Security is the top-most concern for any industry today, globally. Given the fast-emerging cyber threats, every industry is preparing for a robust security posture backed by substantial compliance and privacy policies. But maintenance and monitoring are posing a severe challenge to such companies striving for IT security enhancement. Here is where the Cybersecurity Managed Services Provider stands crucial!

How Cybersecurity Managed Services Provider Help?

Cyberthreat or a breach incident is unpredictable and may arise from any direction, internally or externally.

To solve these security and compliance challenges, an organization needs a robust security infrastructure backed by strong preparedness, strict monitoring, and timely actions.

MSSPs deliver the same, keeping you abreast of potential threats by customizing your organization’s security stance to the emerging threats.

With the help of Security Operation Centers (SOCs), they ensure continuous monitoring and protect your networks round the clock.

In compliance with the standard regulations, Cybersecurity managed services provider safeguards your organizational devices, assets, data, applications, networks, customers and partners.

8 industries that would need Cybersecurity Managed Services Provider:

1) Banking, Finance Services and Insurance (BFSI)

BFSI industry is one of the critical sectors sensitive to cybersecurity risks. Given the sensitivity of operations and information, the banking and financial industry needs a robust security system that is backed by continuous monitoring to safeguard its crucial assets.

As various surveys show, many credit unions at different levels have come under many phishing attacks in recent years. Moreover, targeted and organized crime with the intent of financial gains is overgrowing.

When it comes to insurance operations, large volumes of user data records, including patient and identity information, are at high risk of cyberattacks.

So, its high for the BFSI industry to review its security landscape to secure its fund and user trust in them.

MSSPs can be crucial in building a robust intrusion prevention system backed by adequate access and identity management principles, based on firm policy and compliance measures.

2) Utilities

To the changing scenario, public utility departments are increasingly embracing infrastructure upgrades to meet customer preferences and for ease in operations.

While this happens, the respective departments should keep a close watch on emerging cyber risks and possible entry points for intruders arising from internet-based systems. Reliability cannot be compromised for ease of operations!

3) Healthcare

Increasing usage of digital solutions and Electronic Health Records (HER) brought the healthcare industry to the proximity of cyberattacks.

With the aim of universal health cover, healthcare firms prefer the seamless use of smart devices for better connectivity between medical pros and patients.

This demand provided the required scope for intruders to target the healthcare industry on a large scale, making it one of the most vulnerable to cyberattacks.

A single data breach incident in healthcare can be a high risk to large volumes of patient records, diagnostics data, reports, and more. So are the healthcare compliance policies, which are, however, hardly followed by most healthcare companies.

4) Retail

Retail is another industry most vulnerable to cyberattacks. The industry is more prone to such risks because of the increasing online retail operations.

eCommerce sites are at high risk as they process vast volumes of user data and facilitate online payment transactions. During the process, they collect the user’s personal and sensitive financial information like cards. Thus, they are prone to identity and financial theft.

A single breach incident to a retail site can cause massive damage to that player, hitting its reputation, user base and trust, subjecting them to fines and lawsuits resulting in substantial financial losses.

According to Forrester, a single security breach can cause a customer loss of 10 percent to a retail player. It estimates the loss at USD 90-305 per user record.

5) Government

e-Governance is the slogan everywhere, globally. Given this drive, governments need to have a close watch on security threats, targeting the public’s data, social security, and more. Recently, Google had sent warnings to many users about their data safety from state-operated agencies in many nations.

Moreover, many governments are also worried about securing law enforcement agencies, e-portals, and more.

6) Education

IT department has been and going to be more crucial for the educational sector. Educational institutions need to comply with regulations like the Family Educational Rights and Privacy Act (FERPA) and the Payment Card Industry Data Security Standard (PCI DSS). Given the importance of dedicated security monitoring, its recommended to hire an MSSP in the US.

7) Law Firms 

Law firms are also highly vulnerable to cybersecurity risks, given the sensitive digital information that they hold for and about their clients. Of many such confidential client information, intellectual capital patented technologies and high-profile cases are among the hot targets for cybercriminals.

The stolen information may be used for blackmailing or gaining a competitive edge or other social gains. So, law firms need to safeguard their critical assets from cybercriminals, which would be easy with the help of an MSSP.

8) Investment and Asset Management Firms

While financial services are already a prime target for cybercriminals, information security has been a critical challenge for investment firms. The intruders of the digital revolution began targeting high-value digital information, especially the client, trading, and patents-related data. They eventually use this data for illicit practices like black marketing or placing illegitimate trading orders.

Cybercriminals may also use asset management companies to penetrate partner organizations. Given this reason, many investment firms are demanding financial market firms disclose proofs of security and privacy policies before investing.

In Conclusion

 An MSSP can help you in multiple ways: 

• Defining the scope of Payment Card Industry (PCI)
• Define and implement roadmaps for compliance and regulatory
• Undertake security and compliance audits
• Implement solutions to enhance organizational preparedness against potential threats
• Implement necessary security governance and related programs for organizational safety

There are many other ways that cybersecurity managed services provider can help organizations secure their assets and data from cyber risks.

Are you looking for support?  Contact StealthLabs today!

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