Signature Peace of Mind Advisors

The Future of Cyber Security For Small Organizations

Apr 17, 2024 | Security Solutions, Tips & Trends | 0 comments

Cyber security can seem overwhelming and expensive for small businesses, and many end up deferring it for many reasons including:

  • Not knowing where to start.
  • Lack of awareness and understanding that organizations of all industries are a target for hackers.
  • A belief that “cyber security” is only something large enterprises can afford to invest time, money and resources into since the hackers might be more interested in them.

Signature Peace of Mind Advisors and our key partnerships, make cyber security accessible, achievable, and cost-effective for our clients by managing and unifying their security technologies, eliminating complex tasks with automation and reducing risk through a subscription based model

Up until approximately the last 3 or 4 years, a large percentage of vendors that offer security solutions, would not consider deals with under 500 employees or deals that did not result in six or seven figure contract deals for them. However, after the onslaught of security breaches happening to small businesses and seeing that a majority of smaller organizations can never recover, those in the security industry began to identify ways to look at the smaller market and start ups as critical to the American Economy, similar to the traditional Fortune 500 companies. If you ask someone who has spent many years investigating data breaches for larger companies, many will share that the hackers first gained access to someone in the supply chain or that provided a service to the larger company.

Solving Fundamental Challenges Through Innovation

In today’s digital age, the threat landscape for businesses, regardless of size, has become increasingly complex and hazardous. Small companies, often lacking the resources and expertise of larger enterprises, are particularly vulnerable to cyber threats. With cyber attacks growing in frequency and sophistication, the importance of robust cyber security measures cannot be overstated. That’s where Cyber security as a Service (CaaS) comes into play, offering small businesses a cost-effective and comprehensive solution to safeguard their valuable assets.

Understanding Cyber security as a Service

Cyber security as a Service is a proactive approach to protecting your company’s digital infrastructure and sensitive data. It involves outsourcing cyber security functions to a third-party provider who offers a range of services tailored to the unique needs of your business. These services may include threat monitoring, incident response, vulnerability assessments, penetration testing, employee training, and more.

The Value Proposition for Small Companies

1. Expertise and Experience

One of the most significant advantages of CaaS for small companies is access to a team of cyber security experts with specialized knowledge and experience. These professionals stay updated on the latest threats and trends in the cyber security landscape, allowing them to implement proactive measures to mitigate risks effectively. By partnering with a CaaS provider, small businesses can leverage the expertise of seasoned professionals without the need to hire and maintain an in-house security team. The right providers bring a fully staffed team that has the expertise, knowledge and experience to monitor your environment 24 hours a day, 7 days a week, while you have the flexibility and confidence to focus on your business.

The average cost for security analysts and engineers range from $50,000 to $130,000 not including annual training, health and other related benefits and 401k options. Many small businesses ranging from a 1 person start up to others that have up to 500 employees, are realizing the value and immense savings that security as a service provides. Their are key vendors in the space that bring the solutions you need whether it is email security, endpoint security and an expansive portfolio that they can plug and play into your environment and have you running in days versus years trying to buy these solutions on your own then having to find someone with the right skills to take care of the tools for you.

2. Cost-Effectiveness

Investing in cyber security infrastructure and personnel can be prohibitively expensive for small companies with limited budgets. CaaS offers a cost-effective alternative by providing access to enterprise-grade security solutions at a fraction of the cost of building and maintaining an in-house security infrastructure. With a predictable monthly subscription fee, small businesses can allocate their resources more efficiently and avoid the hefty upfront expenses associated with traditional cyber security measures.

In our research, for basic services, the industry average is $20 a month per employee and you can add security awareness training for $5 to $10 more per month. If you are ready for a fully enabled security operations team with the full infrastructure, the cost is around $80 a month per employee.

If you are someone who likes to look at the numbers, here are some examples of what these security solutions would cost from vendors directly if they sold to small businesses:

Email Security – These solutions typically include protection from malware, phishing and other threats such as employees trying to email out sensitive information. Average deal size is around $100,000 from these vendors selling directly for a single year license.

Endpoint Security – Think malware protection, these solutions can range from $10 a month per employee with no security team monitoring it all the way up to around $50 plus a month depending on the vendor and package you buy.

3. Scalability and Flexibility

Small businesses are dynamic entities that may experience fluctuations in their cyber security needs over time. CaaS providers offer scalable solutions that can adapt to the evolving requirements of your business. Whether you’re scaling up your operations or facing new threats, CaaS allows you to easily adjust your cyber security strategy without the hassle of re-configuring or upgrading your infrastructure.

4. Proactive Threat Detection and Response

Cyber threats are constantly evolving, making it essential for businesses to adopt a proactive approach to cyber security. CaaS providers employ advanced threat detection technologies and proactive monitoring techniques to identify and neutralize potential threats before they can cause harm. In the event of a security incident, CaaS offers rapid response capabilities, minimizing downtime and mitigating the impact on your business operations.

5. Regulatory Compliance

Small companies operating in regulated industries are subject to stringent cyber security requirements and compliance standards. Failure to comply with these regulations can result in severe penalties and reputation damage. CaaS providers understand the compliance landscape and can help small businesses navigate complex regulatory requirements, ensuring that they remain in full compliance with relevant laws and regulations. One other value add, is these services can come bundled with cyber insurance that provides coverage should a breach occur and provide the resources you would need to recover. With many changes in government legislation, and the simple fact that cyber insurance is becoming more challenging to receive underwriting for, finding the right partner for your cyber security as a service needs, can make this process significantly streamlined.

Conclusion

In an era where cyber threats don’t sleep and are constantly evolving, small companies cannot afford to neglect their cyber security posture. Cyber security as a Service offers a comprehensive and cost-effective solution that empowers small businesses to protect their digital assets and preserve their reputation. By outsourcing cyber security functions to a trusted provider, small companies can focus on their core business activities with the confidence that their digital infrastructure is in safe hands. Invest in cyber security as a service today and strengthen your shield against the ever-present dangers of the digital world.

 

 

 

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