7 Reasons Why Cybersecurity Fails

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7 Reasons Why Cybersecurity Fails

Too often cybersecurity is viewed as an IT cost rather than a business requirement. But the problem with that is: Cybersecurity, and the impacts of a lackluster implementation, is everyone’s problem.  

The consequences of a successful cyberattack can include: 

  • An expensive data breach 
  • Exposure of employee and customer information 
  • Hijacking of important business data 
  • Halting of daily operations for days on end 

Like we said, cybersecurity is everyone’s problem, and yet, it still fails. Data breaches happen, ransoms are demanded, and systems corrupted. Here are seven reasons why your business’ cybersecurity is not up to snuff.  

1. You assume your business is too small to be a target.

54% of small businesses believe they’re too small for a cyberattack, and subsequentlydon’t have a plan in place for reacting to cyber threats. Only 22% of small businesses encrypt their databases, and less than 15rate their ability to mitigate cyber risks and threats as highly effective. This lack ofor even nonexistence ofcybersecurity could be fatal for a business. 43% of cyberattacks explicitly target small businesses, and 60% of them go out of business within six months of a successful security breach. 47% of small businesses do not know how to protect their organization from cyberattacks, and 75% do not have IT security personnel to handle cybersecurity measures and procedures.  

2. You have an incomplete inventory of assets and endpoints.

67% of IT professionals believe the use of bring-your-own devices during the remote work of the pandemic has decreased their organization’s security health; a claim which a Ponemon Institute survey supports68% of businesses experienced one or more successful endpoint attacks in the past 12 months. 61% of remote employees used personal devices as their primary method to access company networksWithout an accurate inventory of assets, patches and updates go unmonitored, increasing the vulnerabilities of such endpoints. Over the past year, the cost of an endpoint attack has risen from $7.1 million to $8.94 million 

3. You set it, and then you forget it.

Firewalls, antivirus software, email security solutions, and endpoint security solutions are essential, but they’re not enough. Businesses must fortify themselves via a multi-layered approach, and yet, 52% of enterprises are not practicing mature cybersecurityInstead of just installing software and calling it a day, companies must conduct proactive preventative measures, including frequent infrastructure penetration tests and vulnerability scans. In one survey, one in five businesses reported no security testing within the past six months, and 20% only conduct a security review when they feel the need. Additionally, only 5% of companies perform frequent vulnerability assessmentsPerhaps that’s why 66% of small businesses are extremely concerned about cybersecurity risks. 

4. You neglect completing patches and upgrades in a timely manner.

When a company discovers a security flaw, it develops a patch, which the end user must install. However, it averages 97 days to apply, test, and deploy a patch, creating months of vulnerability. That’s why it is so critical that businesses and end users install the upgrade as soon as it is released, but that’s not the case. 40% of businesses wait to test and roll out patches in order to avoid bugs. Additionally, the challenges of updating systems from remote locations mean updates go unmanaged for 48.5% of managed enterprise Android devices. Consequently, 40% of Android devices utilize an OS version older than v9. 

5. You’re not actively monitoring your IT infrastructure for threats.

Incentivized and well-funded, cybercriminals utilize rapidly changing, sophisticated tactics to dismantle security systems. A layer of protection from software and spam filters is no longer enough. A strong cybersecurity practice includes proactive monitoring, preferably with 24/7 log management for threat detection. Last year, the average time to identify a breach was 207 days, according to IBM, and the average lifecycle from identification to containment was 280 days. Companies can lose $5.8 million a year from failures in log management, and another $1.6 million each for failing to detect abnormal login behavior and failing to deploy the log analytic tool.  

6. You don’t realize your greatest liability is your own employees.

In Verizon Business 2021 Data Breach Investigations Report, 85% of breaches involved a human element, and 80% were discovered by external parties. Fallible creatures, humans are susceptible to social engineering attacks that manipulate people into revealing sensitive information. In 2020, phishing attacks rose 11%. The cost of a social engineering attack averages $130,000 in stolen money or lost data. The Aberdeen Group found that security awareness training can reduce the risk of social engineering threats by 70%. However, only 3 in 10 employees on average receive cybersecurity training. 

7. You don’t have an incident response plan.

Incident response preparedness can save up to $2 million on data breaches, according to IBM, and yet 39% of small and medium-sized businesses do not have an incident response plan. An incident response plan comprises procedures to verify a breach, alert business leaders and customers, and isolate and eliminate the threat. On average, incident response testing can save over $295,000 on the cost of a breach, while business continuity can reduce the cost by $278,000. Simply forming a qualified incident response team has cost savings upwards of $272,000! 

