Managed Cyber Security Services: Small Business Guide

Currently, small businesses face a growing array of cyber threats, from ransomware to phishing attacks, as cyber criminals are increasingly targeting small businesses, perceiving them as easy prey.

While large corporations may have extensive resources to fend off such attacks, small businesses often operate on tighter budgets and with limited IT expertise.

This makes managed cyber security services not just beneficial but essential.

Why Cyber Security Matters for Small Businesses

For small business owners, we understand that the day-to-day challenges of running a business are immense. Balancing the books, managing employees, and ensuring customer satisfaction are just a few of the tasks that consume your time.

Amidst these essential responsibilities, cyber security can often seem like an afterthought. However, the reality is stark: small businesses are prime targets for cyber attacks.

💡Did you know?

According to the Government “38% of small businesses suffered a cyber breach or attack in the past 12 months, with the average cost for those that lost data or assets standing at £8,170 (source).”

As demonstrated above, a breach can result in significant financial losses, damage to your reputation, and legal complications.

Adhering to data protection laws, such as ISO 27001, the GDPR, and Cyber Essentials, is crucial for maintaining a secure infrastructure and avoiding these risks.

The Day-to-Day Pain Points

At Acora one, we understand that as small businesses, you face several pain points when it comes to cyber security:

1. Limited Resources: Unlike large enterprises, small businesses typically do not have a dedicated IT security team. This means that the responsibility for cyber security often falls on the business owner, general manager, or a small IT team that already has a full plate.
2. Lack of Expertise: Cyber threats are constantly evolving, and staying up-to-date requires specialised knowledge. Small businesses often lack the expertise needed to keep their systems secure.
3. Time Constraints: Small business owners wear many hats. Finding the time to focus on cyber security can be challenging, leading to gaps in protection.
4. Financial Constraints: Investing in comprehensive cyber security solutions can be expensive. Many small businesses operate on tight budgets, making it difficult to allocate funds for advanced security measures.
5. Securing Mobile Devices: With the increasing use of mobile devices and remote work, securing every endpoint that connects to the business’s network is crucial. Endpoint protection solutions, like Mobile Device Management (MDM) and Mobile App Management (MAM)are essential to safeguard these devices from threats.

The Risks of Inadequate Cyber Security

The consequences of inadequate cyber security can be devastating for small businesses:

• Financial Losses: Cyber attacks can result in significant financial losses. Ransomware attacks, for example, can lead to costly ransom payments and downtime.
• Reputation Damage: A data breach can damage your business’s reputation. Customers expect their data to be protected, and a breach can lead to a loss of trust. Effective cyber security measures are essential to prevent data breaches and maintain customer confidence.
• Legal Issues: Many industries have stringent data protection regulations. Failing to comply with these regulations can result in hefty fines and legal action.
• Operational Disruption: A cyber attack can disrupt your business operations, leading to lost productivity and revenue.

The Benefits of Managed Cyber Security Services

Managed cyber security services offer a proactive solution to the challenges above. By outsourcing your cyber security to experts, you can focus on running your business while ensuring that your systems are protected.

Achieving Cyber Essentials certification can further enhance your security posture by meeting the government’s advised minimum standard for data security.

This certification not only helps in preventing common cyber attacks but also offers benefits such as reduced insurance premiums and improved customer confidence.

Comprehensive Protection

Managed cyber security services provide comprehensive protection against a wide range of threats. This includes:

• Threat Detection and Response: Advanced monitoring tools detect security threats in real-time, allowing for swift response and mitigation. Identifying and responding to these threats is crucial for maintaining the integrity of your systems.
• Regular Updates and Patch Management: Keeping software up-to-date is crucial for preventing vulnerabilities. Managed services ensure that your systems are regularly updated and patched.
• Firewall and Antivirus Management: Managed services include the installation and management of firewalls and antivirus software to provide an additional layer of protection.
• Employee Training: Human error is a common cause of cyber incidents. Managed services often include training programs to educate your employees on best practices for cyber security.

Cost-Effective Solutions

While the initial investment in managed cyber security services may seem high, it is cost-effective in the long run. Consider the potential costs of a cyber attack: financial losses, legal fees, and the cost of rebuilding your reputation. Managed services can help you avoid these costs by providing robust protection.

Peace of Mind

Knowing that your business is protected by experts allows you to focus on what you do best.

Managed services provide peace of mind, knowing that your systems are monitored 24/7 and that you have a team of professionals ready to respond to any threats.

Real-World Examples

Let’s look at a few examples to illustrate the benefits of managed cyber security services:

1. Ransomware Attack: A small accounting firm was targeted by a ransomware attack. The attackers encrypted their files and demanded a ransom payment. Fortunately, the firm had a managed cyber security service in place. The service provider quickly identified the attack, isolated the infected systems, and restored the data from backups, avoiding any ransom payment and minimising downtime.

2. Phishing Scam: An employee at a small retail business received a phishing email that appeared to be from a trusted vendor. The employee clicked on a link and entered sensitive information. The managed service provider detected the phishing attempt and implemented additional security measures, including employee training, to prevent future incidents.

3. Regulatory Compliance: A small healthcare provider needed to comply with strict data protection regulations. The managed service provider ensured that all systems were compliant with industry standards, avoiding potential fines and legal issues.

Proactive Approach vs. Reactive Solutions: Cyber security

Many small business owners rely on insurance as a safety net in case of a cyber attack. While insurance is important, it is a reactive solution. It can help cover the costs after an attack, but it doesn’t prevent the attack from happening in the first place.

Insurance may provide you with financial protection, but will it protect your reputation and save you from a potential lawsuit from unhappy customers?

Managed cyber security services offer a proactive approach. They help you prevent attacks, detect threats early, and respond quickly, minimising potential damage. Your Cyber security solutions

In the face of growing cyber threats, small businesses cannot afford to take a reactive approach to cyber security. Managed cyber security services provide the expertise, tools, and peace of mind needed to protect your business’s digital assets. By addressing the day-to-day pain points and offering comprehensive protection, these services are an essential investment for any small business.

Are you ready to take a proactive approach to your small business’s cyber security?