By strategically embracing CSaaS, enterprises can proactively thwart reputational harm and remain one-step ahead of today's adversaries
In a world with rising cyberattacks, it is important to note that even if a security breach doesn’t result in a significant loss of user data, it can damage trust and lead to a loss of customers. In the face of sophisticated cyber threats like phishing, ransomware, supply chain attacks, and complex attacks that are often targeted and live, organizations can no longer afford to handle cybersecurity without the support of a trusted vendor.
What adds to the challenge, is the shortage of skilled cybersecurity professionals, limited training imparted to resources, and the lack of awareness around cybersecurity in today’s boardrooms.
As a solution, managed threat detection and response (MDR), as well as services such as threat monitoring and incident response, represent highly sought-after offerings in the realm of cybersecurity as a service (CSaaS). These solutions provide organizations with access to skilled professionals while maintaining scalability and cost-effectiveness.
Consequences of a Cyberattack
In the current specialized threat environment, the question is not if an attack will happen, but when, how often, and how long it will persist. Despite increasing threats, understanding the true cost of a cyberattack remains difficult, with gradual data leaks and dark web sales emerging as common, delayed consequences.
Furthermore, quantifying the intangible aftermath of a cyberattack can be quite elusive. According to Sophos’ State of Ransomware 2023 report, of the surveyed Indian organizations that had been the victim of an attack in 2022, the mean cost of recovery for ransomware attacks was around $1.82 million. This alone does not take into consideration the less quantifiable consequences of an attack such as damage to reputation, loss of customers and clients, which have strong implications on business. Severe or persistent cyberattacks can also generate sustained anxiety and frustration among team members, resulting in decreased job satisfaction and higher employee turnover rates.
Cybersecurity as a Service (CSaaS) offerings can assist organizations in mitigating financial or operational risks resulting from a breach. Managed detection and response (MDR) security experts deliver 24/7 threat detection and proactively work to prevent these incidents from occurring in the first place. Experienced incident response professionals encounter threats on a daily basis and have refined the specialized tools, workflows, and responses needed to swiftly detect and neutralize ongoing attacks.
Enhancing Business Operations with CSaaS
Before incorporating cybersecurity as a service (CSaaS) into your operational frameworks, consider these five recommendations for establishing an internal foundation that fosters a seamless adoption of security systems:
1. Assess the value of CSaaS to your business
Before adopting a CSaaS model, evaluate the return on investment (ROI) of outsourcing security operations versus managing threats internally by creating your own Security Operation Center (SOC). While CSaaS may necessitate an initial investment, its advantages can far surpass the financial, operational, and reputational costs associated with addressing complex threats independently.
2. Select a vendor with extensive industry expertise
When choosing a vendor, opt for one with a strong understanding of your industry and a proven track record of client satisfaction. Such providers bring to the table a keen awareness of the threats that can be encountered and the tools and agility required to respond swiftly. They also have a strong understanding of the kinds of specific threats that emerge in your particular industry, allowing for more effective preventative measures.
3. Emphasize on managed detection and response (MDR)
To ensure your vendor can effectively mitigate active threats, opt for a provider that includes MDR as a fundamental offering. Additionally, give preference to vendors with adaptable integration capabilities, as they can provide MDR through your existing technologies, whether via third-party integrations or their proprietary solutions, allowing for smoother system adoption.
4. Develop a comprehensive incident response strategy
A well-rounded incident response plan ensures that team members understand their roles in the event of an attack, reducing response time and ultimately the losses incurred. Craft a plan that includes cross-departmental collaboration and keep a physical copy of the same readily accessible at all times.
5. Maintain robust network security
Regular network upkeep prevents the likelihood of security incidents. If an attack does take place, chances are it will be detected before it has a chance to wreak real damage. A good practice involves regular checks of security controls to ensure correct configurations and address unpatched vulnerabilities that could jeopardize your IT environment such as open Remote Desktop Protocol (RDP) ports.
The Secure Way Forward
As we look forward, in a world of evolving threats, it is important to consider leveraging specialized expertise and threat knowledge through managed cybersecurity services. Alongside this, the new Digital Personal Data Protection (DPDP) Act plans to hold companies accountable for ‘failing to protect user data’ by imposing fines of up to 500 crore rupees based on the size and frequency of data breaches incurred by the company.
By strategically embracing CSaaS, enterprises can proactively thwart reputational harm and remain one-step ahead of today’s adversaries. When it comes to safeguarding customer loyalty, diligence is paramount.
(This article is authored by Sunil Sharma, Vice President – Sales, India & SAARC, Sophos)
