Managed Detection and Response (MDR) solutions improve a managed service business’s bottom line by reducing the risk associated with cyber attacks.
Cost of Risk vs Cost of MDR
It seems like every week that the team at CYDEF posts about the increasing frequency and severity of cyber attacks. That’s because these intrusions have become a daily occurrence, and something we have come to expect.
Since we know that risks associated with an attack are impossible to avoid, we recommend that managed service providers take a proactive stance.
A Proactive Stance with Real-Time Threat Monitoring
A proactive stance relies on real-time monitoring and detection. By noting changes on a business’s devices as the happen, we can detect attempted attacks almost immediately.
We’ve noticed that the slower a company is at detecting attempted attacks, the higher the risk of catastrophe is. An MDR solution is a proactive commitment to detecting and thwarting attacks. It is a commitment to data protection. It is a commitment to survival.
Over time, the data collected by the MDR solution paints a clear picture of your client’s vulnerabilities and exposures. With this knowledge in hand, you managed service business can demonstrate its ongoing value in your client’s operations. By using the data collected in the MDR solution, you can build a custom cybersecurity prevention and response solution, including MDR and cybersecurity awareness training.
Benefits for Your Client’s Organizations
A layered approach to cybersecurity is taken because cyber attackers are constantly attempting to circumvent protections. Layers may include a firewall, anti-malware, 2FA, and endpoint detection.
By adopting an MDR solution, your managed service business can reduce the time to detect and remediate incidents. By adopting the stance that your clients will be compromised, you are better equipped to halt the progression of the attack.
Other benefits include:
- 24/7 monitoring and reporting.
- Detect intrusion on endpoints, servers, cloud storage, and networks.
- Machine learning based detection for real-time monitoring and protection.
- Detect and respond to threats before they escalate and lock-down data.
- Expert guidance from the MDR provider, including advanced threat hunting knowledge.
- Advanced remediation resources from the MDR provider.
- Speed of recovery from a cyber attack; re-imaging is reduced from hours to minutes.
Bottom Line Isn’t Reflected in Upfront Cost
Price is one variable out many to consider when considering the value of an MDR solution.
Some MDR solutions may carry a lower price point at the outset. However, they also may come with human resources requirements, like expert personnel to set the MDR up and manage it. By establishing who will manage the solution, and under what terms, you can better chose the price point that works for your business. In many instances, outsourcing cybersecurity is the most realistic option. After all, who has the time and resources to monitor cybersecurity and run a business?
The cost of an MDR solution reflects a business’s tolerance to risk. The cost of doing business online includes the cost of preventing cyber attacks.
An IT risk assessment can establish the types of risks your company and clients are exposed to, determine the likelihood and potential cost of incidents, and assess the impacts of a cyber attack.
Once risk is understood, your business will be equipped to compare the accumulated cost of the risks with the upfront cost associated with the MDR. Helpful questions may include:
- Does the likelihood of an incident and the cost of remediation justify the investment in an MDR solution?
- What are the proposed outcomes if the risks associated with cyber attacks are ignored?
- Does your business have the capacity to monitor and remediate risk?
- Does your business have the budget to lose a customer, and undergo litigation based on data exposure?
Risk Reduction = Ongoing Profitability
Even though investing in an MDR solution represents a financial outlay, the access to a specialized security team will is worth its weight in gold when an attacker strikes. The threat of a data leak by far outweighs the cost of an MDR solution.
Identifying an MDR provider that creates tailored opportunities for your business is key to success. When selecting this partner, consider their strengths, limitations, and strategic plans for growth.
With these considerations in mind, selecting an MDR provider not only helps provide peace of mind to clients, but also contributes to your bottom line.
CYDEF: Your Partner for Managed Solutions
CYDEF’s patent-pending technology is ideal for managed service providers looking to grow their bottom line. By outsourcing your client’s endpoint security to cybersecurity experts, you can increase your product offering without additional staffing or training costs. Learn more about our partner program, or get in touch.