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With cyber attacks and threats on organizations rampant in recent decades, a solid and secure cyber security system is more important than ever. Statistics show that on average, a cyber attack takes place every 39 seconds, amounting to over 2,000 cyber attacks daily. The consequences of a cyber attack include financial ruin, legal disputes, data theft, and loss of reputation and customer trust. This makes cyber attacks one of the biggest problems faced by companies all around the world.
To help combat and prevent such digital disruption, organizations can make use of managed cybersecurity services. This is a management suit offered by a third-party vendor to take care of all your cybersecurity needs. In this article, we will discuss the 7 reasons why you need managed cybersecurity services.
What are Managed Cybersecurity Services?
Cybersecurity is defined as the protection of IT systems, data, networks, and software from digital threats and malicious cyber-attacks. It is a core part of any security solution and needs to be implemented with the utmost care and skill so that no vulnerabilities are left behind. However, not every organization is equipped with the intellectual or financial resources to implement cybersecurity services on its own. This is where managed cybersecurity services come in.
Managed cybersecurity services are third-party offered plans that organizations can subscribe to for the monitoring and management of their IT systems and networks. Routine services offered by managed IT services include around-the-clock monitoring, firewall management, intrusion detection, virtual private network monitoring, upgrade handling, and risk and compliance.
By choosing to work under the guidance of managed cybersecurity services, organizations can bypass the hassle of expensive in-house operations which require a greater deal of manpower and expertise to handle effectively.
Why You Need Managed Cybersecurity Services
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Paradigm shift
The world is not the same as it was twenty years ago, as is evident by the device on which you are probably reading this article. Recent decades have seen an enormous increase in the advancement and adoption of technology, with every household owning at least one technological gadget.
Naturally, this shift has also been seen in the corporate world, with more and more organizations going fully digital. However, greater digitization also means greater cyber security risk, with hacking and data theft cases becoming increasingly more widespread. Businesses that may not be familiar with cybercrime now are in a position where they need to tackle it to protect themselves and their hard work. This is the biggest reason why you need managed cybersecurity services, as the world has evolved into a much more digitally connected space, with technology at the forefront.
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Round-the-clock oversight
Cyber threats and attacks are very unpredictable in nature, potentially occurring any second of operation. This is why it is incredibly important to have continuous monitoring of IT systems, networks, and structures so that any malicious action is not missed. Even a few seconds are enough for a hacker to infiltrate into an unprotected system and cause significant damage.
Managed cybersecurity services provide this continuous oversight to you 24 hours a day, 7 days a week. The services team will do this by installing automated systems that employ Security Information and Event Management (SIEM) tools that are always online taking note of activities that are being carried out. Any potential threats or suspicious activity are immediately flagged and handled properly so that no damage is caused to the system. With managed cybersecurity services, round-the-clock monitoring is provided to your company, that too in an organized and secure manner.
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Enforced data protection and privacy
Arguably the most significant asset to any organization is its data. In the modern world, data is a commodity, bought and sold to different entities at high prices. It is this valuable nature of data that makes it the most attractive to cyber attackers, and data breaches and leaks are the most sought-after goals of cyber criminals. More than six million data records have already been exposed globally through data beaches during the first quarter of 2023 according to reports.
Data is the single key to all of a company’s secrets, storing valuable information that has been accumulated over a long period. The data reserve of any reputable business will include employee records, customer data, intellectual property, and product design. If leaked or breached, the privacy and reputation of the company, customers, and employees will all be affected.
With managed cybersecurity services, the protection of data is given priority, and various measures are taken by the team to ensure that data is impenetrable. Methods employed by cybersecurity services include cryptographic protocols, multi-factor authentication, and endpoint access restriction. In this way, sensitive data is protected and prevented from being accessed by unauthorized parties.
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Access to seasoned professional opinions
Managed cybersecurity services are typically third-party vendors who are outsourcing their plans to companies and organizations looking for system protection. These organizations are clients of cybersecurity service providers and can be of any size., type, or scale.
At a time, a managed cybersecurity service can be serving the needs of multiple clients. Additionally, the contractual nature of the work of managed cybersecurity services means that cybersecurity management agencies have ample experience working for a variety of different companies all over the world. The exposure that such vendors have is unparalleled, and having them on board to handle your organization’s cybersecurity needs will be an incomparable value addition.
