an MSSP can aggregate costs over their client base, it becomes a much cheaper option. CompTIA reported in 2017 that businesses using an MSSP were able to cut IT costs by 25 per cent. Outsourcing will give you constant security, from specialised, company-specific requirements to managing the entire system.
4) It allows you to focus on what’s important: Running your business
It’s easy to get caught up in cybersecurity. As attacks become more complex, ensuring the latest defensive measures are taken can be a strain on the business. Subsequently, in many cases cybersecurity infrastructure can be based around the latest technology even where it disrupts business objectives or doesn’t address the actual risks the business is facing. This is where a team of experts can help you. They understand your businesses goals, and don’t just mitigate risk but actively manage it. Rather than worrying about whether your data is secure, you can focus on your operations.
To find out what LOOKUP.com’s managed security service can do for you, get in contact with us now.