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The Risks of Not Having Managed Security

The Risks of Not Having Managed Security

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Hwei Oh
11/15/2023
4 min read
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Worldwide adoption of digital systems has led to the emergence of a very real threat to businesses of all sizes. While these digital solutions empower businesses to conduct their operations more efficiently, a constantly connected state means that business data is always at risk.

Company data is often available from the internet, whether stored on the cloud or on-prem, and hackers are constantly trying to access it. With companies using third parties more and more, this data can often be obtained in multiple places, making it easy for hackers to attack the lowest-hanging fruit.

As more companies make the move to digital, the sheer volume and complexity of threats have grown exponentially. As a result, the potentially vulnerable points of companies, especially SMEs, have grown significantly.

The task of maintaining a high level of security in such a dynamic environment can be daunting. To address this escalating challenge, many businesses are turning to specialized assistance, such as managed security providers.

Partnering with a managed security provider helps bolster security measures and provides a safety net against potential risks. When not working with a partner, companies leave themselves exposed to several significant risks.

Risk 1: Not enough resources

Comprehensive protection goes beyond just tools and personnel—it encompasses continuous training, threat intelligence, and rapid response mechanisms. Unfortunately, the nature of robust cybersecurity often demands more resources than an SME can gather.

SMEs have limited in-house resources to handle potential threats. The scale and complexity of threats make it infeasible for SMEs to invest in these resources, including cybersecurity staff personnel, proper security software, and threat detection tools. Prohibitive costs often prevent SMEs from investing in top-tier security services or the latest tech, leading to reliance on outdated tools and subpar protection.

Risk 2: Expertise is required

Cybersecurity is a specialized domain that necessitates the expertise of highly trained professionals. The ongoing global talent gap in the cybersecurity field has not only made these experts scarce but has also driven up their demand and their compensation.

For SMEs, securing such expertise often becomes a significant financial challenge. Yet, without this vital knowledge, many SMEs end up with IT teams that, despite their best efforts, are ill-equipped to counteract sophisticated cyber threats.

Ongoing training of employees is also necessary. The increasing sophistication of cyber threats means that even non-security personnel must thoroughly understand security threats. Such training can quickly become costly, and keeping staff abreast of all the necessary knowledge is usually impossible. The need for quickly accessible expertise is crucial.

Risk 3: Comprehensive coverage is nearly impossible in-house

Despite a company’s best efforts, security gaps often exist when trying to handle cybersecurity in-house. This is primarily because the vast and continually evolving nature of cyber threats makes it challenging to stay on top of the latest developments.

Hackers often focus on using sophisticated tools to target the latest vulnerabilities, and one of the more effective ways to reduce the risk as much as possible is to have continuous monitoring in place. Cyber threats can happen at any time, making it essential to have a 24/7 detection and response system. Investing in an in-house solution that does this is logistically and financially infeasible, even for large corporations with big budgets.

When a security breach occurs, the time it takes to identify, mitigate, and recover from the attack is critical. Delays can lead to extensive damage, resulting in loss of customer trust and potentially severe financial losses.

Partnering with a managed security provider can address this gap, ensuring continuous surveillance and immediate action when a threat is detected, irrespective of the time or day.

How a managed security program can mitigate security risks

The lack of resources and expertise makes it a near-impossibility for SMEs to achieve comprehensive security coverage. Fortunately, the emergence of managed security providers offers a solution to this problem.

A managed security program brings in a team of professionals with a deep understanding of cybersecurity. These experts remain updated on the latest threats and solutions.

A managed security program also provides comprehensive, 24/7 monitoring. Using state-of-the-art tools, managed security providers can offer round-the-clock surveillance and be ready to react as soon as signs of a breach appear.

Hiring a managed security provider reduces the burden on your IT teams, preventing them from being spread too thin.

Managed security programs such as SolCyber’s often also provide top-tier services at a fraction of the cost of the SME implementing them in-house. As a bonus, SolCyber can guarantee such incredible protection that you’ll automatically be pre-approved for cyber insurance — and get a discount on your premium!

Finally, response times are fast, significantly mitigating long-term breaches that can lead to costly fines and severe reputational damage.

A managed security program encompasses a broad range of measures, tools, and strategies, making it a comprehensive, yet affordable, approach to cybersecurity.

SolCyber is a modern managed security provider specializing in assisting organizations across various industries by offering a reliable, expert-driven managed security solution that protects them without breaking the bank.

Contact SolCyber today to learn more.

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Hwei Oh
11/15/2023
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What it requires is practicality and reason.

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