If you don’t already have one, the first step to securing your business is establishing a budget line for cybersecurity. On average, companies fortify their networks and data with roughly 15-20% of their IT budget designated to cybersecurity. Companies in hi-tech and finance sectors typically spend more. Considering the potential losses you may incur from a ransom attack, your cybersecurity budget is a small price to pay for maximum protection.

Once you’ve established the amount you plan to spend on cybersecurity, you need to determine how to maximize your cybersecurity budget in the face of increasing threats. Partnering with an MSP will allow you to discover the greatest vulnerabilities your company faces. Would a criminal want to target you because of your digital connections to customers and suppliers or are they more likely to attack you based on your ownership of valuable consumer data? You may not consider your data sensitive enough to make you a target, but the truth is that any records you hold that include names, addresses, phone numbers and financial information can lead to identity theft and fraud, making SMBs the ideal victim of cybercrime. There are a variety of cybersecurity solutions and training options available to businesses. It is important to choose the ones that make most sense for your company.

Some cybersecurity solutions come at zero cost, such as creating strong passwords, using multi-factor authorization, and educating your employees about suspicious emails and links. Other solutions can be built into your IT services contract, for example:

• Anti-virus
• Malware protection
• Ransomware protection
• Password protection
• BCDR solutions
• Patch & update management for desktops and servers
• Remote monitoring
• Security Operations Center
• SIEM analysis
• Email protection
• Endpoint protection
• Network security monitoring
• Log security monitoring
• Office 365 security monitoring
• And more!

Cybercriminals can be rogue individuals, organized crime groups or even state-sponsored factions. They use a variety of techniques to execute their attacks and are constantly evolving their methodology to try to out-smart existing cybersecurity protections. As tensions escalate between Russia and Ukraine, two new malware threats have already surfaced, with more suspected on the horizon. The impacts of cybercrime can be devastating, especially to SMBs and enterprise level companies. If you haven’t already conducted a cyber health assessment this year, now is the time to start the conversation and learn where your company may be most vulnerable.