Cybercrime is at an all-time high. According to Statista, in just the first half of 2022, there were well over 236.1 million documented ransomware attacks.
IBM’s Cost of a Data Breach 2022 report highlights that the average global cost of a data breach would cost an organization around $4.35M, while the average cost for a data breach in the Unites States stands at an astounding $9.44M.
The fact of the matter is that most organizations would not be able to recover if their data was breached.
Despite these statistics, most organizations around the globe alarmingly still do not have the right skills, processes, technology, and people in place to combat against these threats.
Meeting Requirements of Insurance Companies
As threats have grown in complexity and scale, insurance companies have had to make their requirements more stringent, which has left a vast majority of organizations struggling to meet the compliance standards required by cyber insurance companies.
Not only have requirements become more complex, but as threats have increased, so have insurance costs. According to CNBC “Cyber insurance premiums increased by an average of 28% in the first quarter of 2022 compared with the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers (CIAB), an association for commercial insurance and employee benefits intermediaries.”
It is crucial to have in place an MSSP to assess risks and solve business security challenges. Without the right cyber security steps in place, it is hard for companies to meet regulatory and compliance requirements of investors, partners, and insurance companies. With an MSSP, organizations can protect systems and accounts from targeted attacks. Know what steps need to be taken to enhance your cyber security posture.
How MDR Can Be Used to Enhance Cyber Security Strategy and Compliance
Managed Detection & Response (MDR) is used to rapidly identify and limit the impact of security threats and risks with 24/7 threat monitoring, detection, and targeted response, powered by real-time log analytics, with security orchestration, automation & response tooling for investigation, threat hunting and response.
Combine threat intelligence and human expertise for advanced analytics and contextualized events.
How Does an Organization Benefit From MDR?
- Full Visibility – Visualize risky behavior and misconfigurations, to target the threat at its source.
- Cost & Risk Reduction – Likelihood of a breach is reduced, and 24/7 detection and response is delivered at a fraction of the cost of creating a dedicated team in-house.
- Peace of Mind – The capacity and capability to deliver bespoke services at scale via combined threat intelligence and human expertise.
- Rapid Response – Incident response playbooks, SOAR platform, and certified incident handlers to contain threats and watch your back.
- Partner to Depend on – A partnership that works as an extension of your team to expose patterns on illicit behavior and reduce risks.
As a global MSSP, having conducted incident response investigations across a wide range of industries, SecurityHQ is best placed to work with businesses large and small, and across numerous technical environments to reduce the impact of a cyber security incident. For more information on MDR, speak to an expert here. Or if you suspect a security incident, you can report an incident here.
Based in London, Eleanor Barlow is an experienced named author and ghost writer, who specialises in researching and reporting on the latest in cyber security intelligence, developing trends and security insights. As a skilled Content Manager, she is responsible for SecurityHQ’s content strategy. This includes generating content for the latest articles, press releases, whitepapers, case studies, website copy, social accounts, newsletters, threat intelligence and more. Eleanor holds a first-class degree in English Literature, and an MA from the University of Bristol. She has strong experience writing in B2B environments, as well as for wider technology-based research projects.