March 8, 2023
Yes. Cybersecurity is just as, if not more, important for mid-size enterprises than for larger corporations. A recent study by cloud security company Barracuda Networks indicated that mid-size enterprises are 260% more likely to be the target of a cyber-attack. In fact, in a February 2022 article, Tech Republic stated that small to mid-size businesses face an average of 11 cyberattacks a day.
The results of a successful attack can be devastating. The Tech Republic article noted that of those businesses that were victims of a successful attack, 60% were out of business within six months. A research study cited in an article by Cision PRWeb found that 25% of small to mid-size businesses spent $10,000 or more to recover from a cyber incident. Relative to their size, the financial cost of a cyber-attack will be more significant for small to mid-size businesses than for larger corporations.
Hackers will take anything they can get, and the easiest target is the one with the least amount of protection. Mid-size enterprises may not have the budget for dedicated cybersecurity professionals or cutting-edge technology. A 2022 article by Cybersecurity Dive stated that less than two-thirds of mid-size enterprises have a formal incident response plan. Operating without an incident response plan leaves businesses unprepared for severe attacks. Should a breach occur, they don’t have the planning and resources aligned to track down and mitigate the breach, or even know who to turn to for assistance. This leads to broader damage, extended downtimes, and increased costs.
A great place to start is performing a cybersecurity assessment to evaluate your business’ cybersecurity posture. A good assessment from a reputable firm will provide you with a layout of your security posture against recognized industry standards like the Center for Internet Security (CIS) or Cybersecurity Maturity Model Certification (CMMC). A compliance report should also identify steps you can take to improve your security posture. Recommendations to improve your security should be prioritized by criticality and “bang for your buck.”
Vulnerability management, when done correctly, is an ongoing process. Improving your security posture will begin with acting upon the results of a vulnerability scan and eventually integrating best practices into your business processes. By consistently evaluating your security risks, you can work to close gaps in your protection before a bad actor can take advantage of them. Fortra, a provider of cybersecurity solutions, outlines the four stages of vulnerability management:
1) Taking an inventory of the assets in your IT environment
2) Checking network and web applications through vulnerability scanning
3) Analyzing the results of the scan and implementing remediation activities based on severity and risk reduction
4) Retesting to ensure the issue is resolved
An incident response plan prepares your business to take action if a cyber incident occurs. The plan defines the steps you will take, roles and responsibilities, and other key objectives in the event of an attack. Developing an incident response plan increases your response speed, lessens the damage of an attack, and improves your recovery time. It should also include mock training sessions to prepare your staff.
As the cost of being a cyber-attack victim increases, so does the importance of cyber insurance. Naturally, your business’ security posture can affect your coverage. When evaluating cyber insurance providers, there are many questions that you need to get answered. How much damage are you covered for, what type of events are you covered for, and what are the limitations? As the Wall Street Journal identified, the cost of insurance premiums is skyrocketing, while the amount of coverage is not; therefore, it is more critical than ever to know what you are and aren’t covered for.
Our experts will help you evaluate your current cybersecurity posture and identify steps you can take to strengthen it. From an initial assessment to building a response plan – we have the people, processes, and technology to protect your business. Chat with one of our experts today to see how Dewpoint can help.