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What You Don’t Know About Cybersecurity Can Cost Your Business Plenty

Jason Clause
Jason Clause
August 09, 2023

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Cybersecurity Fundamentals Training

Endsight provides a complimentary cybersecurity training. Our goal is to bring awareness of the latest trends and best practices to help reduce cyber risk for our customers, our business community, and their families.

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Hackers are watching and waiting… Don’t risk your business and your entire future. 

Key Takeaways:

  • Hackers are becoming more sophisticated every day, but 51% of small and medium-sized businesses have no cybersecurity.
  • If these businesses aren’t scared, they should be. The number of attacks is increasing daily, and 43% of them are targeting small and medium-sized businesses. After an attack, 60% of companies will be out of business six months later.
  • Alarmingly, attacks have increased by 400% since 2020. 
  • Many SMBs can’t afford to hire a cybersecurity team. This is where an MSP can provide an affordable solution using economies of scale. 
  • With an MSP comes 24/7 monitoring, the latest technology, and peace of mind.

A disturbing cybersecurity statistic finds that two-thirds of companies worldwide have been attacked at least once. Ransomware attacks, in particular, have been surging and accounted for 25% of all breaches in 2022, causing huge financial losses and compromising the digital security of millions of businesses. These alarming trends mean companies of all sizes must take decisive and proactive steps to ensure cybersecurity protection, especially in the context of the continuing move to remote work.

Yet keeping up with the constantly changing and increasingly dangerous cyber threats can be quite a task, especially for companies that don't have internal expertise in risk and cybersecurity management. Forming a top-notch security team is expensive and may take focus away from essential work that brings business value. Cybersecurity management is complex, and internal IT teams are rarely experts in cybersecurity, leading smart companies to make the choice to use external specialists with a proven track record in the field – either fully outsourced or in a hybrid model.

Quality external IT specialists will not only set up the necessary tech for real-time data breach alerts across your network; they will also actively hunt and do digital combat with a threat actor when necessary. Three elements – people, process, and technical skill – work together to put an end to service disruptions or data loss by eliminating any threats as soon as possible. Let's take a look at the most common and emerging cyber threats and why an external IT team is your best resource for robust cybersecurity.

The importance of cybersecurity

You might think your business doesn’t need cybersecurity. After all, nothing has happened, and it’s all been business as usual. But a laissez-faire attitude won’t get you far: In 2021, a ransomware attack happened every 11 seconds, compared to every 39 seconds in 2019, and 43% of cyberattacks are against small and medium-sized businesses (SMBs), which have grown 400% since the beginning of the pandemic. 

You might think you have nothing worth stealing, but you should think again:

  • Through stealing your data, cybercriminals now have your customer’s personal information: full name, address, email, phone, etc., including any financial information such as bank accounts and credit card numbers. For some, there might even be social security numbers on file. 
  • The theft of personal data doesn’t just hurt your customers. It can do irreparable damage to your reputation. If you think supply chain issues are causing headaches, that’s nothing compared to what a cyberattack can do to your business. A sad fact is that 60% of small companies will close within six months of a breach. 
  • The average cost per record that was breached is $164. You are responsible for costs that include free credit monitoring, paying any fines, fielding calls from customers, and offering them whatever it takes to placate them and regain their trust, which is no easy task. 

It’s all a terrifying prospect for any business, and sadly, per a recent survey, 51% of SMBs have no cybersecurity in place at all. Many of these businesses (36%) aren’t worried about cyberattacks, and 59% of SMBs think their business is too small to be targeted by bad actors. 

It’s a gamble – and one that many businesses are losing. The business owners who answered the survey offered a number of excuses for their lack of cybersecurity, including that it’s too expensive and no one on their staff knows about cybersecurity. Partnering with a managed IT services provider can solve these problems and keep your company safe from financial and reputational damage. 

Why you should hire external IT support for cybersecurity 

Managed IT services providers (MSPs)can take care of all of your IT needs in a full-service model. Maybe you don’t have an IT team or have no need for one full-time. This is the perfect MSP scenario – you get the help you need, when you need it, for a reasonable price. 

Or maybe you have an IT person or a whole team. In-house IT teams are generalists. They have to be – they have to deal with problems all day long, as well as work on long-range plans that improve company profitability. Cybersecurity may tend to fall by the wayside.

This is not your IT team’s fault. Cybersecurity is a specialty that takes a lot of training and an obsession with the latest threats. Specialists eat, sleep, and breathe cybersecurity. 

Did you know cybercriminals are using artificial intelligence (AI) to power their latest activities? It’s unlikely you have an AI specialist on staff. 

What an MSP cybersecurity expert can do for you

You can’t afford a cybersecurity breach. No business can. But every time you run a credit card, make an online sale, or simply have your computers hooked up to the internet, you’re tempting fate – and tempting cybercriminals. 

It’s an interconnected world, for good or ill, and you need technology to run your business. But it’s likely your business isn’t technology. That’s why you need a partner whose sole purpose for existence is technology. An MSP cybersecurity expert provides comprehensive security solutions, proactive monitoring 24/7, and data backups, among other services, and offers a number of benefits.

Why you should hire external IT support

You have plenty of good reasons already to hire real cybersecurity experts. To review: Cyberattacks are financially ruinous, your customers may never forgive you, and you might be out of business in six months. But in case you need more convincing, here are some more reasons:

  • Attacks happen 24/7. Do you have an experienced security analyst on staff? Probably not – but that’s what you need for the immediate alert response that protects your data. 
  • Threats are continually evolving. External IT support includes a team of security experts who keep up with the latest threats and quickly go to work to update your defenses. 
  • You have no cybersecurity strategy. Don’t be like those companies who bury their heads in the sand. You’ll be head and shoulders above your competition once you have a sound cybersecurity strategy that works with your overall business goals. 
  • You want lower operational costs. Don’t be scared by the word “expert.” It’s a lot less expensive to hire an MSP than a cybersecurity team and the latest technology. With an MSP, you get economies of scale with security that matches that of the big players. 

Then there’s industry regulatory compliance, which can be complicated and is required by law

Getting down to brass tacks, you have a business to run. Hiring an MSP means you can concentrate on that, turning your dreams into reality. You’ll be able to focus on the things that expand your business – and your wallet. 

The simplest, most cost-effective protection comes from professionals. At Endsight, we’re industry leaders in cybersecurity. Year after year, we’ve won a CRN Managed Service Provider 500 award in the Security 100 category. 

We offer complete cybersecurity protection and a variety of plans. We’re your complete technology support solution to create optimal IT management and human-friendly technical support for small and medium-sized businesses throughout California.

It’s a cyber-sophisticated world, and that requires cyber expertise. Endsight’s core values bring not only peace of mind when it comes to data protection, but we also offer an honest partnership, commitment to your long-term success, and unparalleled, dependable service. Reach out today.

See what Endsight can do for you – contact us today.

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