Enhance IT Cybersecurity this 2019! How should MSPs plan to enhance & strengthen their security?
Back in 2018, the area of Cybersecurity became more multifaceted, which forced Managed Service Provider to appraise their IT security offerings to protect the interest of every SMEs client.
In previous years, as reported by Cisco, 50 percent of SMEs became a severe victim of cybersecurity resulting downfall of more than $500,000 or more. To be frank, SMEs cannot withstand such kinds of loss, for the business shall either be bankrupt or enter into liquidation process.
So, SMEs business is increasing the importance of cybersecurity threats and we see high investments in cybersecurity measures. We can also make a vague prediction on such kinds increasing attacks due to a shortage in the skilled cyber workforce, even though there is generous demand for security personnel.
Hence, we believe that every MSP provider should plan for newer security trends this 2019, to protect SMEs managed IT customers.
Predicted Cyber-security threats likely to be faced by SMEs this 2019
Ransomware & Crypto jacking
You can term ransomware as an epidemic. Last year, the epidemic struck business worth an average cost $133,000. The average cost included, downtime, ransom demands, opportunities cost, device & network costs with downfall in productivity level.
As per the statistical survey conducted by Datto, more than 1700 IT professionals deal with ransomware every day from which the following observations were obtained;
- In a single day, 26% of SMEs business reported multiple attacks.
- Around 96% of IT experts reported that attacks are occurring frequently, and the trend would continue for another 2 years.
- 70% of IT professionals reported about threatening business downtime.
- 55% reported on data/ hardware loss.
Now, after consistent use of ransomware, hackers are switching their gameboard towards crypto jacking. Also known as crypto mining malware, this has become a trending cyber-threat today.
SMEs should be aware and alert. Almost like phishing attack, crypto hackers can easily conquer user’s network via infected mail links with new phishing techniques.
Unlike, ransomware, the hackers do not reveal their presence, therefore the users are not aware about the ongoing device compromise they are going through, allowing the invaders to host their mining operations for more than a month.
Past 20 years, hackers are trying their best to get hold of organization important data by breaking the network parameters. The strategies were soon left out after they started getting hold of entity information through phishing.
In a survey published by CyberArk, more than 56% of organization consider phishing attack to be the largest cybersecurity threats they have undergone so far.
Increasing gap between demand & supply of IT workforce
SMEs are the newest target of cyber threats, so they are looking for skilled manpower to alert them with threats. But the unavailability of unskilled IT professionals leaves them in a struggling phase. CRN reveals that the shortage of skilled IT workforce is likely to increase nearly by 1.8 million by 2022.
Because of the increasing gap, IT service providers are investing more on recruiting skilled workforce, training and redefining skills.
Enhanced Cybersecurity service for SMEs
2019, is surely seeking for securities in Cybersecurity. Hence, MSP should look out for new measures and vet in to stand out from MSPs.
Back in 2018, NSW IT did it by enhancing Managed Service Provider (MSP), offers Managed Service Security provider which protects every of our SMEs customer through layered offerings.
Some of the security services added in 2018 are,
- Office 365 backups
- Phishing and security awareness training programs
- Penetration & vulnerability testing
- Security Information Management System
Advance Persistent Threat (APT)
In this kind of attack, an intruder breaks in to collect confidential data of an extended period. These attack takes time to get detected and often gets undetected for more than seven months. These attacks originated from China, Russia, North Korea, and Iran. APT attacks are operated from social engineering to spear phishing.
Measure the effectiveness of your SMEs cybersecurity.
Although the urgency of Cybersecurity is installed a clear-cut reason can be obtained regarding why business fall short in generating reliable metrics to calculate the efficiency of their security protocols.
However, a simple calculative can be determined to track and protect SMEs. Last years survey report states about more than 58% of companies failed to effectively measure their cyber-security performance and investment.
Let’s break in the four measures to chiefly determine the position of your SMEs cyber security & how can you apply these metrics to prepare for future years.
Scrutinize Security Groundwork
For a recent established business and small enterprise, operating cybersecurity program can be difficult. Before infusing IT infrastructure to monitor every security effort, firstly you need to validate the controls and assess its workings. You also need to identify business goals and determined the security measures to meet such goals.
At the initial stage you need to:
- Create a baseline of your organizations to identify high-risk scenarios, that possess great threat to your business.
- Analyze business security capabilities & address high risk possibilities.
- Measure your current program performance, system patches, program period and expired applications.
- Identify the industry’s leader along with the program gap with the current set up.
- Formulation of action plan to address the gap.
From the above developed steps, you will be able to frame an outline structure of your program strategy with your business goals, opportunities and strategies to obtain your set ROI.
When setting ROI, one needs to identify its unique security needs. ROI differs from entity to entity. However, the general areas that every SMEs organization can invest to build their ROI are; readiness and education.
Instances to measure securities of ROI;
- If you detect threats due to lack of endpoint visibility, then initiative should be taken to improve visibility and plan for continuous improvement.
- If your internal IT department finds low security measures, then immediately you must conduct training programs to build awareness and determine test scores.
Measure Response Readiness
When an organization operates with a security base, we identify forthcoming threats, which in fact is successful from both business and security perspectives.
Whenever an entity is working with a new client, Managed Service Provider is sure to conduct security audits. For NSW IT, Australia, it’s a service which is rendered to prevent SMEs from bearing financial loss.
The valuable information gathered in this stage are;
- Time gathered before threat detection.
- Time gap between action and detection.
- SMEs ability to identify threat’s and stress to test its internal security operations.
Before assessing the security programs, one needs to build a comprehensive program including disaster recovery plans. With these steps every organization will successfully identify strategies to secure their business in evolving cybersecurity threats environment.
Are you trying to cope with the technological change? When working as an IT expert, one needs to constantly improve the system and offer protection and support. NSW IT support offers Managed IT support, every business can depend on. We are certified business partner ready to provide day to day support desk, when aligning with technology strategies.
Managed IT service offered by NSW IT eliminates your issues, making you focus on the concreate areas of the business. Our support team consists of world class IT expert to handle every IT operations and augment of existing IT staff.
NSW IT support is wholly based business in New South Wales. We are persistent in providing fast, reliable and secure service. As an IT leader, we are keen to update, improve and manage business IT. We are eager to unleash your downtime to uptime and provide network protection defending cybersecurity threat, data loss, hacks and viruses.
Contact us today, to know more about our IT services, we offer you IT services at a very decent amount without compromising in quality. We are available at your service 24/7. Call us now, to protect your SMEs business from cyber threats.