Why managed cybersecurity is the best option for a growing business

Although many businesses understand the significance of their compliance obligations, data and privacy compliance laws evolve at such a rate that it’s hard to stay ahead. Below, we go over why compliance is so critical to your business and why a managed cybersecurity solution is the best way to support your compliance and cybersecurity needs.  

The importance of compliance

Compliance is critical for many reasons, but for businesses, there are two key considerations – reputation and financial loss. Typically, compliance breaches have serious financial implications. For example, in the healthcare sector, a breach usually costs an average of $150 per record. When we also consider the likely reputation damage caused by a data breach, the overall cost to the business can be far higher. 

In other words, compliance has never been more important. 

How cybersecurity helps you stay compliant

Cybersecurity boosts your compliance in three key ways. 

Data Encryption 

Encryption is a straightforward form of data security that turns a document into a scrambled, unreadable file. It’s only converted back to its original form when a user enters a password. Encryption helps you preserve data confidentiality when you store files or send emails. 

Network monitoring 

If you monitor your network, you can identify and isolate threats and vulnerabilities before they infiltrate your system. This allows you to protect sensitive data, including medical records, from external threats. 

Phishing and ransomware protection

Phishing emails often look just like authentic emails from trusted organizations. Unfortunately, this is how so many employees unwittingly share sensitive information with fraudsters. Up-to-date cybersecurity can help you identify malicious messages and isolate them, which assists with your compliance obligations. 

If like many companies, you’re worried that complying with your regulatory requirements is too much for you to handle in-house, that’s where managed cybersecurity comes in. 

Why managed cybersecurity is the best option for a growing business

The truth is that managed cybersecurity saves you time, resources, and reputation damage. In fact, research shows that companies that deployed security automation technologies experienced around half the cost of a breach ($2.65 million average) compared to those without such technologies ($5.16 million average). Here’s why you should opt for managed cybersecurity services (or MSPs) over-relying on your in-house team. 

Expert knowledge 

MSPs are experienced industry specialists who stay ahead of the changes in compliance and privacy law. They understand your compliance obligations and are dedicated to helping you remain compliant at all times.

Dedicated compliance support

MSPs aren’t just industry experts. They’re available 24/7 to support your unique compliance needs. They can monitor your network security around the clock and remedy any system vulnerabilities before there’s a costly data breach.

Backup facilities 

With the support of an MSP, you can remotely store and password-protect sensitive data, and you can restrict employee access to confidential files. This minimizes the risk of an employee negligently – or maliciously – tampering with important records.

Operational efficiency

Essentially, MSPs take the stress out of compliance. They free up your other employees to focus on running the business while they take care of your legal data protection obligations. As a result, you can concentrate on growing your company.

With an MSP’s support, compliance is one less thing to worry about.  

Reach out today 

As cybersecurity becomes ever more challenging, you need IT specialists on your side. With managed cybersecurity services, you benefit from the constant support of a dedicated IT team that fully understands your unique cybersecurity needs, all while reducing downtime. For more information on managed cybersecurity, contact us. 

How to regularly assess your data security strategy

Does your data security strategy involve installing antivirus software and then letting it work its magic? If so, you’re inviting big risks to your business.

Cybercriminals work around the clock, and basic antivirus software isn’t enough to stop them. Like all business owners, your organization has unique flaws that attackers can exploit. Because of this, you need to assess your security strategy from time to time. Here are some ways you can do so.

How to assess your data security strategy

How you assess your data security strategy may vary according to the industry you’re in. But if you’re looking for ideas, here are some ways to start:

Run a drill

There are lots of ways you can run a drill to look for different types of breaches. For example, in 2018, phishing attacks grew by 40.9%. Therefore, all businesses could benefit from simulating such attacks with their employees. If they fail your test, it’s a sign that you need to improve your cybersecurity education.

Addressing employee education is important, as human error accounts for 95% of breaches. When you let employee education fall short, you’re leaving your business very vulnerable to attacks. 

Assess password changes

Ideally, your employees will use strong passwords and change them every 90 days. It’s worth analyzing your systems to see how often passwords are being changed. If you’re falling short of the 90-day average, you need to make sure your employees begin making changes more regularly.

Changing passwords regularly doesn’t guarantee that a cybercriminal won’t gain access to your systems. However, it does significantly reduce the risk of them becoming successful. With attackers using increasingly sophisticated techniques to crack passwords, regular changes can make a big difference to your business’s cybersecurity.

Check for software updates

Software updates don’t just exist to make your systems run more smoothly. They’re released by the manufacturer to patch vulnerabilities that cybercriminals can exploit for their own benefit.

Ask your IT team to regularly check for updates. When an update becomes apparent, they need to act on it immediately. You may also want to create contingency plans for when your software is updating. If you’re dependent on certain apps, having an alternative piece of software in place or scheduling the update for outside of office hours minimizes disruption.

Perform regular backups

Can you imagine how your business would operate without its last 24 hours of data? If the consequences would be expensive or disastrous, you need to perform regular backups as a part of your data security strategy.

Ideally, one of your backup sources will be at an offsite location. This ensures you’re protected against natural disasters, as well as hackers.

Signs you need to perform an assessment

If you already feel as though you’re doing a lot to protect your data, it’s hard to know whether an assessment is necessary. But if you’re encountering any of the following, an assessment is definitely required;

  • Your employees routinely make the same cybersecurity mistakes, which indicates they need more education.
  • You regularly receive urgent warnings about not updating or renewing your software.
  • It’s been a while since you last backed up your data.
  • There’s a chance you’re not compliant with your industry’s guidelines.
  • You rely on basic antivirus and antimalware software to protect your business.

By putting more effort into assessing your data security strategy, you can close the loopholes cybercriminals may use to attack your system. As a result, you’ll protect your reputation and your bottom line.