- July 15, 2020
- Posted by: Pat Riot
- Categories: CyberSecurity, Finance, Security Operations
It is no secret that Cyber-attacks are a growing threat for small financial businesses, and the economy as a whole. Last year, Forbes reported the financial service industry tallied 35% of all data breaches deeming it the “Most-Breached Sector” of all. According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2018 alone. If attacks are constantly increasing, then that means security solutions should also be increasing, right? Well, that has not been the case. According to a recent SBA survey, 88% of small business owners felt their business was vulnerable to a cyber-attack. Small businesses believe that they can’t afford professional IT solutions, they don’t have time to devote to cybersecurity, and/or they don’t know where to begin. Which are all extremally valid and viable responses. The goal of small businesses is to provide goods or services they are passionate about, not to worry about IT stuff. The truth is, not everyone is passionate about cybersecurity, and that’s okay because we are.
Being able to ensure your clients private data is protected 24/7/365 is becoming a standard for large financial enterprises such as Raymond James & Edward Jones, among many, many others. However, even some of the largest companies rely on third party managed security service providers (MSSP) instead of building their own Security Operations Centers. It comes down to how confident are you that your IT team has the resources and skills to detect, contain, and respond to a data breach in an efficient and effective manner. If your team’s resources are focused on other priorities and do not have a security background, it may be worthwhile to consider a Managed Security Service Provider like Steel Patriot Partners to manage your data.
Building a SOC team that can investigate, isolate, and remedy security incidents 24/7/365 takes an extraordinary amount of complex procedures operated by highly skilled & qualified individuals. SOC teams consist of several security analysists and engineers that implement advanced software’s to monitor, detect, and respond to any suspicious behavior within a company’s network. Defining the specific policies and procedures that guide a SOC team should be an ongoing process to better serve the team and organization, per Siemplify. Though SOC teams have proven to be effective and save organizations millions from cyber threats, it is not always financial practical for companies to build their own team. There are reports from Decide Consulting that say some companies have spent up to $2 million on just the initial set up. Not including the annual upkeep, licensing fees, and salaries which is estimated around $700,000 per year.
Here at Steel Patriot Partners we have an advanced Security Operations Center with a team of highly trained and skilled security analysists and engineers who are passionate about creating a safe and secure work environment for all. Cyber criminals don’t sleep, and we don’t either. We provide 24/7, 365 services to ensure your company’s network is never vulnerable. Because, attacks happen when you least expect it or at the most inconvenient times (Like in the middle of a Pandemic). There has been a 667% increase in spear-phishing e-mail attacks related to COVID-19 since the end of February 2020 alone, per Dzone. If you have any questions or concerns about your company’s security posture, please feel free to contact us! We are more than willing to help in any way we can to help secure the community! [email protected] // +1 703 297 4405