Fortifying Your Business: The Power of Managed IT Security Services in 2024
Strengthening SME Cyber Security: How Managed IT Security Services Play a Key Role in 2024.
The threat of a cyber attack persistently looms over businesses of all sizes. Indeed, recent statistics paint a sobering picture. 50% of UK businesses reported a cyber attack in 2024, totaling around 7.78 million cyber crimes. For SMEs, the stakes are particularly high with the average cost of a ransomware attack hovering around £10,830 (GOV.UK, 2024)
Many SMEs find themselves caught between the necessity for advanced protection and the constraints of limited resources. However, all is not lost. This is where managed IT security services emerge as a game-changing solution, offering comprehensive cyber security protection. Read on to learn how having a Managed IT Service Provider (MSP) on your side can work alongside your IT team to protect your business online.
The Current Cyber Threat Environment and Challenges for SMEs
In 2024, cyber attacks are more sophisticated and frequent than ever. Over 4,000 organisations saw their data exposed on the dark web in 2023, putting sensitive information at risk. When breaches occur, businesses often need around three weeks to bounce back, which can be a significant setback (Cybersecurity Dive, 2024).
While traditional security tools still play a role, they need help to keep up with new threats. Many rely on known threat signatures, leaving gaps for zero-day exploits and advanced persistent threats (APTs) to sneak through. Ransomware groups, in particular, are finding ways around endpoint protection, especially in dark web circles.
Due to limited resources, SMEs face these challenges with one hand tied behind their back. The cyber security skills shortage isn’t helping either. Recruiting and retaining an experienced team to head up in-house security operations is challenging.
Most businesses operate legacy systems with custom architecture, adding further complexity to cyber security practices. With cloud services, remote work, and Internet of Things (IoT) devices all in the mix, there are more entry points for attackers than ever. Many businesses use excessive security tools too, with 91% using more than 10 and 37% juggling over 30. This tool overload can complicate security systems, create blind spots, and cause integration headaches (Netenrich, 2024).
Managed IT Security Services: A Comprehensive Approach
This is where MSPs provide a helping hand. Managed IT security services are stepping up and delivering comprehensive solutions for SMEs facing cybersecurity challenges. Their services bridge the cyber security challenges many SMEs face, with round-the-clock monitoring, threat detection, and quick response capabilities.
For SMEs, managed IT security services offer major advantages including:
- All-round protection: These services keep an eye on everything: cloud, endpoints, network, users, and apps. Essentially, it’s akin to having a security guard in multiple places at once.
- Expert backup: SMEs get the benefit of a fully-staffed security team with the experience and expertise to complement their in-house team. This is particularly advantageous for small businesses looking to shore up their cyber security.
- Less noise, more signal: By using AI and machine learning, the services delivered by MSPs can spot real threats more accurately. This means fewer false alarms and less time wasted chasing shadows.
MSPs combined with an in-house SOC approach are gaining popularity as a realistic and cost-effective way to stay secure and compliant (like our Pulse360 Secure SOC service, for example). In fact, 33% of organisations are now using a mix of in-house and outsourced security operations for 24/7 coverage (Netenrich, 2024). This combination enables businesses to lean on outside expertise while keeping a hand on the wheel of their security strategy at the same time.
One of the greatest benefits reported by businesses using MSPs is cutting breach detection time right down from months to minutes. This is a game-changer when you consider the industry average is around 200 days to identify a breach (SonicWall, 2024).
Implementing Managed IT Security Services and Preparing for Future Threats
So where do you start when considering an MSP for your business? Implementing managed IT security services begins with a comprehensive security posture assessment. This evaluation identifies vulnerabilities across your organisation’s IT infrastructure and provides a baseline for improvement. 36% of companies plan to optimise their existing tool stack before investing in additional tools, emphasising the importance of understanding your current security setup first (Netenrich, 2024).
When you’re bringing in a managed service, make sure it integrates with your existing tech and human systems. Most solutions readily link up with your firewalls, servers, and devices to complement your in-house IT team. This means you’re adding to your security, not starting from scratch.
To stay ahead of evolving attack techniques, modern managed security services leverage artificial intelligence (AI) and automation. Our Pulse360 service combines the best of technology, AI, and a 24/7 SOC to ensure all threats are detected, investigated, and remediated quickly. This AI-driven approach enables rapid threat detection and response, which is increasingly important in an environment where attack methods are continually evolving.
Finally, UK businesses need to stay compliant with data protection regulations and industry standards. Managed security services help you stay compliant with around-the-clock monitoring of your IT infrastructure to maintain compliance and quickly identify potential breaches.
Fortifying Your Future: The Smart Choice for SME Cyber Security
Cyber threats are increasingly sophisticated and frequent. Managed IT security services offer SMEs a lifeline in choppy waters. These services provide enterprise-grade security and work alongside your in-house security operations centre for comprehensive cyber security and threat protection. By leveraging AI-driven threat detection and response, businesses can stay ahead of emerging threats and protect their valuable data assets.
By adopting managed IT security services, you can focus on your core business activities, confident that you’re protected by the latest technology and expert oversight. In the face of escalating cyber threats, this proactive approach to security is not just advisable – it’s essential for business continuity and growth.
Protect Your Business with SIRE’s Pulse360 Secure SOC
Our Pulse360 Secure SOC is a 24/7 solution that provides users with advanced protection through managed security services.
Key features:
- Cloud Detection and Response (CDR): Protects against advanced phishing attempts and account takeover attacks.
- Network Detection and Response (NDR): Offers vendor-agnostic robust perimeter security.
Powered by SonicWall, Pulse360 utilises open extended detection and response for comprehensive protection and proactive analytics against a wide range of cyber threats as well as automatic remediation for your firewall, servers, and other devices. The service’s machine learning algorithms enable anomaly detection and automated remediation, significantly reducing the time to detect and respond to threats.
If you’re looking to enhance your cyber security posture, book a product demonstration with our team. We’ll showcase how managed IT security services can provide your organisation with the advanced protection it needs in today’s complex digital environment.
Sources
- UK (2024) – Cybersecurity Beaches Survey 2024
- Cybersecurity Dive (2024) – Ransomware actors hit zero-day exploits hard in 2023
- Netenrich (2024) – Hybrid SOC and Security Tools Strategy
- SonicWall (2024) – NDR SIEM / SOCaas
