What is cybersecurity as a service, and is it right for your business?

What is cybersecurity as a service, and is it right for your business?

If you're a business that uses the internet in any way, you need to think about cybersecurity. From phishing to ransomware and every other type of cyberattack under the sun, cybercrime is constantly looking for new ways to steal from their targets.

Consider that cybercriminals are three times more likely to target small businesses than larger corporations, according to Forbes, and you can see small businesses need a solution.

Until recently, an effective cybersecurity service that could protect your business was simply unaffordable for small operations. That's changed with the introduction of cybersecurity as a service (CaaS), which can bring comprehensive cybersecurity solutions to small businesses that can't afford their own dedicated team.

What is cybersecurity as a service (CaaS)?

CaaS essentially outsources your cybersecurity needs, so you don't need to worry about hiring and training your own squad. The typical pricing model is to purchase a subscription, with the cybersecurity business closely monitoring many clients at once.

CaaS businesses can offer everything from relatively simple protection to fully-fledged cybersecurity plans that cover practically every type of threat. Because their services are often customisable, you typically don't have to pay for more than you need — and if you're not sure what that is, they're likely able to recommend a protection plan that fits your budget.

Is cybersecurity as a service right for your business?

Unless you're a massive enterprise with the resources to put together your own around-the-clock cybersecurity squad, there's a good chance CaaS is something your business can't live without. If your protection is inadequate, you might as well put a target on your back for an expensive cyber-incident — which amounts to an average of about $1,200 for every employee you have, according to a report by Perception Point and Osterman Research.

Research your cybersecurity provider ahead of time to ensure they have a solid reputation. Your CaaS business should have 24/7 protection with someone you can reach at any time of day or night, since cybercrime doesn't sleep. It's also a good idea to know ahead of time how quickly your provider can respond in the event of an incident; if you're waiting a long time for a response while cybercriminals are actively breaching your business network, then there's no telling how much damage they can do before help arrives.

Small businesses need an affordable answer to cybercrime. CaaS might just be it.

For a wide range of tips for both consumers and businesses alike, explore our blog at WMC Accounting.

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