While massive cyberattacks on major corporations such as Fidelity Investments, AT&T, and Change Healthcare make headlines, small to mid-sized businesses (SMBs) are often equally vulnerable targets. In fact, Accenture's Cost of Cybercrime Study reveals that a significant 43% of cyberattacks focus on small businesses. Alarmingly, only 14% of these businesses believe they are well-prepared to counter such threats.
SMBs are appealing to attackers due to often perceived insufficient security frameworks, making them easy targets. As a result, the urgency for stringent cybersecurity compliance has never been higher, particularly for SMBs. Compliance is crucial for every business, regardless of size—it’s a protective necessity rather than a burden only reserved for large enterprises.
Managed Service Providers (MSPs) are pivotal in fortifying clients against cyber threats. With compliance demands escalating, MSPs must develop and integrate robust compliance programs. Failing to comply can lead to security weaknesses, regulatory backlashes, trust deficits, and severe financial damages. Thus, the focus should be on how efficiently MSPs can weave compliance into their service offerings to safeguard client interests.
SMBs are under amplified threat, confronting increasingly sophisticated cybercriminal tactics. Previously dominant ransomwares have evolved into more intricate operations, targeting naive users and unprotected systems. These breaches can involve stealthily intercepting business processes to exploit financial transactions. Proficient compliance management becomes indispensable, helping MSPs avoid penalties while ensuring their commitment to protecting client assets.
Key hurdles MSPs face include:
Internal Compliance: Ensuring your own operations align with regulatory standards, given your access level to client systems.
Client Compliance: Helping clients achieve compliance by staying abreast of regulatory changes and implementing the necessary tools and systems.
MSPs striving for optimal compliance should adopt these strategies:
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Effective Compliance Management Practices for the MSPs |
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Know the Regulations:
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Utilize NIST Frameworks:
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Outline Service Parameters:
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Regular Risk Audits:
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Ongoing Monitoring for Improvement:
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Optimize Your Tech Stack:
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Convincing SMBs to prioritize cybersecurity can be challenging due to limited resources or awareness. Here's how MSPs can convey the importance:
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Dispel Size-Based Safety Notions |
Highlight Business Necessity |
Show Competitive Benefits |
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| Many SMB owners mistakenly believe they face less risk due to smaller size. Present relevant statistics and specific compliance mandates to educate them on their actual risk exposure. | Emphasize the financial and reputational impact of neglecting cybersecurity, effectively articulating the investment's return in preventing costly breaches. | Underscore how strong security can prevent operational disruptions, representing a strategic advantage over competitors. |
By adopting and advancing tech frameworks, educating clients on security, and stressing the necessity of compliance, MSPs can robustly protect SMB clientele from cyber threats. The integration of cybersecurity and compliance is indispensable, offering a dual shield ensuring both protection and regulatory alignment.
To learn more about implementing SASE, XDR, IAM/ MFA, and GRC for your organization and explore tailored solutions that meet your unique requirements, contact Exium at partners@exium.net for a consultation or demonstration. If you are ready to get started, check out our testing and onboarding process.