Proactively securing SMBs is the need of the hour - Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global

In recent years, we have observed a paradigm shift in the location of work, which includes remote and hybrid, in addition to the usage of BYOD practices. This new business model is a delight to cyber criminals as they can now exploit the security gaps and vulnerabilities in businesses. In 2020, Cybersecurity Ventures had predicted global cybercrime costs to grow by 15% per year over the next five years, reaching USD 10.5 trillion annually by 2025, which is up from USD 3 trillion in 2015. It is true large enterprises suffer data breaches but small and medium businesses (SMBs) are not spared either. 

SMBs are at high risk too

SMBs become an easy target for threat actors as they lack cybersecurity measures in place, resources to invest in security services, budget, and skilled manpower. These businesses are not even aware of the vulnerabilities present in the organization’s network.  Studies also say that the majority of SMBs do not have 24X7 security operations to identify and address threats putting them at high risk. Furthermore, many SMBs think they are too small to be attacked by hackers and do not prioritize investing in cybersecurity practices. They also assume public clouds are generally secure. This lack of security awareness leaves them vulnerable to cyber-attacks, such as Phishing, Social Engineering, Compromised and Stolen Devices, Credential thefts, and more!

Accenture’s Cost of Cybercrime Study reveals 43% of cyber-attacks are aimed at small businesses. However, only 14% are prepared to defend themselves. This data indicates proactive cybersecurity measures that are both scalable and cost-effective have become a basic necessity for SMBs and start-ups. These businesses have to become proactive and reduce the threat impacts on their organization by taking appropriate measures to ensure business continuity and further growth.

Outsource MDR to a service provider

The service Managed Detection and Response (MDR) delivers around-the-clock monitoring of businesses network and landscape for any cyberattacks signs. It not only prevents, detects, and remediates attacks but also performs proactive risk-based and targeted threat hunting due to its investigation capabilities. For all threat detection, response, and incident resolution, MDR services are the best option. This service leverages Advanced Analytics and Threat Intelligence that is automated in addition to deploying an experienced cyber security team. MDR services also ensure Real-time Detection and Response. Besides, the service providers have good knowledge of compliance and regulatory requirements and offer customized solutions to meet specific industry standards. MDR solutions are cost-effective too when compared to traditional security approaches. But having an MDR in-house can be a high-investment project as a new Security Operations Center (SOC) has to be built and security experts have to be hired, which is not advisable for SMBs.

A multi-layered approach to prevent attacks

This approach utilizes many layers where each performs a specific function and defends a specific access point. By collaborating, these layers better fortify the overall network than leveraging a single solution. This multiple-layer security addresses both passive and active attacks.  For data protection, content can be filtered, or end-to-end email encryption can be done. Data Loss Prevention and Backup and Disaster Recovery solutions have to be implemented.  Physical safeguards that limit all access to networking devices, computers, and other hardware also reduce the risk to a good extent. Network Security Layer that leverages firewall, and authentication protocols in addition to 24X7 monitoring, has to be installed.  It also delivers visibility across the network. Applications have to be safeguarded following security best practices.  Endpoint Security is critical too, especially with IoT devices and BYOD.  All systems have to be protected by installing antivirus and patch scans should be done periodically to check for vulnerabilities.

Establish a cyber security culture

Many Reports reveal that a significant amount of data loss occurs due to human accidents triggered unknowingly or knowingly by employees of the organization. Despite the security measures in place, a single click on a malicious attachment by an individual who is the weakest link can lead to a security compromise. This indicates it is highly essential for all employees to be aware of the vulnerabilities and dangers and how to address them.  Yes, educating employees on basic security practices should be made mandatory.  Key practices such as handling sensitive data, guidelines for protecting sensitive data, 2-factor authentication to secure login credentials, creation of extremely strong passwords, and encryption of data are crucial. Ongoing training has to be conducted regularly to ensure employees do not become victims of social engineering attacks as they will now be equipped with the necessary skillsets and tools. Advanced-level training with real-life simulations is the measure organizations have to implement to further strengthen security across all units. At the same time, it is important to ensure incident reporting so every threat is reported to the Security and Leadership teams to take timely and appropriate measures to address it.