Threat actors target the unprepared, but SMBs can fight back with proactive security solutions
Data breaches are a problem for organizations regardless of industry and size, from SMBs to large enterprise conglomerates; and the impact isn’t just felt by technology professionals. Financial, productivity, and reputational impacts are felt across the entire organization when a breach occurs. If employees can’t access the tools needed, how will they maintain their daily operations? To ensure strict security and minimize risks, everyone in an organization must participate in security awareness. However, not all employees focus on cybersecurity or even understand the latest threats.
Verizon recently released their 2018 Data Breach Investigations Report (DBIR) where they analyze over 53,000 security incidents and 2,216 data breaches from 65 different countries. According to the report, they found that cybercriminals are still finding success with the same tried and tested techniques, and victims are still making the same mistakes. The most unsettling part? Most of these attacks have become opportunistic and target not billion-dollar businesses, but those organizations that are unprepared for potential threats.
Cybersecurity and the SMB Market
According to the DBIR, 58 percent of data breach victims are small to medium businesses (SMBs). Despite cybersecurity becoming a growing priority for organizations of all sizes, SMBs cannot keep up with the growing cyber threat rate. Popular breaches like the Equifax breach of 2017 or the Target breach of 2013 easily become top headlines because of their brand visibility, but breaches of these sizes are becoming less sought out. Their smaller counterparts are quickly rising in statistics because of their inability to provide strict security posture for sensitive and critical data.
The report found that threats like ransomware and phishing campaigns are still a significant threat for organizations. This is because of their ease of deployment and high effective rate. Threat actors experience little risk or cost, and because of this they can cause a significant amount of damage and make much more money. If a threat actor can encrypt a file server or database, and an organization isn’t completing regular backups, in many cases they are able to take a business completely offline and successfully compromise critical information.
This becomes a significant issue for small and medium sized businesses because they often don’t have the staff or budget to carry out the necessary proactive security solutions to block or detect these types of breaches. A security partner can help minimize business risk by evaluating your current security posture, and recommending preventative and detective services that will ensure you are protected from emerging threats. Further, a managed services provider will act as an extension of your team by providing incident response and ongoing management for when a breach occurs.
As mentioned before, data breach victims are still making the same mistakes; and there seems to be no visible end in sight. The only way to fight back is to ensure that your organization is properly prepared to handle an ever-growing threat landscape.
Other top findings:
- Errors accounted for one in five data breaches studied (17%).
- Ransomware is the top variety of malicious software, found in 39% of cases where malware was identified.
- The top five industries suffering the most breaches are: healthcare, accommodation, public, retail, and finance.
- 49% of malware was installed via email. Of that 49%, 70% involved phishing techniques.
- The average time it took for a user to click on a phishing campaign was 16 minutes.
Magna5 can help SMBs with fully managed security services
It is clear from the report that organizations need to take a more proactive approach to their security and promote threat education by increasing user training to their employees. SMBs face a greater challenge because of budget constraints, lack of expertise, and around-the-clock staffing concerns. These challenges can be phased out by the help of managed security services from an MSP like Magna5. Fully managed services such as:
Magna5 can offer better protection at a cost-effective price point without sacrificing 24/7/365 coverage and security expertise. Cybersecurity doesn’t need to be difficult – Magna5 has you covered. Schedule a demo to learn more!