Three Ways MSPs Can Maximize Cybersecurity Budgets
Cybersecurity should receive anywhere from 7%-20% of a business’ budget. An organization’s risk exposure, the potential cost of a data breach, and its overall budget will all affect this figure. However, Managed Service Providers, like WTS, can maximize cybersecurity budgets to ensure your company is getting the most value for its money.
Managed Service Providers can maximize cybersecurity budgets for small to medium businesses by providing detailed services.
On average, a company falls victim to a ransomware attack every 11 seconds. Currently, more than 77% of organizations still need an incident response plan. More than half of super admins don’t have MFA enabled. Also, the lack of oversight and governance is cited as a barrier to achieving a strong security posture by 60% of organizations. Managed Service Providers can help maximize cybersecurity budgets so your business can prioritize network protection.
Three Ways MSPs Can Maximize Cybersecurity Budgets
Here are four ways an MSP can maximize cybersecurity budgets:
1. Risk Assessment and Prioritization: Conducting a thorough risk assessment helps identify the most critical assets and vulnerabilities. By prioritizing risks, MSPs can allocate cybersecurity budgets more efficiently, focusing on areas that require immediate attention.
2. Investing in Essential Tools and Technologies: MSPs invest in robust cybersecurity tools and technologies that offer the best value for money. This includes implementing next-generation firewalls, intrusion detection and prevention systems, endpoint protection, as well as security information and event management (SIEM) solutions.
3. Incident Response and Recovery Plans: Developing comprehensive incident response plans is crucial for minimizing the impact of a cybersecurity breach. Allocating a budget to establish incident response protocols and investing in backup and recovery solutions can help companies swiftly recover and minimize the damage caused by a security incident or natural disaster.
By following these approaches, Managed Service Providers can maximize the value of your cybersecurity budget and provide robust protection against ever-evolving cyber threats.
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