September 16, 2017

Why We Focus on Small and Medium-Sized Businesses

Why We Focus on Small and Medium-Sized Businesses

As Loki Labs began to transition into the commercial market, we noticed many organizations in the small- and mid-tier markets lacked the resources, personnel, and expertise to effectively combat cyber threats. There are approximately 30 million small- to medium-sized businesses (SMBs) in the US and they collectively employ over 57 million employees.[1] A large percentage of these organizations are funded by personal assets and savings so spending big on cybersecurity protection is not an option. Even established mid-market businesses can have a hard time making room in the budget for an extensive program.

Without the ability to fight back, SMBs have become easy, profitable targets and it’s no surprise that cybercriminals have started focusing on these smaller companies. Data from Symantec’s 2017 Internet Security Threat Report shows that organizations in the 251-500 size grouping had the highest rate of phishing attempts and SMBs were the most targeted in BEC scams. The National Cyber Security Alliance states that over 70% of security breaches target small businesses and a Datto survey reports 90% of managed service providers experienced recent ransomware attacks amongst small business clients, some with multiple attacks in a single day.

Not only are SMBs typically less prepared for a security breach, but they are also more likely to be forced out of business under the crippling expense of recovery. Estimates show an average cost to small businesses of $955,429 for disruption to operations and $879,582 for other damage or theft of assets. Cybersecurity insurance can help with some costs but it doesn’t always cover everything and companies still face the possibility of a tarnished reputation and the difficult task of regaining the trust of their clients. It’s for this reason that most attacks are not reported, which makes it even more difficult to fully assess the damage being caused.

Loki Labs recognizes the challenges SMBs face and have made it our mission to make advanced cybersecurity solutions accessible to smaller commercial entities that are too often either underserved or overcharged for mediocre services. We made our offerings both practical and scalable so we can either fill a small gap in a client’s established security program or we can help them build one from the ground up, providing a comprehensive solution to those that are just getting started.

Our SOC service is easy to deploy and capable of addressing all the critical components a Security Operations Center should provide such as automated vulnerability assessments, compliance and risk management, reporting, endpoint and network-based data collection, incorporation of threat intelligence, hunt services, and a pool of hours for security consulting and incident response. Additional services are included to make up our entire “Managed Security Services” and are offered as part of a customized solution tailored to address the unique requirements and specialized concerns of any organization.

 

– September 15, 2017