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What is a Managed Security Program?

What is a Managed Security Program?

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Hwei Oh
08/16/2023
5 min read
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Data from the FBI’s IC3 (Internet Crime Complaint Center) painted a stark picture of digital crime in 2022. The center recorded 800,944 complaints, leading to financial losses exceeding $10.3 billion.

The increased sophistication in these crimes is driven, in part, by advancements in artificial intelligence technology. Many companies are still inadequately equipped to counter these escalating cyber threats because of the following factors:

  • Lack of expertise.
  • Lack of staff.
  • Lack of security resources.
  • An increasingly complicated threat landscape.

All of the above adds up to an immense investment required from SMBs to keep cybercriminals out of the front gate.

To address this major cybersecurity gap, companies need to look for solutions that provide a comprehensive managed security program, such as those offered by SolCyber. SolCyber is leading the way and providing SMBs/SMEs with a fully managed security program that truly address the challenges they face today.

The Managed Security Program model proposes a unique approach in which a third-party vendor takes the primary responsibility for a company’s cyber protection alongside the customer’s input. With a single point of contact, this arrangement provides a much stronger and more applicable form of protection throughout the day and night at a reasonable cost.

How do you know if your organization needs managed security?

It’s easy for SMBs to feel complacent about their cybersecurity posture or to think that cybersecurity risk is something only big businesses need to be concerned about.

However, some may be surprised to learn that just the opposite is true: Cyber crooks have preferred SMBs over larger corporations for some time now. Small and medium-sized businesses are inviting targets because the criminals know they often have inadequate security postures.

If you have limited expertise, time, or budget to dedicate to cybersecurity, a Managed Security Program can provide those resources for you.

Benefits of a managed security program

A Managed Security Program can also benefit organizations lacking a clear cybersecurity strategy or direction by providing a structured approach to cyber-defense.

Managed security brings with it sophisticated defense tools to improve your security posture.  These advantages can significantly enhance your cybersecurity posture and minimize the chance of vulnerabilities existing or being exploited.

Eliminates the need for additional security staff

While hiring a full-time security employee would be costly enough, the truth is you are likely to need multiple employees because cyber security has become so vast that managing it requires several specialized areas of expertise. But putting costs aside, even finding those resources has become a challenge due to the cybersecurity labor shortage

24/7 coverage

A Managed Security Program typically offers 24/7 cybersecurity coverage of your organization without you needing to pay for one or more full-time employees. The economies of scale let Managed Security Program providers offer this service at a reduced price.

Shores up the gap in cybersecurity expertise and resources

Cybersecurity is an ever-evolving subject that requires staying abreast of anything that’s new. Even with the necessary resources, staying ahead of all new developments can detract from your cybersecurity team’s duties.

The entire business of implementing a Managed Security Program is cybersecurity, so they prioritize staying fully updated on the subject. In addition to shoring up your existing IT resources, a Managed Security Program provider will keep its team in tune with the latest technology to assist you before, during, and after any threat.

Easier vendor management

A single vendor means you only have to pay one invoice each month and call one vendor if anything goes wrong with your cybersecurity.

In the security sector, having too many vendors can hinder a swift response to a security event. You need one phone number to call when things go wrong, not a Rolodex. 

Why you should consider a managed security program

The losses caused by a cybersecurity event can be crippling. Those losses aren’t only due to direct financial theft; they also come from lost revenue while systems are down, regulatory fines for data breaches, and losses from reputational damage, including any PR campaigns required to reduce that reputational damage.

A study by IBM reveals that 60% of companies affected by a data breach had to raise customer prices to account for the costs.

Addressing cybersecurity after the fact is too late.

No one can guarantee that cybercriminals won’t get into your network, but partnering with a Managed Security Program provider can significantly reduce the chances of it happening. Additionally, providers often also help you obtain cyber insurance at a competitive price. That is a big perk because obtaining insurance has become an increasing challenge due to the upsurge in cyber threats.

Investing in a Managed Security Program is often far more affordable and efficient than employing and managing an in-house team.

Click here to learn more about SolCyber’s Managed Security Service.

FAQs

1. What Is a Managed Security Program?

A Managed Security Program is a comprehensive approach to cybersecurity where a third-party vendor, like SolCyber, takes on the primary responsibility for a company’s cyber protection. This approach provides a stronger and more applicable form of protection throughout the day and night, addressing factors such as lack of expertise, staff, security resources, and the increasingly complicated threat landscape.

2. How do you know if your organization needs managed security?

If your organization lacks expertise, time, or budget to dedicate to cybersecurity, a Managed Security Program can provide the necessary resources. Small and medium-sized businesses are attractive targets for cybercriminals due to inadequate security postures. Managed Security Programs offer sophisticated defense tools, eliminating the need for additional security staff while providing 24/7 coverage and closing the gap in cybersecurity expertise.

3. What are the benefits of a managed security program?

A Managed Security Program offers several benefits. It eliminates the need for additional security staff and provides 24/7 coverage at a reduced price. It enhances cybersecurity posture and minimizes vulnerabilities by utilizing sophisticated defense tools. Managed Security Programs stay updated on the latest cybersecurity developments, shoring up expertise and resources. Additionally, working with a single vendor streamlines management, reduces response time, and can aid in obtaining cyber insurance at a competitive price. Investing in a Managed Security Program is often more cost-effective and efficient than managing an in-house team.

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Hwei Oh
08/16/2023
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