Preventing Cybersecurity Failure

There you have it: seven reasons why your cybersecurity may fail with the next ransomware attack. A mature cybersecurity practice demands protection, detection, and responsiveness.  

If you’re one of the 52% of enterprises not practicing mature cybersecurity, we recommend immediate resolution with one of NexusTek’s Cybersecurity Solutions packages. Our three plans of various levels of security fit any business’ needs, and each plan has the option to add further features for an even more diligent, multi-layered cybersecurity plan. 

Essential Plan:

This managed protection plan offers 24/7/365 monitoring and alerts with managed cybersecurity and an annual security health review for a crucial foundation of defense. 

Standard Plan:

Building on the protective base of Essential Solutions, this managed protection and response plan adds proactive steps to fortify your business, including security awareness training, managed DNS security, vulnerability scanning, and incident response. 

Advanced Plan:

For robust cybersecurity, this managed detection and response plan enhances a business’ security effectiveness with managed SIEM to detect malware, log correlation and aggregation to analyze malicious logins, and incident response to eliminate threats. A security health review is conducted each quarter to stay on top of vulnerabilities and their solutions. 

Whatever your business security needs, NexusTek has the expertise to bring your cybersecurity up to snuff. 

NexusTek Releases New Cybersecurity Services Plans to Combat Rise in Cyberattacks

NexusTek Releases New Cybersecurity Services Plans to Combat Rise in Cyberattacks

Managed IT services provider devises various cybersecurity plans to protect businesses from increasing social engineering attacks

Denver, CO (July 28, 2021) – NexusTek, a national provider of managed IT services and full IT outsourcing solutions to businesses across the U.S., today announced it has released new managed cybersecurity plans to deliver the necessary protection businesses require for hybrid and remote workforces. The three plans, providing managed protection, detection, and response to cyber threats, provide varied levels of security that are tailored for every business.

The global migration to a remote workforce, as a result of the COVID-19 pandemic, has increased cyber risks, including delayed or unpatched devices, uncatalogued endpoints, and unsecure networks. Cybercriminals are capitalizing on such shifting times and vulnerable employees, and consequently, social engineering attacks have risen.

NexusTek has over 25 years of experience in delivering cybersecurity solutions, and these new managed cybersecurity plans further NexusTek’s commitment to clients, enhancing their security posture and cyber resilience against escalating cyber threats. The pre-packaged plans include the latest security necessities every business requires so companies of all sizes can easily select the strategy that best suits their needs and goals.

“NexusTek is excited to release these newly packaged cybersecurity solutions,” said Randy Nieves, Chief Technology Officer, NexusTek. “Cybersecurity strategies must include solutions that can quickly adapt to combat changing tactics from cybercriminals. The pace at which tactics change makes it very challenging for businesses to keep up and quickly implement comprehensive solutions. Now, we have arranged a comprehensive set of cybersecurity solutions from our best technology vendors into pre-designed plans to make it easy for companies to protect their business and reduce risk. Our Cybersecurity Solutions focus on helping businesses protect their highest at-risk assets: their employees and their data. Our plans are also designed to be extensible and can be easily customized, as needed.”

“The release of our new cybersecurity plans is timely and much needed,” said Bill Wosilius, CEO, NexusTek. “With the steep increase in ransomware attacks over the last 15 months since much of the U.S. started working from home, our new packages make it simple for every business to select the right plan and protect their employees, revenue, brand reputation, and ultimately, national security.”

NexusTek’s Cybersecurity Solutions include three plans—Essential, Standard, and Advanced—which can be viewed in more detail on NexusTek’s website at https://www.nexustek.com/cyber-security-services/.

About NexusTek

Trusted by thousands of businesses for over two decades, NexusTek, a national provider of managed IT services and full IT outsourcing solutions, offers a comprehensive portfolio comprising end-user services, cloud, infrastructure, cybersecurity, and IT consulting. Ranked among the top MSPs in North America and a multi-year CRN Triple Crown Award winner, NexusTek’s 24/7/365 domestically-staffed support team designs holistic technology solutions to improve business continuity, productivity, operational efficiency, and cost-effectiveness for companies across the U.S., Canada, Mexico, and the United Kingdom. As an SSAE 18 SOC II certified company, NexusTek conducts yearly rigorous security audits to ensure customer safety and provide optimal service.

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