Strengthen Cyber Capabilities with Managed Detection and Response Services
Strengthen Cyber Capabilities with Managed Detection and Response Services
Cyber Security Landscape
Cybersecurity attacks are on the rise and it’s never been more imperative than now to have a mature Cybersecurity Risk Management Program. Security breaches can cause significant impacts including loss of revenue, damaged brand reputation and overall business interruption.According to The Annual Cost of a Data Breach Report from IBM, the average cost of a breach increased by 2.6% from USD 4.24 million in 2021 to USD 4.35 million in 2022. The average cost has climbed 12.7% from USD 3.86 million in 2020. The average lifecycle of a breach in 2021 was 286 days from identification to containment and, according to a Clark School study at the University of Maryland, there is a hack attempt every 39 seconds.
Even as organizations struggle to stay ahead of the evolving threat landscape, more and more companies are losing the battle. Additionally, as the COVID-19 pandemic has progressed, there has been an increase in attacks using fake e-mail accounts and websites, and a rise of ransomware attacks worldwide.
Cyber Strategy Business Challenge
New business strategies, such as merging IT and operational technology environments, are necessary for companies to maintain their competitive advantage but can also lead to increased security risks. Companies must leverage cybersecurity risk assessments to identify if their internal security teams have the bandwidth, tools, technologies, and skillsets required to effectively monitor, triage, and resolve security events 24 hours a day 7 days a week. Many legacy tools are not equipped to deal with modern infrastructure.Cybersecurity Attack Business Impacts
Security breaches can be devastating to a business’s reputation and can negatively impact customer retention and the ability to attract new customers.- Compromised PII/ePHI data
- Compromised financial data, future plans, etc.
- Direct monetary losses
- Regulatory obligations to report the data breach and fines for failure to do so
- Loss of trust if your address is used to send out malicious emails
Protection Requires a Broad Approach
Protecting your organization’s information and digital assets requires a broad approach with clearly defined strategies and solutions for disciplines such as:- Managed Detection & Response – real-time monitoring for security threats and incidents with the ability to quickly respond and contain
- Identity and Access Management – processes and platforms to manage and secure identities
- Regulatory Compliance – alignment to security frameworks or compliance with regulations
- Incident Response – ability to address an ongoing security incident such as ransomware
- Information & Data Protection – protect your sensitive data wherever it lives and travels
- Cloud Security – safeguard your multi-cloud services
- Assurance – ongoing validation confirming security controls and processes are functioning as expected
How BDO Digital’s Managed Detection and Response Services Can Help
Developing and managing a comprehensive security risk management program includes strategies & solutions such as zero trust architecture, access management, third party risk management, threat detection and monitoring detection & response. These solutions provide the capability to quickly respond to security incidents, minimize impact and begin post security event remediation efforts.It is often a challenge for clients to achieve an optimum level of cyber readiness using internal resources only. BDO Digital’s comprehensive set of cyber services and solutions such as Managed Detection and Response (MDR) and Managed Extended Detection and Response (MXDR), provides clients with a coordinated operational and technical approach to safeguard the confidentiality, integrity, availability and security of their data and systems.
Further, a cyber-attack simulation and purple teaming services can deliver continuous visibility of known cyberattack methods including malware and ransomware strains to test an organization’s resilience in being able defend against cyberattacks. With the threat landscape constantly changing, validation alongside MDR is essential to ensure that there are no gaps.
Interested in having a more in-depth conversation about your cybersecurity strategy?
Request a free consultation with one of our team members today!
In 2021, analysts are forecasting a shortage of personnel with cybersecurity skills. While organizations may have dedicated IT team members, they are typically not specialized and are also splitting their time supporting other parts of the business. Having 24/7 coverage is a necessity. By optimizing the use of risk management strategies and technologies, experienced 24/7 security teams can seek out malicious activity and anomalous behavior to detect, identify, classify, act upon, and constantly enhance the defensive capabilities that keep customers secure.
Why BDO Digital?
BDO Digital’s professionals are well versed and experienced in evaluating, investigating, and acting on security threats against your business. The security and operations center (SOC) team is highly trained, certified, and knowledgeable in security strategy, support, and operations.BDO Digital leverages best practice and industry standards to drive improvement and results. We bring a strong culture and integrity to the table to help our customers succeed.
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