Cybercrime set to surge in 2024 – how you can protect yourself and your business

Just as you would insure your home, car or electronics, it’s important to protect your digital assets with robust cybersecurity measures. Cybercrime costs the UK economy millions of pounds each year, and as technology advances, so too do the techniques of cybercriminals.

Common forms of cybercrime include hacking, phishing and malware attacks, and are most commonly for financial gain, which can be astronomical.

In ITPS’ most recent white paper Cybersecurity – Safety in a $10.5 trillion market, it explains that for the average UK business, cybersecurity spend should be around £1200 per year, per employee.

The managed services firm also found that businesses, when unprotected, ended up spending five times the amount they could have spent to protect themselves in remediation costs.

With cybercrime set to surge this year, it’s better to be safe than sorry – online safety can’t be resolved by simply adding an extra exclamation point to your password.

As well as financial loss, cybercrime can lead to other catastrophic consequences, such as data breaches, customer loss and even business closure.

Here, Simon Hopkin, ITPS’ head of cybersecurity, discusses four ways managed service providers (MSPs) can help protect you and your business from cybercrime.

Proactive threat intelligence

MSPs provide businesses with the tools and insights necessary to identify and anticipate cyber threats before they escalate. This proactive threat intelligence involves analysing trends and patterns in the global cyber threat landscape to forecast potential security breaches.

Such intelligence allows businesses to implement defensive strategies in advance, strengthening their cybersecurity framework against possible future attacks.

Customised security solutions

Recognising the unique challenges faced by each business, MSPs design customised security solutions that align with specific business objectives and risk profiles. This tailored approach ensures cybersecurity measures are not only robust, but directly relevant to the specific needs of the business.

By closely aligning security strategies with business operations, MSPs maximise the effectiveness of their protective measures, enhancing overall security posture.

Continuous monitoring, management and regular auditing

MSPs provide essential services that include regular auditing of a company’s IT systems and continuous monitoring and management. This approach ensures real-time detection and immediate mitigation of cyber threats while maintaining system integrity. MSPs constantly scan for anomalies, breaches and potential vulnerabilities, with IT professionals ready to respond as needed.

Alongside these real-time actions, regular auditing is a critical component. These audits assess the effectiveness of the existing security measures and protocols, identifying areas where improvements or updates may be necessary. This process involves a thorough examination of security policies, access controls and compliance with relevant regulations. By regularly reviewing the cybersecurity infrastructure, MSPs ensure it not only responds to current threats but also evolves to meet emerging challenges.

Together, continuous monitoring, management and regular auditing form a strong cybersecurity framework that adapts to the evolving landscape of threats. This integration of services provides businesses with a higher level of security assurance, which is crucial for protecting against the sophisticated cyber threats of today.

Incident response and recovery

Despite best efforts in prevention, cyber incidents can still occur. MSPs play a pivotal role in ensuring rapid and effective incident response and recovery. They manage the situation from detection to resolution, minimising downtime and restoring system functionality swiftly.

Their expertise not only covers technical recovery but also includes managing compliance and communication with stakeholders during the recovery process. This comprehensive management helps businesses recover with minimal disruption and long-term impact.

 

Read the full whitepaper here

Contact the team

@itps