Maximizing Your Budget: Cybersecurity Solutions for Under-resourced IT Teams

The shift to a remote-based workforce since the pandemic has significantly impacted cybersecurity risks for organizations. This has been particularly true for small and midsized businesses (SMBs) across the United States, whose IT teams perform multiple roles. Not only are they tasked with ensuring networks and systems perform without problems, but they are also responsible for ensuring these tools are safe from cyber threats, which are increasing yearly.

Case in point: Data from the ConnectWise 2023 MSP Threat Report shows that in 2022, there were over 25,000 vulnerabilities disclosed that were assigned a common vulnerabilities and exposure (CVE) number and included in the National Vulnerability Database (NVD).

Even with the growing threat landscape, the average SMB IT team has yet to grow in size or budget. For minimally staffed and under-resourced SMB IT teams, it’s extremely difficult to ensure their enterprise’s cybersecurity is addressed satisfactorily on a 24/7 basis. Let’s delve into the four most pressing cybersecurity issues an SMB IT team faces.

1. Growth and complexity of tech stacks

The shift to cloud-based storage, virtual teams collaboration, and the number of enterprise apps being used within the company have added complexity to managing cybersecurity in the past few years. Every one of these IT tools requires safe deployment across the enterprise and continual optimization for security updates via a robust patch-management process. It takes more time and adds more risk of alert fatigue.

2. Compliance requirements

Every IT team, whether at an SMB or a larger enterprise, is responsible for ensuring that all devices, applications, and network infrastructure deployed comply with cybersecurity regulatory standards. Maintaining certifications for every piece of the company’s tech stack and keeping up with changes in regulatory standards adds more complexity and stress to an IT team.

3. Outdated IT systems

Budgets are an issue for SMBs across the board. When it comes to the IT department, this usually manifests itself with antiquated IT systems that would already have been replaced at a larger enterprise. The security vulnerabilities of these antiquated systems frequently remain unpatchable because the providers no longer support them.

4. Cybersecurity staffing shortages

According to Cybersecurity Ventures, unfilled cybersecurity jobs grew by 350% to 3.5 million in 2021. They also predict the same number of openings to exist in 2025. This poses a challenge for SMBs vying to attract people from the same small talent pool in an increasingly competitive landscape.

Cybersecurity strategies for SMB IT teams

These are daunting challenges for minimally staffed and under-resourced SMB IT teams, but some strategies are cost-effective with a high return on investment (ROI).

1. Build or enlist a SOC

A security operations center (SOC) is a centralized function incorporating the people, processes, and technology required to monitor and address cybersecurity issues affecting a company’s IT infrastructure. A SOC can provide many benefits for an organization, including:

• Improved cybersecurity posture
• Early detection and prioritization of threats
• Regulatory compliance

A SOC provides expertise to stay compliant with all necessary regulations. Their regulatory teams also remain on the lookout for any regulatory violations and provide appropriate guidance to achieve the required level of compliance.

However, a SOC also comes with its own set of challenges. Installing and refreshing a constantly changing cybersecurity tech stack, analyzing the data for vulnerabilities, and determining the appropriate remediation all require considerable resources.

Additionally, staffing your own SOC can be prohibitively expensive, and an advanced SOC can cost up to $4 million annually. However, SMB IT leaders don’t have to build their own SOC—they can turn to an MSP for a more resource-friendly solution. Using an outside SOC, also known as SOC as a Service, gives you incredibly similar benefits to building your own, including 24/7 monitoring. Still, it doesn’t require the cost of the upkeep of an internal team. It’s a proven, cost-effective option for SMBs.

Learn more about Yeo & Yeo’s SOC services here.

2. Problem-solve and stay informed with a virtual community

Whether you build your own or partner with a SOC, staying informed with sufficient cybersecurity knowledge is still important to get the best result from your SOC relationship. Your IT department can only understand the true cybersecurity risks and their severity if you are armed with this information. Participating in a community of cybersecurity professionals and IT professionals is the most efficient way to access such a pool of knowledge.

Many virtual communities are free to join, and there’s a high probability that members have experienced issues similar to what you are seeing at your company. Considering this, joining a virtual cybersecurity community is a no-brainer.

Conclusion

SMBs must recognize the critical importance of cybersecurity and proactively address their unique challenges. By adopting cost-effective strategies like leveraging SOC services and engaging with virtual communities, SMB IT teams can bolster their cybersecurity defenses and protect their organizations from the ever-evolving threat landscape. Contact Yeo & Yeo Technology to learn more and take the first step toward safeguarding your business.

Information used in this article was provided by our partners at ConnectWise.