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Reduced costs and overhead
Cybersecurity may be one of the most integral parts of any organization’s security system, but it also happens to be one of the most expensive. A multitude of factors add to the cost of cyber security, including worker salaries, types of attacks to be prevented, maintenance overhead, system strength, and IT infrastructure. On average, this amounts to companies spending anywhere between $500,000 to $2 million on cybersecurity every year, depending on the size and scale of the organization.
With managed cybersecurity services, this cost can be reduced drastically. Instead of going through the expensive process of sponsoring an in-house cybersecurity setup, you can opt for an outsourced model, where cybersecurity services can be bought as required. The minimum costs for managed cybersecurity services start at approximately $2,000-$3500 a month. This plan can be tailored according to you and your organization’s preferences and requirements, which will also affect the price.
As you can see, managed cybersecurity services cost a fraction of traditional cybersecurity at a company and provide you with the expert advice of seasoned professionals at the same time.
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Maximized employee efficiency
The monitoring and maintenance of a cyber security system is a painstaking task that typically falls under a company’s IT department. Not every organization can afford to hire dedicated cybersecurity specialists, however, and so this falls under the job description of software engineers and developers.
Constantly studying dashboards and company logs for any suspicious activity can consume a lot of a software developer’s time and distract them from their other objectives and tasks. With managed cybersecurity services, the load of ensuring the security of IT systems is taken off the shoulders of the tech department of a company and instead handed over to professionals who are much more qualified for the job. The IT team also has more time to develop products and software.
Companies often don’t realize how big of a time-sink data monitoring is. Having that outsourced professional partnered with your organization will not only improve security performances but also maximize employee efficiency overall.
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Management of risk and compliance
These days, businesses are highly regulated, with detailed systems in place to monitor compliance and manage risk. It is very important for an organization to be aware of the regulations that surround cyber security and the protection of data, as one wrong move could land the business in future financial loss and legal penalties.
With regulations constantly being updated, many organizations may find themselves unequipped with proper structures in place that manage compliance risk. With managed cybersecurity services, compliance that is in line with industry regulations and standards will be done for you.
Services Offered by Managed Cybersecurity Services
Managed cybersecurity services provide solutions to tackle many common security issues faced by organizations. Although the exact services offered vary depending on the size and scale of the company, many solutions often overlap. The following are some of the services offered by managed cybersecurity services.
- Threat management: Framework used in the prevention and detection of cyberattacks and cyber threats so that risk is minimized and systems are protected. This is one of the most fundamental services provided by a managed cybersecurity service.
- Managed detection and response: Provision of proactive threat hunting, monitoring, and response management to protect data and assets in case of any cyber attack.
- Managed cloud security: An IT model that is dedicated to securing and monitoring an organization’s cloud computing systems. Methods of managing cloud security include the performance of security audits, usage of network security monitoring tools, and data encryption.
- Managed endpoint security: The management of access rights of endpoint devices such as laptops and mobile devices to ensure their protection, authentication, and health. This is done through the deployment of device firewalls, antivirus software, intrusion detection tools, and encryption.,
- Infrastructure setup: Proper installation and upkeep of key network infrastructure components that are required for optimum performance. This may also include a cybersecurity assessment and regular maintenance.
- Network security monitoring: The employment of various tools, strategies, and policies to manage the incoming and outgoing traffic on system networks and devices. The primary purpose of this service is to identify possible vulnerabilities in the system and issue alerts accordingly.
FAQs
Why should you consider managed cybersecurity services?
Going for managed cybersecurity services can be a great decision for the future of your organization and the health of your employees. This service will provide protection against cyber threats in a cost-effective manner while also giving your employees the mental space and freedom they deserve.
What are some of the biggest cybersecurity issues faced by companies today?
Maintaining cybersecurity is a never-ending challenge due to the seemingly never-ending methods employed by attackers to compromise data. Examples of common cybersecurity issues are ransomware, mobile malware, endpoint hacking, phishing, cloud vulnerabilities, and social engineering.
What is the difference between managed cybersecurity services and cybersecurity services?
Managed services are typically solutions that are provided by a third-party company or team to multiple clients. It is usually based upon a contract, where services are pre-decided and will continue for a set duration. Managed services are also often subscription-based, where you pay as you go, a model that can be particularly useful if you don’t know how long you will require services.
