Should You Partner with an MSSP During COVID-19?
Here's What We Know
Since the COVID-19 pandemic began, the number of cyberattacks happening daily has skyrocketed. Hackers have taken this opportunity to exploit numerous vulnerable avenues into company systems and human distractions that result from Coronavirus-related events.
For instance, the FBI recently reported that cyberattack-related complaints are up to as many as 4,000 a day, up from 1,000 before the pandemic. Interpol is also recording an alarming rate of cyberattacks targeted to major institutions, governments, corporations, and critical infrastructures. And, of course, by now, we know that new cybersecurity risks are emerging due to the dramatic increase in remote workers, all of whom IT experts now have to support and secure.
So, can IT teams continue to handle the pressure and manage to keep the remote community safe and secure alone? Or, is partnering with a Managed Security Service Provider that provides a holistic, end-to-end security architecture the answer to this problem? Let’s find out.
Weighing the Risks
Before diving into determining if you should switch to an MSSP during COVID-19, it’s important to understand that an MSSP doesn’t entirely eliminate your security costs, and you likely won't be outsourcing all of your security tasks to the provider. In fact, ideally, the MSSP will provide and implement a targeted solution, like ArmorPoint, to augment your security requirements. What's more, solutions like ArmorPoint are specifically designed to supplement your security team, not replace it.
Times are changing, and security challenges are beyond what one person, or one small team, can handle on their own. The reality is most firms will need to spend more time on security even after partnering with an MSSP, not less. You’ll also need to constantly be attentive to your end-users, fixing and patching up the occasional failures within your network and keeping the organization operations running.
Why You Should Switch to an MSSP During COVID -19?
As massive data breaches and increased security compromises continue to cause havoc across all industries, it’s no wonder why business leaders and executives are quickly becoming overwhelmed with the possibility that they might be next.
A solution that companies are increasingly considering is partnering with a an MSSP to strengthen their security infrastructure with the help of experts, processes, and technology to secure their critical data and assets.
If the following event sounds familiar, here is why you may want to consider hiring an MSSP.
Reduce the Cost of a Data Breach
Cyberattacks are becoming rampant across susceptible industries amidst a global pandemic. The average cyber breach costs companies upwards of $3.86 million and takes at least 280 days to detect and contain. Meanwhile, the world’s cyber breach cost is expected to hit $6 trillion annually by 2021.
With such high costs of dealing with cybercrimes, it’s clear that companies need a great security network to reduce and manage unexpected costs. An MSSP spreads the costs of investments in technology over a wide customer base. You save costs on your own application, hardware, and costs.
With an MSSP, you’ll also save cost on training while ensuring your IT teams have updated knowledge of cybersecurity attacks. MSSP consistently monitors security systems 24/7 which helps minimize the risks of attacks.
Prevent Reputation Damage
Data breaches are one of the biggest ways to damage your brand reputation and lost the trust of your customers. While large organizations may be able to absorb the loss of customers, for startups, loss of customers and reputation damage can be devastating.
MSSP can come in to provide their expertise and mitigate the risk of attack. MSSPs have advanced solutions backed by cutting-edge technologies including machine learning, artificial intelligence, and threat intelligence. They utilize a variety of tools to protect your organization from different attacks. This includes network connection management, firewall security, threat management, anti-virus protection, and security compliance. This level of security can prevent a data breach and prevent reputation damage as well as the loss of customers.
To counter the continuous incidences of cybersecurity threats, certain security structures have been put in place to ensure that cybersecurity best practices are adhered to across different sectors.
However, because there is a pandemic, it doesn’t mean that compliance regulations have been relaxed. Many companies depend on MSSP to deliver regulatory compliance and advisory services. The advantage of it is that organizations ensure compliance with the regulatory requirements and maintain that status over time.
Proactive IT compliance like those within MSSP are necessary to maintain compliance and prevent penalties that may result from non-compliance.
Ready to be Proactive?
We live in a continuous state of frequent security attacks, and it’s not a matter of if your company will be attacked, but when.
There are more attacks every year and each breach appears to be more damaging than the previous one. This presents an opportunity for MSSPs to help mitigate and manage these cybersecurity threats and offer security expertise with greater efficiency.
At ArmorPoint, we offer a wide range of cybersecurity services that have been expertly designed to empower you to simplify your cybersecurity management. Interested in learning more about how ArmorPoint can work for you? We'd love to chat. Contact us today and we'll be in touch!