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What Businesses Need to Know About Managed Cybersecurity Services

By: Mark Villanueva

Regardless of the size of your business, cybersecurity is no longer a nice-to-have; it's a necessity in today's current landscape. The problem is many small to midsize businesses (SMBs) often don't have the resources and the know-how to take their security to the next level. 

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Don't fret, we can send you a PDF copy of What businesses need to know about managed cybersecurity services that you can read in your free time.

What Businesses Need to Know About Managed Cybersecurity Services

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Improving your company's cybersecurity infrastructure can be a massive undertaking. Aside from requiring large amounts of financial investment on advanced systems, you also need to find top talent to manage it. A tall order considering that there's an ongoing shortage of skilled personnel across the globe: thankfully, businesses don't have to take on that challenge alone. 

Many managed service providers (MSPs) out there offer managed cybersecurity to SMBs. It's one way to get advanced network security for your business without breaking the bank. Find out everything you need to know about outsourcing your company's cybersecurity to an MSP. 

What You’ll Learn

Cybersecurity is essential in today's current threat landscape. Unfortunately, many SMBs don't have the resources to meet their industry's security standards. Find out why managed cybersecurity makes business sense and how it can help SMBs take their security to the next level. 

Who is this Guide is for

This guide was made for small and midsize businesses looking to improve their cybersecurity posture without breaking the bank. It's for people who are looking for smart ways to secure their networks with the help of a reliable service provider partner. 

Hacker-cyberattack

What Is Cybersecurity?

Cybersecurity is the process of protecting your networks, systems, devices, and programs from cyber-attacks. In a nutshell, Cybersecurity is your organization’s way of protecting the company, employees, and customers from the plots that hackers are trying to implement.

Hacker-cyberattack

Cybersecurity Challenges for Small Businesses

Small-Medium Businesses (SMB) face plenty of challenges when it comes to implementing cybersecurity. According to a study by the Ponemon Institute, only 14% of small businesses rate their ability to mitigate cyber risks and attacks as highly effective. That's because many of them face roadblocks in cybersecurity that seem insurmountable. 

Check out the main challenges small businesses face with cybersecurity: 

Limited-IT Budget

Limited IT Budget

Small businesses don't have the luxury of spending too much on their IT budget. It's a constant struggle to find the balance between growing the company and keeping it running optimally. Unfortunately, that often leaves very little left to invest in cybersecurity. In a study by Insurance Bee, 83% of SMBs have no funds set aside to deal with a cyber-attack. 

That could be a costly error for SMBs, especially considering that remediating a ransomware attack could cost you an average of $2 million. 

Limited-IT Budget
Mobile Use and BYOD

Mobile Use and BYOD

Smartphones and bring your own device (BYOD) policies can provide a wide range of benefits for SMBs. In a survey conducted by Cisco, 69% of IT decision-makers in the US see BYOD policies in a positive light because they can improve productivity, mobility, and efficiency. On the other hand, it also increases your risk for cyber-attacks. That's because while BYOD policies are convenient, it also increases the number of endpoints you need to cover. 

Things like data leaks, phishing scams, and other cyber-attacks become more common the more unsecured devices are connected to your network. 

Mobile Use and BYOD
Cybersecurity Technician

Cybersecurity Skills Gap

The cybersecurity industry has a serious skill shortage that has not been addressed for years. That means you'll be hard-pressed to find the right people for the job of managing your security because skilled professionals are scarce. In a study by Ninja RMM, three out of four small businesses have admitted that they do not have the necessary IT personnel to handle IT security. 

More so than budget constraints, businesses are struggling to get the right people for the role even when they said that they were prioritizing cybersecurity and had put aside a budget for it. 

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Cybersecurity Technician

How Managed Cybersecurity Can Help

Partnering with a reliable managed cybersecurity service provider can help address all those challenges. 

MSPs offer cybersecurity at fixed, predictable rates and different tiered price points. That allows you to choose an agreement that can fit your IT budget. While these services aren't cheap, they are more affordable than building your own security operations center (SOC) from scratch. 

You can also secure all devices connected to your network with the help of a security-focused MSP. They utilize advanced systems like security information and event management (SIEM) and endpoint detection and response software to keep track of all devices in your network. That allows them to detect and act on suspicious behavior and potential threats before they become serious issues. 

Hiring an MSP also gives you the opportunity to tap into expertise you otherwise will have trouble getting due to the skill shortage. A reliable MSP will have a team of certified professionals well-versed in various fields of IT and different security disciplines. 

Pros and Cons of Outsourcing Cybersecurity

Building your own SOC is a great investment for the future. It can grant flexibility and privacy concerning your security operations. However, it's going to require a massive investment of time and money to get started. Those are two things many SMBs don't have a lot to spare. Take a look below at some of the pros and cons of outsourcing cybersecurity to find out if the solution fits your needs: 

Pros:

Scalability

Low Entry Costs

Established Experience and Expertise

24/7 Protection

Cons:

Less Control

Risk of Getting Cookie-Cutter Solutions

Shared Resources

Blending In-House with Outsourced Cybersecurity

One thing you should know about choosing between building an in-house SOC and outsourcing cybersecurity is that both choices are not mutually exclusive. That means you can get the best of both worlds by blending both options. One of the best things about MSPs and MSSPs is that the nature of their business is focused on collaborating with you. They are experts at filling in the gaps to help support your business. 

You can outsource while you are still building your in-house SOC and supplement the needs of your newly established security team. That allows you to cover all your bases and ensure your network is secure at all times. 

Outsourced or In-House Cybersecurity?

