From 2023 to 2024, 53% of medium-sized businesses in the UK deployed security monitoring tools to defend against cybercrime, an increase from previous years.
However, is this percentage high enough?
Organisations from all industries are prioritising cyber security by investing in technology and tools that proactively fend off breaches and attacks. But not all businesses are adequately protected or poised for recovery in the case that a problem does arise. With 32% of medium businesses having experienced a cyber security breach in the past 12 months, the risk is not insignificant. And that’s before diving into the potentially devastating impacts (financial and operational) of a cyber-attack.
At this point in the digital world, cyber security solutions are a non-negotiable for businesses, particularly for small or medium organisations (SMEs). When the average cost of a cyber breach is £15,300 per victim in a business, the effects can be particularly destructive for smaller enterprises. Just like factoring in telephony, internet connection, and the cost of IT infrastructure, cyber security services should be a core element of your business technologies.
That’s where a Managed Service Provider (MSP) comes in for cyber security. IT MSPs partner with businesses to help them strategically implement cyber security solutions that will be the most cost-effective and fully protect their data.
What are Managed Cyber Security Services?
Managed cyber security services can be provided by an MSP to include comprehensive solutions that cover all aspects of your organisation's infrastructure. A provider can manage, from a holistic viewpoint, everything from unified communications, Cloud solutions, managed firewall services, and all other safeguarding measures required to ensure cyber security.
Managed cyber security service providers have the added benefit of an array of experts across different disciplines and a team that specialises in staying up to date with the latest technology. For these reasons, they’re able to provide strategic recommendations to empower businesses for consistent security and growth.
Another benefit to an MSP for cyber security is continuous monitoring. Especially for SMEs, having the resources to monitor your network at all times for both vulnerabilities and breaches can be very expensive and impossible to maintain with just an in-house team. MSPs can provide 24/7 monitoring as well as proactive maintenance to your system so that nothing slips through the cracks to snowball into a larger problem.
Specific services an MSP can provide
Diving into some of the more specific solutions provided by an MSP, here are some of the elements that can contribute to your business’s cyber security success:
Managed Firewall Services: Keeping your network secure from security threats at all times requires constant monitoring. With a solution like KubeNet Managed Firewall Service, hosted in secure, carrier-class Data Centres, your organisation gains a virtual solution from a private Cloud on an IaaS basis. As such, you can benefit from the increased management without the need for expensive capital expenditure and on-site maintenance fees, which vastly reduces the total cost of ownership.
Multi-Factor Authentication: Multi-factor authentication (MFA) is a game-changer in safeguarding your digital accounts and sensitive information. By requiring multiple factors, such as passwords, biometrics, or verification codes, MFA adds an extra layer of protection that significantly reduces the risk of unauthorised access and data breaches.
Password Management: Efficient password management is vital in today's interconnected world. Securely store, generate, and organise complex passwords for different accounts with trusted tools such as MyGlue - preventing unauthorised access and saving you time and frustration when managing several accounts.
Business Continuity and Disaster Recovery (BCDR): Leveraging Cloud technology such as Datto, BCDR safeguards your critical business operations and solves the issue of prolonged downtime and the associated costs. Ensure rapid recovery and restoration of your systems and data, minimise the impact of disruption, and enable your business to quickly resume normal operations.
Remote Monitoring Management (RMM): RMM utilises a secure, cloud-based platform which enables companies to remotely secure, monitor, manage, and support endpoints and increase service delivery efficiency. With a 100% Cloud platform and no hardware to maintain and a relentless focus on security to maximise uptime, RMM will save you time, money and streamlines your entire IT service with an all-in-one solution.
Co-Location and Data Centres: Colocation is where your business can host your computer, storage, and network hardware within a resilient data centre. Colocation offers a cost-effective and efficient solution for businesses that want to maintain ownership and control over their hardware, while eliminating the burdensome tasks of managing and maintaining a dedicated data centre.
Unified Communications: Having all of the essential communication functions in one platform provides your business with streamlined processes and increased productivity. With UC Voice solutions, your team can communicate and collaborate more effectively - regardless of their location or device.
Why are Managed Cyber Security Services Important?
Managed cyber security services are often a necessary part of any small or medium operations. With all the potential benefits listed above, it might beg the question, why do all these facets matter and why is cyber security so important?
Of course, each organisation’s needs will be different depending on your industry and size. But every business will need some sort of protection for their network and data because hackers can be after more than just financial gain. Threat actors may be interested in anything ranging from customer data to policital secrets. In fact, 61% of organisations say that cyber attacks are the biggest potential threat to their reputation.
Diving deeper into the risks associated with poor cyber security, it’s important to investigate what the repercussions can be.
$10.5 Trillion – the estimated cost of cyber-crime on the world by 2025
£15,300 per victim - the average annual cost of cybercrime for businesses
The side effects of cyber breaches and attacks?
Damage and destruction of data
Lost productivity
Theft of intellectual property
Theft of personal and financial data
Embezzlement
Fraud
Post-attack disruption to the normal course of business
Forensic investigation
Restoration and deletion of hacked data and systems
Reputational harm
Concluding Thoughts
Both quantifiable and qualitative harm caused by cyber attacks are cause for more than concern—businesses must take action to prevent these problems, or they are likely to encounter at least one of them at some point in time. Finding cyber security solutions that serve your needs is imperative.
Through the help of an MSP, your business can stay on top of the latest technology developments and ensure the protection of your systems. With an expert team on your side, you can gain access to 24/7 monitoring, proactive maintenance on vulnerabilities, and IT specialists across a wide range of technologies.
Curious about how your business can upgrade your cyber security measures?
Learn more about KubeNet’s Managed Cyber Security services here.
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