Former Cisco CEO John Chambers once said, “There are two types of companies; those that have been hacked, and those who don’t yet know they have been hacked.” With technology evolving faster than ever, cyberattacks are becoming more elaborate while posing a serious threat to businesses. Malicious cybercriminals attempt to benefit from vulnerable businesses through tactics including phishing and data hacking. Managed Security Services are your best defence against cyberattacks.
So, what exactly are cyberattacks? A cyberattack is a deliberate and malevolent attempt by individuals or organizations to breach into the information system or network of other individuals and organizations. Cyberattacks can range from ransomware, phishing, scams, and unauthorized use of information. Cybercriminals perform these forms of attacks because they often seek some form of benefit from disrupting their victims’ networks.
Many assume that larger organizations are prime targets for cybercriminals. Unfortunately, that isn’t the case. When it comes to online criminal activity, small to medium-sized businesses are often targeted simply because they don’t think it can happen to them. Many small to medium-sized businesses don’t invest in the resources necessary for suitable cybersecurity protection. This means your business may be on the hitlist of a cybercriminal and it’s only a matter of time before you’re targeted.
With cyberattacks occurring more frequently, a Managed Security strategy is necessary to counter the attacks. Cybersecurity is the practice of protecting networks, devices, and programs from any type of cyberattack. It is the best defense against cyberattacks and is becoming a necessity for all types of businesses.
Here are five reasons why Managed Security Services are imperative for your business:
The Evolving Cybersecurity Landscape
Security breaches have increased by 11% since 2018 and 67% since 2014 with cyberattacks becoming increasingly more complex. The Nigerian Prince scam, while still successful, is a simplistic cyberattack by today’s standards. For example, email is no longer the only means of a phishing attack. Attackers might also send an SMS or launch targeted social engineering attacks via social media. AI voice matching (as you’ll read about below) is also a successful tactic as it enables the hacker to impersonate just about anyone. With Managed Security, your cybersecurity firm stays up to date on the most current threats to your technology environment, implementing the best software, policies and education tactics to ensure that your business is safe. While the landscape changes quickly, you can leave it to your security company to stay on top of securing your business from attacks.
Data Protection
Most businesses store sensitive and confidential information that pertains to their staff and clients. Cybercriminals target this data to extract a ransom for the return of the data, or for sinister motives. For example, 31 million payment card records were stolen in 2019 from the US convenience store chain Wawa and subsequently posted on a notorious dark web marketplace. Customers and banks are now on the lookout for unauthorized payments. In another case, the city of New Orleans was crippled as it scrambled to recover data that was lost after hackers infected roughly 4,000 city computers with ransomware. Citizens and attorneys showed up to municipal and traffic courts to find doors that were closed with a bright orange letter on them warning people that the courts were non-operational due to “computer network issues.” Loss of data can result in severe consequences for organizations. Stay proactive by implementing an effective cybersecurity strategy that suits your business.
Reputation
In 2019, more than 100 law firms in the United States reported data breaches. And, those are the firms that reported a hack. One firm, Jenner & Block, had tax forms from hundreds of current and former employees fall into the wrong hands, potentially exposing private addresses, Social Security numbers, and salary information. In all, the breach may have exposed the personal information of 859 people. Now, this begs the question: If you were looking for a new job at a law firm, would Jenner & Block be your first choice? If you were looking for a lawyer to represent you, would you choose Jenner & Block knowing that safety mechanisms were not in place for keeping confidential data confidential? A data hack impacts the trust that both employees and potential clients have in doing business with your organization.
Ransom Cost
The average amount of money sent during a phishing attack is $30,000. An unexpected expense, many small and medium businesses cannot survive the financial impact, with 1 in 5 going out of business within one year of the attack. And, the attacks can be sneaky. For example, fraudsters used AI to mimic a CEO’s voice in an unusual cybercrime case, whereby $243,000 was sent because the CEO of a U.K.-based energy firm thought he was speaking on the phone with his boss. Unfortunately, it was a cybercrime and the money disappeared into the hacker’s hands.
Downtime Cost
The average cost of downtime and recovery for small businesses after an attack is more than 23x the average ransom requested. A $9,000 ransom could result in $207,000 in downtime because of the inability of employees to access their files and emails. Without the right cybersecurity strategy in place, your business is vulnerable to experiencing massive downtime, significantly reducing revenue generated.
SysGen Managed Security Services
SysGen provides the best cybersecurity defense for your business by focusing on three elements: People, Policy, and Technology. We offer three tiers of protection based on the needs of your organization: ESS, ESS+, and ESS+ Realtime. Talk to the SysGen team today to learn more about our Managed Security Services. To explore SysGen’s IT services and support in Calgary, Red Deer, Edmonton, Vernon, and Kelowna, connect with us here.
