Keeping advanced cyber threats at bay is something that many organisations aren't equipped to do.
Yet many organisations remain reliant on these ineffective solutions because they lack the internal expertise or resources to orchestrate an effective incident response strategy. This is problematic as research shows that organisations without incident response capabilities spend $2.46 million more on data breaches than those without incident response capabilities.
The good news is that MDR provides organisations with external support they can use to build a cost-effective incident response strategy and advice on how to mitigate risks throughout their environment.
Why Preventing Security Incidents Should be Part of Your Cyber Risk Management Strategy
After the rapid disruption caused by the Covid-19 pandemic, many organisations are beginning to prioritise cyber risk management for the foreseeable future, identifying and mitigating threats to their operations and revenue.
In fact, 87% of organisations say that their ability to manage cyber security risk will be an extremely or very high priority over the next two years. For these organisations, proactively mitigating cyber risks is essential for reducing service disruptions, regulatory liabilities, and reputational damage.
MDR has a key role to play as part of these risk mitigation strategies because it provides organisations with access to expert security support from qualified security professionals, who can advise internal security teams on how to optimise their operations on a cost-effective basis.
Below, we’re going to look at three ways that MDR can help organisations enhance their cyber risk management strategy:
- Incident response
- Regulatory compliance
- Continuous improvement
Faster Incident Response
When it comes to cyber attacks, time is money. The more downtime there is, the higher the cost of a data breach. MDR helps reduce the cost of data breaches by providing organisations with on-demand support from a remote SOC, with experienced security professionals who can guide them on how to contain security incidents ASAP.
Generally, the MDR team will use a SOAR platform to gather alerts throughout the environment, identify legitimate security incidents, and either notify the organisation about the issue so they can fix it or independently fix it themselves (depending on whether their SLA permits them to respond).
This approach eases the load on the internal security team because it means that internal security teams don't need to waste hours sifting through false positive alerts and only need to respond to legitimate incidents.
MDR and Regulatory Compliance
As regulators produce more complex data privacy regulations, organisations are under pressure to implement elaborate controls to ensure their internal security strategy meets their regulatory needs and complies with regulations such as PCI, HIPAA, GDPR, NIST, and SOC2.
Of course, many organisations struggle to meet these requirements because they lack the staff to implement optimal cyber security and prevent unauthorised access from advanced threat actors.
MDR enables organisations to maintain their compliance posture by providing them with complete visibility over the security of their environment through proactive reporting and auditing and remote support from 24/7/365 security professionals who can help prevent intruders from accessing sensitive data and help fill in general compliance gaps.
An optimised incident response process means that intruders have less time to identify and exfiltrate critical data assets, which means the organisation exposes fewer records to malicious actors.
Continuous Improvement
A static cyber security strategy will always be obsolete in a matter of years. As a result, the only way to maintain your security posture long-term is to improve and upgrade your defences continuously. MDR enables you to continuously improve through the use of threat intelligence, which informs you about the latest threats.
Your MDR provider's team will use the latest threat intelligence to see the latest types of exploits and attacks cyber criminals are using, so they can easily identify them when hunting for threats throughout your network.
Top MDR providers will also provide organisations with a security score to let them know how effective their security strategy is functioning and provide tips on improving their security posture incrementally over time.
MDR: The Cost-effective Way to Mitigate All Cyber Risks
MDR provides organisations with a consistent and affordable solution for addressing evolving cyber risks that can reduce the chance of devastating data breaches. By working with a trusted provider, you can mitigate most risks in your environment and prepare to meet even the most stringent regulatory requirements.
Want to find out more about how MDR can enhance your business? Contact our team today.
