Putting the “Managed” in Managed Service Providers
Cyber security is a field in information technology security that protects critical systems like Internet and intranet networks from threats. It involves a variety of processes, software, and hardware systems designed specifically to protect information and devices from cyber-attacks. It includes anything from the prevention of unauthorized access to the recovery of breached networks.
The process is only half the story, the people behind it are delivering the solution with analysts knowledgeable in cyber security, emerging threats, and specifically trained on a technology platform to take advantage of its capabilities.
There are several benefits of cyber security processes for a business that relies on computer networks and Internet-connected devices that are prone to cyber threats. Apart from the direct benefits to businesses, governmental organizations and people benefit significantly from tougher cyber security measures across the globe. Some specific benefits are listed below.
Save on costs. According to the Internet Crime Complaint Center (Ic3) people in the US lost $10.3 billion to cyber fraud in 2022. Some losses were on an individual basis while some affected companies and their clients. With the right cyber security processes in place, an organization can protect its users and business and by extension save costs in the long run.
Protect sensitive information. In this data-driven world, it’s easier for sensitive information to be stolen and used to access funds or worse. Companies that request sensitive information from employees and clients need to be diligently cyber vigilant to protect data from bad actors.
Regulatory compliance and stakeholder confidence. Over the last few years, Facebook has faced multiple lawsuits for violating user data. These lawsuits don’t just cost money but reduce the trust the public has in the company. It also means that they aren’t being regulatory compliant. If you want to maintain stakeholder confidence and meet regulatory compliance requirements, invest in cyber security.
What Aspects of Cyber Security Need to be Managed?
The following aspects of cyber security are the pillars that bring it all together.
Cloud Computing Security
The cloud security component of cyber security deals with keeping information safe on the cloud. It concerns virtualized Internet protocols, cloud applications, cloud software services, and everything else that has to do with a company’s cloud security frameworks safe.
Critical Infrastructure
The critical infrastructure has to do with the core aspects of a client’s information technology that they rely on daily. This could involve anything from servers, firewalls, and routers. Cyber attackers can attack a company by hacking into the critical infrastructure. A Managed Service provider will examine these systems thoroughly to make sure that there are no cyber risks that may cost you greatly if the critical infrastructure is attacked.
Network Security
An organization is only as strong as its computer network. A part of the managed service team is dedicated to ensuring network security around the clock. This includes setting up a firewall to prevent hackers from accessing the system, providing access control, and installing malware. Setting behavioral analytics software is a vital part of ensuring network security.
Internet of Things (IoT)
The primary responsibility of a managed service provider for cyber security is to protect a client’s data from insider and outsider threats. They need to ensure that no one gets unauthorized access to the system through Internet-connected devices. The managed service provider must limit the number of network devices to only what is necessary to minimize digital attacks.
End-User Awareness
In every client, there are several employees connected to the network. These employees do not always have an awareness of cyber security best practices like those in the IT security department do. Your managed provider must enable clients to hold seminars and provide other forms of educational activities that inform employees of cyber security policies or best cyber practices. By doing this, the provider can help mitigate the risk of malicious activity within your organization.
What Processes Are a Cybersecurity Managed Service Provider Actually Managing?
Managed providers of cyber security processes need to have exceptional dedication and more importantly a passion for protecting, preventing, and defending against cyber-crime. Since it is being managed by another organization, the provider requires the ability to build trustworthy relationships with their clients. By providing this ongoing service and partnership, the relationship formed is a client vs. a customer. These days smaller firms are subject to an ever-increasing number of threats as they typically do not have the resources to maintain end-to-end cybersecurity as a core competency and look towards a managed service provider.
The right combination of cyber security processes is required to keep a network safe. There are traditionally five processes of cyber security. Each stage is just as important as the next one and having a clear roadmap helps cyber security providers execute their duties.
Identify the Assets
The first stage of the cyber security life cycle is identifying all the company assets that need to be protected from security threats. For example, if your company collects user data, you need to track the information consistently along with other valuable assets. This data is used for classification policies that make tracking and risk assessment much easier.
At intervals, the managed service provider will take inventory of all the assets that may be prone to breaches with you. Together, they will usually take inventory of sensitive data by utilizing premium information technology asset management software.
Protect the Assets
Once everyone agrees on the proper inventory of all the valuable assets in your organization, the managed service provider will start putting protocols in place to protect these assets. The technologies chosen for protecting your data and operating systems from possible cyber security breaches are based on the services provided. The right cyber security provider will recommend the right VPN, encryption, anti-malware, and antivirus solutions a business needs.
Monitor the System
Your managed service provider should be smart as hackers are smart, as well. Hackers are constantly researching new and innovative ways to penetrate cyber defenses. The managed service provider you choose should provide layered protection and continuously monitor the system thoroughly.
At intervals, managed security providers test the cyber defenses to see if some loopholes or vulnerabilities can be exploited by bad actors. Monitoring the cyber systems allows them to stop hackers before they penetrate the system.
Responding to Incidents
Despite the best efforts of security experts, there is no way to provide 100 percent security. This is where a cyber security incident response plan comes in handy. The incident response team must have a plan on standby that contains the series of actions they should take if hackers end up breaching the network. Incident response plans are essential for business continuity since some cyber-attacks have the potential to make businesses bankrupt.
Recovery
What are the backup and recovery plans for the business? What happens if hackers take over sensitive data in a ransomware attack? What if there is a denial-of-service attack? Does your business have a backup and data recovery plan in place? Managed cybersecurity providers emphasize cloud security because it is a great way to backup and recover data when disaster strikes. This is an important step in business continuity planning.
Bottom Line: What Do You Need from a Managed Cyber Security Provider?
Protecting your organization from cybercrime goes beyond having a provider that is competent or technology savvy in keeping up with the trends. You need a technology partner that values you as a client and not just a customer where you are buying a product or just a number. Here you are investing in an ongoing relationship service.
You need to look for a trusted advisor with the passion to be there when you need it. A provider that is continuously monitoring all aspects of your environment. Someone who is transparent in communication as needed. You need a trusted partner that has a deep passion for what they do and how they deliver that service.
In a recent study on what makes a cybersecurity hero, out of 140 cybersecurity experts, 66 percent voted that it is a passion to secure client needs which was then followed by their ability to share domain knowledge and best practices (22 percent). Only 8 percent mentioned it was technology expertise that made them unique, and the following 12 percent voted that it was the number of incidents they resolved that made them special. Therefore, technology is not the deciding factor as someone is managing the processes, not you.
It is imperative that a cyber security managed provider needs to know how to configure and install security software like firewalls and end-point encryption tools. They also need to stay on top of emerging trends in the information technology industry. However, with any outsourcing initiative and implementation, success is delivered through the people and processes behind the technology that makes it all work.