Why Managed Detection And Response Is A Valuable Tool For Small To Medium-Sized Businesses

In today’s digital age, cyber crimes are increasing at an alarming rate. As more businesses and organizations worldwide are adopting automation to improve operations and strengthen their efficiency, the cost of a successful cyberattack becomes immense if attackers are successful at making their way through IT systems. Predictions by Cybersecurity Ventures calculated the global cost of cybercrime will reach 10.5 trillion annually by 2025.

To counter the rising threats that stemmed from cyberspace, businesses and organizations around the world are utilizing a variety of tools and services to protect their IT assets. Nevertheless, one of the most important factors in the efforts to stop cyber threats is the human element. The availability of skilled cybersecurity professionals to run and monitor workplace security systems remains pivotal for making the best use of the resources encompassing your cyber defence line. According to reports, there could be as many as 1.8 million unfilled cybersecurity jobs by 2022.

The cybersecurity skills and expertise gap increases rapidly. The steady increase of digital transformation across businesses and organizations of all industries has increased reliance on information technology to smooth work operations. Not every business or organization has the financial resources to afford their own in-house cybersecurity teams to address their IT security needs.

While cybercrime and other attacks continue to threaten businesses of all sizes, how can businesses and organizations that lack the financial capability to implement an in-house staff protect significant amounts of data with limited IT and security staff? The solution can come in the form of skilled and specialized teams of security and threat analysis. An example of such as service is a Managed Detection and Response tool.

Managed Detection and Response (MDR) services have become vital in today’s digital age, especially as more Vancouver businesses and organizations transition to remote and/or hybrid work models. For many employees, working from home has enhanced productivity and efficiency. Working from home has also increased security concerns for many IT departments. Managed Detection and Response (MDR) services have become essential in today’s digital age. Since many businesses and organizations will continue to utilize remote work and hybrid work models, it is important to consider Managed Detection and Response services to protect your IT assets.

What is Managed Detection and Response?

Managed Detection and Response (MDR) is an outsourced cybersecurity service that provides a variety of security services for businesses and organizations, including the following:

  • Incident response
  • Security monitoring
  • Threat intelligence

Managed Detection and Response providers give their clients the opportunity to access an array of IT security professionals, analysts, engineers, and more who are responsible for managing and monitoring networks, investigating incidents, and responding to each one in an efficient and effective manner.

Generally, Managed Detection and Response uses Artificial Intelligence (AI) and machine learning (ML) for deeper security analysis. Managed Detection and Response will provide around-the-clock security control, in addition to offering cloud-managed security for businesses and organizations that do not have a Security Operations Centre (SOC).

There are different types of clients who mainly use Managed Detection and Response services, such as the following:

  • Small and medium-sized businesses and organizations that lack the capacity or financial resources to have in-house security teams
  • Businesses and organizations that can afford to have their own in-house security team, but want to utilize MDR as a backup solution

Why Do Small and Medium-Sized Businesses Consider Managed Detection and Response?

As with any outsourced service, Managed Detection and Response provides a team of experts for a cost that small and medium-sized businesses can afford. Managed Detection and Response is a more-than-adequate solution to use as an advanced service. MDRs have access to a wealth of security resources that most businesses cannot afford to purchase or develop. Managed Detection and Response solutions can also customize their tools to sign with the business’s current IT systems and fulfill its specific security needs.

While most MDRs will not provide compliance reporting, MDRs will offer their guidance and help businesses review their current security processes and security solutions to ensure they have the proper solutions that will allow them to comply with regulations. Small and medium-sized businesses that utilize the services of an MDR will have the tools and resources they need to address any security incident and restrain them before they cause major damage.

Reasons to Consider Managed Detection and Response Services

While cybercrime against large businesses dominates the headlines, small and medium-sized businesses are also facing cybercrime, and the majority of the time, the businesses are not prepared. Outsourcing IT and security needs to Managed Detection and Response services can be the best way to protect your business’s future.

Here are a few reasons why your small or medium-sized business should consider outsourcing your security needs:

Ransomware Attacks Are On The Rise

Cybercriminals can use ransomware to take your data hostage, encrypt your files, and demand payment for the decryption keys. Cybercriminals are relying on you to be unprepared for an attack. Businesses of all sizes are targeted, but most large businesses have the resources they need to protect their mistakes. Managed Detection and Response services are essential to preventing ransomware attacks from being carried out on your networks.

Cyberattacks Are Costly

If your devices are infected with ransomware, all of your files will be locked. To regain access to your files, you will need decryption keys or a password to access the files that have been locked. However, the attackers who are responsible for infecting your devices with ransomware, the attackers are the only ones who can give you the information you need, but they will request payment. There is no guarantee the attackers will provide you with the password or decryption keys. With a Managed Detection and Response team on your side, you will have the prevention method you need to protect your business from a ransomware attack.

You Need Around-the-Clock Protection

As mentioned previously, a shortage of skilled cybersecurity professionals is expected. While you may have a team of professionals who are dedicated to running your IT department, they are likely doing other things to support your business. A Managed Detection and Response service will be dedicated to providing around-the-clock protection for your network. Businesses that are experiencing a shortage of cybersecurity professionals can still have their IT and security needs addressed with MDR services.

To counter the rise in cybercrime, many large businesses will hire a team of dedicated IT professionals to protect their IT assets, networks, servers, etc. However, small and medium-size businesses do not always have the resources and capacity to create such a team. Managed Detection and Response services have proven to be an effective and efficient solution to help businesses improve their ability to combat cybersecurity.

As cybercrime continues to rise, Compunet Infotech is determined to ensure businesses and organizations throughout Greater Vancouver and the Lower Mainland of British Columbia have the proper cybersecurity defences. Connect with us today at (604) 986-8170.