According to Ernst & Young’s 19th Global Information Security Survey 2016-17, some 57 percent of American businesses have recently experienced a significant cybersecurity incident, with 69 percent saying the budget to address cyber threats is half of what is needed. According to researchers, many cyber criminals have reacted to the improved defense capabilities of large enterprises, by refocusing their efforts on targeting comparatively easier prey: small and medium-sized businesses.
IBM’s Ponemon Institute has reported that 62 percent of all cyber attacks are made against small and medium-sized businesses because they simply do not have the resources necessary to implement a robust cyber defense. The cost of not implementing state of the art countermeasures could be disastrous, as the capital needed for a small business to clean up a successful attack averages $690,000 and can climb into the millions, according to the Ponemon Institute.
DARK WEB MARKETS
The FBI estimates the stolen private information market is worth billions. The criminal dark web hacker-merchants hacking, collecting, buying and selling are cyber-geeks, governments, organized gangs, terrorist organizations and business competitors.
A business’ applications, servers, and network are all at risk from hackers who study them, identify entry points, and then execute a malware program to either steal from the inside or lock data for ransom. According to the U.S. Department of Justice in 2016 ransomware attacks alone averaged 4,000 per day, four times the prior year’s average. That’s not including web-based attacks, malicious code, or botnets.
These dark web marketplaces operate much like eBay and are managed by criminal networks. What is for sale can range from credit card data with personal information, intellectual property, to automated hacking tools, and child pornography.
Many of these marketplaces have matured to the point where customer services, such as replacement of already locked credit cards for ones that can still be exploited, can occur in under 15 minutes. Why so fast? Because even criminals know the monetary value of maintaining a good business reputation.
THE COST CONUNDRUM
While cyber attacks can seem intangible, the monetary damage is multifaceted and enduring, often a business organization killer. Depending on the vertical, a business that has suffered a breach may become the target of a compliance lawsuit, experience business interruption, and be irreparably hobbled by a damaged reputation.
The average total cost of a single breach has increased by 29 percent since 2013 to roughly $4 million. Additionally, if a business is regulated by HIPAA, penalties for noncompliance can range from $100 to $50,000 per violation or per record, with a maximum penalty of $1.5 million per year. HIPAA violations can also carry criminal charges that can result in jail time. The cost of a PCI data breach for a Level 4 merchant averages $36,000 and can be as high as $50,000 or more.
What is equally crushing for small and medium-sized businesses is the cost of implementing a state-of-the-art cybersecurity defense. Security tools are expensive and complicated to deploy, manage and maintain. Human expertise is hard to find, harder to keep, and therefore very expensive. Threat intelligence and security content, such as malware profiles, become quickly outdated, or can incorrectly identify innocuous data as a threat, locking down systems.
We estimate that the annual salary of a single cyber security operations professional will cost $119,000, while the software itself can be as high as $105,000. That puts a cyber defense out of reach for many.
THE SOLUTION FOR SMALL AND MEDIUM-SIZED BUSINESSES
Global IP Networks takes your security and your bottom line seriously. You do not have to be a large enterprise company to receive the same quality of cyber security services that ensure your applications, servers, network, and therefore your customers, clients, and suppliers, are protected from malicious attacks.
We partner with the top managed security solution provider Alert Logic to watch and secure our clients’ total environment 24×7. Conceptually it works much like Software as a Service, and is similarly billed on a subscription basis. In fact it is called Security as a Service.
Our security as a service partnership with Alert Logic provides fully managed and monitored security and compliance for cloud, hybrid, and on-premises infrastructure, with the benefits of deep insight and continuous protection. What is even better, this service is a total solution _ including software, hardware, and security, as well as the necessary human expertise _ at a fraction of the cost a business would pay if it were to go it alone.
HOW SECURITY AS A SERVICE WORKS
Alert Logic’s three-pronged systems approach employs: a websecurity manager to protect websites and applications from security threats; a log manager to capture, aggregate, and analyze logs for security threats across the environment; and a threat manager to monitor both internal and external traffic and detect threats and data removal.
From its Security Operations Center, Alert Logic security experts and analysts continuously around the clock conduct expert reviews, investigations, and analysis of threats and exposures. In response to an incident, these experts will swiftly identify the threat or exposure, formulate corrective measures, and with Global IP, implement remediation tactics within minutes, not hours or days.
Alert Logic is a state of the art leader because its operations model is to constantly tune and retune its strategies in response to the ever-evolving threat environment. These experts are renowned for identifying new attack patterns and creating robust reposes to safeguard your data and to ensure your business is resilient.
Roughly 60 percent of small businesses that suffer a cyber attack close their doors within six months, according to the U.S. National Cyber Security Alliance. Any business that is processing payments or handling sensitive records is at risk… But does not need to be.
Security as a service is a cost effective cyber solution that small and medium-sized businesses cannot afford to go without. Together with Alert Logic, we monitor your systems so you do not have to, allowing you to focus on growing your business securely and affordably.
Contact our experts and discuss this cost-effective model and how security as a service can support your business and keep your data secure and compliant.