Cost of Cybersecurity

There are many factors that can affect how much cybersecurity services will cost. Check out some of the things you need to consider when planning your budget: 

Your Industry 

When it comes to cyber threats, not all industries face the same concerns. Some are more attractive to cybercriminals than others. Sectors like healthcare, financial, energy, and utilities are more prone to cyber incidents than others. That means if your business serves a high-hazard industry, you will need more security solutions to protect your network. In addition, you will have more stringent regulations in place that you will need to comply with. 

Types of Data You Keep 

If you keep any sensitive data from customers or clients, you will need more cybersecurity solutions to protect them. Whether you're keeping medical records, credit card details, social security numbers, or other personal information, then you're storing valuable targets for cybercriminals. Overall, it will influence how much you have to spend on your cybersecurity solutions. 

Results of Your Security Assessment 

Undergoing a cybersecurity assessment is essential, whether you need it to comply with industry regulations or simply to check for gaps in your defenses. You can conduct your own assessment or employ a third party like a managed IT service provider (MSP). That will allow you to identify risk factors that might have been right under your nose. 

The results of an assessment will help you identify hidden vulnerabilities or things that you can improve on. You can leverage expert advice and experience to help guide which cybersecurity solutions would best fit your business and industry requirements. That will also affect how much you would need to invest in new tools and systems. 

Your IT Budget 

Setting a proper cybersecurity budget is essential. In order to set the right budget for your company's needs, you should definitely do your research and ask cybersecurity experts. You can also take a look at how much your peers are spending on cybersecurity. That's possible by checking industry-specific guidelines similar to the Financial Services Sector Cybersecurity Profile. 

Also, it's vital that you think of cost optimization rather than cost reduction when considering your cybersecurity budget. Ask yourself how you can make use of the solutions you have or whether you have the personnel or the resources to make the most of them. 

Regulatory Compliance and Cyber Insurance 

Some industries might have more cybersecurity compliance requirements in place, whether it's with government or international regulators. Depending on the industry or state you operate in, regulatory bodies may require you to have certain security solutions in place, while others might ask you to have cyber insurance coverage. 

That can influence your cybersecurity budget. Depending on how underwriters and regulators evaluate your cybersecurity, you could end up shelling out a lot of money to comply. In addition, many insurance carriers nowadays have implemented more stringent measures to ensure that clients have certain security tools in place to reduce their risk exposure. 

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5 Best Cybersecurity-Focused MSPs

Check out some of the best MSPs that offer quality cybersecurity services for SMBs: 

Managed Service Provider  Website and Location Quick Facts 
Cipher logo

Cipher Website 
100 Carolyn Blvd 
Farmingdale, NY 

Cipher is a global managed security services provider (MSSP) founded in 2000. The company provides SMBs and large enterprises around the world with tailored white-glove services. They specialize in cybersecurity monitoring, incident management and cyber defense, security asset management, vulnerability, and compliance management, and managed application security. 
SecurityHQ logo

Security HQ Website 
251, Little Falls Drive, Wilmington 
New Castle, DE 

SecurityHQ is an MSP that supports SMBs across the globe. The company was founded in 2003 and is best known for creating a tailored approach for their clients. They specialize in managed detection and response, managed endpoint detection and response, digital risk and threat monitoring, and more. 
IBM Security Logo

IBM Security Website 
1 New Orchard Road 
Armonk, New York 

IBM was established in 1911 and has provided businesses with various tech services throughout the years. Their managed services arm serves midsize businesses around the world. They offer fully managed security, including vulnerability scanning by IBM security, information event management, and endpoint security services. 
Trustwave logo (2)

Trustwave Website 
70 W. Madison St. 
Suite 600, Chicago 

Established in 1995, Trustwave is recognized as a trusted security services provider. The company serves SMBs in the US and anywhere in the world. They specialize in threat and vulnerability management, compliance management, and network and data security. 
Amnomalix icon

Anomalix Website 
80 N. Town Center Dr. 
Suite 100, Las Vegas, NV 

Anomalix is an MSSP headquartered in Chicago that serves SMBs in various sectors, including finance, healthcare, manufacturing, energy, education, and government. They specialize in providing managed security services and network, data, cloud, and endpoint protection. 

 

 

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How ITS Cybersecurity Can Help Your Business

ITS has been providing managed IT services and cybersecurity to SMBs across the country for almost 20 years. Our team takes pride in offering our clients a proactive, multi-layered, and tailored approach to cybersecurity. To find out how we can help secure your network, check out what your security operations will look like when you sign on with us: 

24/7 Support

Multiple Backups

Tailored Security Solutions

Proactive Threat Mitigation

Experienced Security Professionals

Predictable Fixed Rates

Stay Ahead of Emerging Threats and Practices

Ready for Managed Cybersecurity Services?

Managed cybersecurity services allow SMBs to leverage enterprise-level security systems and expertise to protect their businesses. It gives small business owners the opportunity to opt for the most advanced solutions, thanks to low entry costs and fixed fees. 

At ITS, we understand that cybersecurity is essential for organizations of all sizes. That's why we have been helping hundreds of small to midsize businesses protect their networks for almost 20 years. 

If you want to learn more about how we can help you improve your cybersecurity, schedule a meeting with one of our experts! 

Schedule a Meeting See Pricing

Cybersecurity BOFU

Ready for Managed Cybersecurity Services?

Managed cybersecurity services allow SMBs to leverage enterprise-level security systems and expertise to protect their businesses. It gives small business owners the opportunity to opt for the most advanced solutions, thanks to low entry costs and fixed fees. 

At ITS, we understand that cybersecurity is essential for organizations of all sizes. That's why we have been helping hundreds of small to midsize businesses protect their networks for almost 20 years. 

If you want to learn more about how we can help you improve your cybersecurity, schedule a meeting with one of our experts! 

Schedule a Meeting See Pricing