2024/10/15
Managed Detection and Response: A solution to SMB cybersecurity challenges
For small and midsize businesses, the cost and complexity of cybersecurity are major challenges. Managed Detection and Response provides a practical solution.
In this article
Every year, the Allianz Risk Barometer surveys over 3,000 global risk experts to identify the top concerns for businesses. For the third consecutive year, ‘cyber incidents’ have topped the list.
It's not hard to see why: Ernst and Young reports a 75% increase in cyberattacks over the past five years, while the average cost of a data breach hit $4.88 million in 2024.
With stakes this high, maintaining strong cybersecurity is crucial, but for smaller businesses with fewer resources, it can be tough.
In this article, we'll explore the cybersecurity challenges small and midsize businesses (SMBs) face. We'll also look at how TeamViewer’s Managed Detection and Response (MDR) solution offers SMBs a powerful and affordable way to detect and remediate cyberthreats.
Security challenges faced by SMBs
The high cost of cybersecurity
The days of relying on basic out-of-the-box antivirus software are long gone.
Today’s cyberthreats are not only more common but also much more advanced. To fully protect their IT systems, businesses now need a variety of specialized software solutions. This software is expensive, and so are the professionals needed to run it—in 2024, the average salary for a mid-level cybersecurity professional is about USD $130,000 per year.
The cost of buying software and hiring necessary experts quickly adds up—often going beyond what many SMBs can afford.
The security skills gap
Hiring cybersecurity staff is a challenge for SMBs, not only because it's costly, but also due to a major talent shortage.
Recent reports indicate that the global cybersecurity workforce gap exceeds four million people, and demand is growing twice as fast as the available supply. Larger companies with bigger budgets often scoop up the available experts by offering higher salaries, leaving smaller companies struggling to compete for the talent they need.
Without skilled experts, predicting and preventing cyber incidents becomes much harder, increasing the risk of a breach. What’s worse, businesses without a strong cybersecurity team face higher costs when an attack does happen. According to the 2024 IBM Cost of a Data Breach Report, companies lacking cybersecurity talent have an average breach cost of USD $5.74 million—about 20% higher than the global average.
With fewer resources and smaller budgets, SMBs struggle to find qualified cybersecurity staff. In turn, this leaves them more vulnerable to breaches, which can end up being even more expensive than the average.
SMBs are targeted by cybercriminals
Cybercriminals are well aware that many small businesses lack the budget for advanced cybersecurity tools or the expertise to manage them effectively. This makes SMBs particularly attractive targets. According to recent research by Kaspersky, attackers are increasingly focusing their efforts on smaller companies.
As large corporations continue to strengthen their defenses, SMBs have become the "vulnerable prey" in the cybersecurity world.
While any business can face serious disruption from a cyberattack, SMBs are especially at risk. Without the proper resources, even a single breach can threaten their survival.
A powerful solution
What is managed detection and response?
For SMBs, the most cost-effective way to ensure high-quality cybersecurity is by partnering with a managed detection and response (MDR) service.
MDR services provide SMBs with access to expert security teams and advanced cybersecurity software that act as an extension of their in-house IT staff.
This allows small businesses to benefit from top-tier protection, without the expense of hiring a full-time security team or investing in costly technology. Essentially, MDR is a smart, affordable way for SMBs to level up their cybersecurity defenses.
What are the benefits of MDR?
Implementing robust MDR, such as TeamViewer’s solution powered by ThreatDown, offers SMBs the following:
- Enhanced security: MDR strengthens security using 24x7x365 monitoring and proactive threat hunting conducted by a dedicated team of experienced cybersecurity experts. Threat analysts utilize advanced playbooks, EDR (endpoint detection and response), and automated threat intelligence to deliver faster, more effective threat detection and remediation.
- Improved compliance: MDR helps meet compliance requirements and regulatory standards such as GDPR, HIPAA, PCI DSS, and SOX.
- Reduced security costs: MDR is often more cost-effective than building and maintaining an internal security team.
- Peace of mind: With MDR, SMBs can focus on their operations, knowing that a team of security experts is always on watch.
Summary
SMBs are facing significant cybersecurity challenges. High costs and a shortage of skilled professionals are leaving many businesses without adequate protection and vulnerable to attacks.
TeamViewer’s Managed Detection and Response (MDR) service is a cost-effective solution that provides businesses with expert protection they might not be able to afford otherwise.
MDR is the smart choice for SMBs looking to improve their cybersecurity defenses, allowing them to focus on core business activities knowing that a team of experts has their back.
Interested in expert cybersecurity at a fraction of the cost?
Reach out to our team and we’ll provide you with all the information you need to get started.