The Cost of Cyber Attacks: How Managed Cyber Protection Saves Your Bottom Line

The looming threat of cybersecurity can be a nightmare for any growing business. That’s why recognizing the latest cyber threats and embracing managed protection services can be pivotal in safeguarding your business. Continue reading to learn more about the most common cyber-attacks and how managed cyber protection can secure your organization.

How Much Can a Cyber Attack Cost a Business?

The first step in understanding the damage a cyber-attack can do is understanding how much it can cost your organization. As of the latest data compiled from 2023, the average cost of a data breach in the United States currently sits at $9.5 million, which is up slightly from the prior year. For small-to-midsize businesses, this can be a devastating blow, not to mention the fact that a budding reputation can quickly be ruined due to this event. Cyber-attacks in the United States are known for being particularly costly as, on a global basis, the average cost is closer to $5 million.

What is Managed Cyber Protection?

For those unfamiliar with the term, managed cyber security protection is when a managed security service provider, often referred to as an MSSP, steps in to assist. An MSSP is a third-party organization that delivers key cybersecurity services and knowledge to your business. Services can include outsourced monitoring and management of your various networks or systems, along with ongoing management and protection for applications.

How Can Managed Cyber Protection Benefit My Company?

Managed cyber protection can be a great strategy for any business that does not have the budget to launch an internal IT team, but it can also be great for large businesses that don’t have the time to handle the monitoring. Some of the most notable benefits of outsourcing your cybersecurity protection include:

Budget Savings: As mentioned previously, the cost associated with a cyber-attack can be hundreds of thousands, if not millions. The marginal cost of hiring a managed service provider compared to this potential loss can create savings in your budget that wouldn’t be there otherwise.

Quick Access to Expertise: When partnering with an MSSP, you gain access to industry experts who stay abreast with the latest cyber threats and security technology. By leveraging this expertise, you can stay ahead of potential security breaches and minimize risk to operations, reputation, and finances.

Proactive Approach to Security: An MSSP will take a proactive approach to your organization’s security. By running risk and security assessments, as well as penetration testing, they will be able to pinpoint vulnerabilities in your current IT infrastructure.

Rapid Incident Response: In the event a cyber attack does occur, your MSSP will be quick to respond, knowing exactly how to handle the incident in such a way that the damage will be mitigated.

Compliance Support: As the amount of data circulating throughout the Internet and within companies has increased in recent years, more and more legal compliance has been required. Understanding local and national compliance data protection requirements can be a challenge, but an MSSP will have a thorough understanding of this domain so that you don’t run into legal trouble.

Upgrade your organization’s protection today!

No business should be left unprotected from cyber-attacks, especially considering the increased prevalence of such incidents. Rather than facing the loss of potentially millions of dollars along with reputational damage, take the time to partner with a managed service provider for your cyber security needs. For those with a business located in the Akron, Columbus, or Cleveland areas, you can reach out to Warwick right away for assistance with developing a cyber-attack strategy and all your general IT needs.