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How Threat-Centric Managed Detection & Response Services Can Make You Resilient to Cyber Attacks in 2019
Enterprises that are serious about cybersecurity know the number of attacks and the type of attack vectors are increasing in quantity and complexity.
The problem: those with in-house cybersecurity teams often don’t have the resources or expertise to keep pace effectively, and organizations without cybersecurity teams in place have a daunting task ahead to protect their assets. In many cases, outsourcing detection and response services is the quickest and most effective way to reach and maintain a strong cybersecurity posture with the ability to quickly respond to attacks.
Benefits of Outsourced Detection and Response Service
We’re breaking down the three main advantages of using a detection and response provider:
#1 Advantage: Reduced Time to Detect Threats
For an organization to have effective protections in place, comprehensive detection tools are needed to defend against all forms of attack vectors. To make effective use of the tools, incident management processes are a critical component of an overall strategy for threat detection and response. Organizations can reach this goal more quickly by recruiting detection and response service provider with the expertise that can focus on this process.
The detection and triage of threat events is a critical first step for effectively combating fraud attempts. During this stage, a collection of events and incident reports are created, and the events/incidents are categorized. This is followed by the Analysis Stage to determine the extent of the impact and any possible damage caused. Then finally, the Response Stage occurs where mitigation actions are taken to resolve the incident.
#2 Advantage: Minimize the Impact of an Attack
In 2018, the average breach cost a business $1.1M, up 52% compared to 2017, and these costs are only expected to grow. Top cost factors are both tangible revenue loss and intangible impacts due to brand-trust damage. Managed Service Security Providers (MSSPs) are capable of supporting certain areas of a security program, but they don’t necessarily cover detection and response to advanced threats. Digital managed detection and response services can fill the gap by continuously monitoring risk across various channels. With a holistic detection and response service, the enterprise has comprehensive visibility and immediate access to the tools needed to respond to potential threats.
As the digital landscape continues to shift from physical to intangible assets, it’s important for organizations to incorporate their fraud protection scope to include the intangibles. Intangible impacts hitting businesses the hardest include: Operational/Productivity Loss (54%), Negative Customer Experiences (43%), and Brand Reputation Loss (37%). Brand value and reputation, intellectual property, proprietary technologies, and supply chain networks have become high-value assets that need protection. Continuous assessment of all these assets will reduce the likelihood of a successful attack.
#3 Advantage: Readiness to Respond
A detection and response service provides a comprehensive and automated solution that can more thoroughly detect malicious activity. It can be automated or semi-automated to further enhance the effectiveness and efficiency of the process and enable organizations to better understand what’s happening inside their own networks. It’s more than just technology, and includes a dedicated, well-trained team of cybersecurity specialists that are monitoring and can mitigate identified threats before they become events.
Huge Bonus Benefit – Specific protection for your industry requirements
Each industry carries its own unique requirements. A “Brick and Mortar” manufacturing company that sells most goods in lengthy face to face processed will have a very different set of assets that need to be protected than let’s say, an online retailer. E-Commerce is a great example to highlight. Retail companies have specific business processes for providing goods and services, and thus threats and security needs that are unique to their business. Applications and services such as eGifts, refunds, online shopping carts, inventory management, automated checkout & payment processes are all potential attack points. In addition, customers have multiple touchpoints available to them like social media, mobile apps, and websites that also need protection. Cyber criminals use many attack vectors that businesses need to monitor. Some of these attack vectors include refund scams, fraudulent eGift cards, and copycat websites.
Online retailers need to stay one step ahead of cyber criminals and the ever-changing attack vectors bombarding the sector. Eighty-four percent of consumers comment that how a business protects their data security is a top concern when deciding who to buy from. Online businesses must meet PCI and GDPR security requirements, identify security exposures across supply chains, and continuously monitor for potential breaches. Outsourcing detection and response services can help e-Commerce organizations focus on their business while having the confidence their digital activities are being monitored by skilled security analysts using the latest tools.
Bottom Line Reason You Need a Detection and Response Service Provider
Outsourced detection and response services are often the quickest and most effective way to support your business security needs. No matter what industry your organization does business in, a strong cybersecurity program is a must.