Over the last 30 years, we have found some common trends in IT Security Management that have not changed that much; same worries, different technologies. For example, IT management has always been concerned over staff, insider threats, both intentional and non-intentional. Today’s concerns now include new attack vectors coming from some unique sources including social engineered spear-phishing. Spear phishing didn’t exist in the 90s.
Here are a few recent statistics from various sources:
According to a study by Coveware, the average downtime for a business after a ransomware attack was 23 days in the first quarter of 2021. The same study found that the average ransom payment was $220,298, and the average cost of downtime was $114,000.
According to a report by Cybersecurity Ventures, global ransomware damage costs are predicted to reach $265 billion by 2031, up from $11.5 billion in 2019. They also project that a business device will be attacked very 2 seconds by ransomware.
According to a report by Kaspersky, 1 in 5 small and medium-sized businesses that suffered a ransomware attack had to stop operations immediately. They summed it up with “old threats, same costs, new challenges”.
Although early year financial impacts might have cost less in terms of dollars, current statistics continually increasing like these above highlight the devastating impact that ransomware attacks and data loss can have on any businesses. The impacts have only been increasing year over year as dependencies have increased year over year. It’s crucial for businesses to take proactive measures to prevent ransomware attacks, such as implementing strong cybersecurity measures, training employees on security best practices, and backing up data regularly.
Here are 5 top items that keep IT Management staff worried:
- Lack of Resources
- Insider Threats
- Third-Party Security Risks
- Phishing Attacks
- Cybersecurity Regulations and Compliance
Lack of Resources: One of the biggest worries for an IT tech would be the lack of resources, both in terms of funding and manpower, to effectively combat security challenges. Without the necessary resources, it can be difficult to stay up-to-date with the latest security technologies and best practices, leaving the company vulnerable to cyber attacks. Over the years this has changed somewhat but the worries have remained the same.
Insider Threats: Another major concern for IT techs is the risk of insider threats. These are security breaches that are caused by employees or other individuals who have access to sensitive information. In early days insider threats might have been a floppy disk laying around, but today the same techniques include email, USB, memory cards etc. Unfortunately, it can be difficult to detect and prevent these types of threats, making them a significant worry for IT professionals. There are intentional and non-intentional threats to worry about here, especially prevalent on the work at home / remote work environment many Companies have been forced into during the recent pandemic.
Third-Party Security Risks: With many businesses relying on third-party vendors and contractors for IT services, there is always the risk that these third-party providers could inadvertently compromise the security of the company’s IT systems. There are significant threats here as more businesses use cloud software. IT techs must constantly monitor and assess these third-party risks, and ensure that appropriate measures are in place to mitigate them. This takes time and resources which adds onto the plate of management and IT staff.
Phishing Attacks: Phishing and spear-phishing attacks are a common and ever-evolving threat to IT security, and they are a major concern for IT techs. These attacks involve the use of deceptive emails or other communications to trick users into revealing sensitive information, such as login credentials. Preventing these attacks requires ongoing education and awareness efforts, as well as robust security measures. Security Awareness Training is a must for all employees of every business.
Cybersecurity Regulations and Compliance: Finally, IT techs must be aware of the many cybersecurity regulations and compliance requirements that apply to their organizations. Failure to comply with these regulations can result in significant penalties and reputational damage, so IT techs must be diligent in ensuring that their IT systems meet all necessary standards and requirements. Combining this topic with lack of resources makes a challenge for any business.
Enter the MSP – a partner approach
NetAccess focuses on delivering quality IT support based off of industry standards and best practices through what we call the NetAccess Way:
Lack of Resources: NAS has a range of tools and resources to help manage IT systems more effectively. These resources include best practices, training, and access to a community of like-minded professionals who can provide support and guidance. By leveraging these resources, NAS can better manage IT systems and stay on top of the latest security technologies and best practices. Automatic detection of real threats help reduce the whack-a-mole techniques of the past.
Insider Threats: NAS identifies and mitigates the risks posed by insider threats by implementing user access controls, monitoring user activity, and educating users on how to recognize and avoid common security threats. The NetAccess Way also utilizes a range of security tools and technologies to help detect and prevent insider threats.
Third-Party Security Risks: manage third-party security risks by conducting regular risk assessments and monitoring vendor security practices. Things change over time, tool stacks needs to change to keep up with it. NAS also provides a range of vendor management tools and resources to help manage relationships with third-party providers more effectively.
Phishing Attacks: NAS helps its clients prevent phishing attacks by educating users on how to recognize and avoid these types of threats. NAS also provides a range of security technologies, such as email filtering and endpoint protection, to help detect and prevent phishing attacks.
Cybersecurity Regulations and Compliance: Staying on top of the latest cybersecurity regulations and compliance requirements requires regular updates and guidance on changes to the regulatory landscape. NAS also provides a range of compliance tools and resources to help them meet regulatory requirements more effectively.
NetAccess strives to streamline it’s operations, improve service delivery and partner with our clients rather than just ‘provide a service’. This enables a deeper understanding of why its clients worry about the aspects of IT and enable solutions that makes business sense, don’t over spend just for the sake of having the latest and greatest. The worries (risks) outlined above in this post are mitigated under The NetAccess Way. We’d love to chat with you about it feel free to reach out to us for a free consult at 905-524-2001 or email@example.com or this form.