Most organizations are unable to handle cyberthreats properly because they are too slow to identify them and too slow to stop them from inflicting damage once the organization is breached.
The challenge is most cyber-security solutions require human intervention - smart humans that are specifically trained in how to use an array of complicated tools to identify a threat and then figure out how to stop it.
The problem, as the 2016 Verizon Data Breach Report exposes, is that 95% of attacks exfiltrate and/or corrupt data within a few hours of a breach. This is not enough time for even the smartest humans to react.
Worse yet, analysts at 451 Research estimate that fewer than 4% of enterprises and government organizations have dedicated security staff in a security operations center (SoC) to monitor all these products for possible breaches. Small and medium sized business (SMB) customers are increasingly asking Managed Security Service Providers (MSSPs) to handle their security challenges.
The cost of troubleshooting just one incident by a junior analyst is $600 over the course of 2·3 days, Seceon discovered, in working with an MSSP in the US. The resultant report from troubleshooting is then reviewed and analyzed by a more senior analyst over the course of another 1·2 days. Over time, the cost in time and resources is approximately $1800/day, adding up to more than $450k a year!
Automating this process would save most of this cost and most importantly, the variable cost of data breaches. Cost of data breaches mostly depends on the industry and the value or criticality of the information being breached; for example, for healthcare industry the approximate cost of losing one patient's PHI record is $355. So a firm that deals with 100,000 patients in this industry is at risk of $35M if a data breach happens stealing all of these patients' records.
Faced with insurmountable costs and demand for talent they just can't access, SMBs turn to MSSPs for help in addressing their technical, resource and budget challenges.
Speak to us to find out more about how we are helping SMBs with qualified MSSP expertise through the Seceon OTM platform.