Product Summary
Secure IT
Fully managed security solution designed to guard your network and entire IT infrastructure – including cloud resources and remote devices – from threats and attacks.
ARTICLE
Cyber Security 101: How Mid-Market and Enterprise Businesses Can Stay Protected
Florin Soltan
Florin is a Cyber Security Product Manager at Acronym. He helps organizations protect against digital threats by developing and implementing robust security strategies to safeguard sensitive data and infrastructure.
Table of Contents
Imagine waking up to find your business at a complete standstill—customer orders delayed, sensitive data stolen, and trust in your brand shattered—all because of a cyber-attack that exploited a preventable vulnerability. This is a reality that growing mid-market and enterprise organizations increasingly face. The common misconception that only large corporations are targeted by cybercriminals gives a false sense of security and can lead to devastating consequences.
- In this article, we’ll explore why cyber security is no longer a “nice to have” for mid-market and enterprise businesses—it’s a necessity. You’ll discover how implementing advanced cyber security measures can benefit your organization and what you can do to get started, including:
- Why mid-market and enterprise businesses are vulnerable to cyber threats
- Potential consequences of cyber-attacks
- Strategic benefits of cyber security for growing businesses
- Essential cyber security measures to implement
- How to create an effective cyber security plan
Whether your business is scaling rapidly or already a market leader, understanding and prioritizing cyber security is critical to safeguarding your future and ensuring your operations run smoothly. Let’s dive in.
Why Mid-Market and Growing Businesses Are Vulnerable
While large organizations might have established security measures, mid-market businesses operate in a unique risk zone: large enough to attract sophisticated attacks but often lacking the resources of enterprise-grade IT security. This is particularly true for industries like healthcare, retail, and finance, where compliance requirements and data sensitivity add another layer of complexity.
Here are a few reasons:
- Expanding Attack Surface: As mid-market and enterprise businesses grow, so does the complexity of their IT environments. This growth introduces a variety of new vulnerabilities, creating an “attack surface” that cybercriminals can exploit, such as from the increased use of cloud services, third-party integrations, hybrid work, IoT devices, and shadow IT.
- Insufficient Resources: Unlike large corporations, mid-market businesses often operate with limited IT budgets, with many frequently prioritizing operational growth over cyber security investments. This leaves them more vulnerable to cyber-attacks. According to Statista, businesses worldwide currently allocate an average of 12% of their IT budgets to cyber security. So if your IT budget is $5,000 per month, roughly $600 of that should be allocated to cyber security and cyber professionals.
- Valuable Data: Regardless of the size of your business, it’s likely that you’re holding some type of information that’s sensitive, private, or proprietary—such as customer information, financial records, or intellectual property. These records are a gold mine for cybercriminals who exploit the data for financial gain or use it to launch further attacks.
- Interconnected Supply Chains: Mid-market and enterprise businesses often function within interconnected supply chains, sharing systems and data with vendors and partners. A cyber-attack targeting one link in the chain can compromise others, making these businesses appealing entry points for attackers. Limited control over third-party security and complex dependencies increase vulnerability, requiring robust oversight and vendor risk management strategies.
A 2024 survey from the Canadian Internet Registration Authority (CIRA) revealed that 44% of Canadian organizations experienced a cyber-attack in the past year, with 28% reporting successful ransomware attacks—up from 17% in 2021. Understanding these vulnerabilities is the first step in mitigating risks and reinforcing your defences.
Now that it’s clear why an attacker may target mid-market and enterprise businesses, let’s dive into how an attack could impact your operations.
Potential Consequences of Cyber-Attacks
Cyber-attacks can disrupt business operations in various aspects and incur catastrophic costs. For instance, a ransomware attack might demand hundreds of thousands of dollars in payments, not to mention additional costs of downtime, which can average $5,000 per minute for many businesses. Here are the most common challenges businesses face following a cyber security incident:
- Financial Impact: Costs related to recovering data, repairing systems, and reactively enhancing security measures after an attack can cripple organizations. According to IBM’s 2024 Cost of a Data Breach Report, the global average cost of a breach increased over 10% over the previous year, reaching $4.88 million USD—the biggest jump since the pandemic. While these statistics include organizations of all sizes, for many growing businesses, those costs can be detrimental.
- Legal and Regulatory Repercussions: Mid-market and enterprise businesses are not exempt from legal and regulatory responsibilities regarding data protection. In the event of a data breach, they may face fines and lawsuits—especially if they fail to comply with regulations such as the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada or the General Data Protection Regulation (GDPR) in the EU. The time and money spent on legal matters can add up quickly, further straining the business’s finances.
- Reputational Damage: Today, customers expect their personal and financial information to be protected, and a data breach can significantly erode trust. According to a study by Vercara Research, 75% of consumers would sever ties with a brand following a cyber security incident. Rebuilding a tarnished reputation can take years and significant investment in marketing and PR.
- Business Disruptions: When a cyber-attack occurs, mid-market businesses can experience extended periods of server downtime, leading to lost productivity and the inability to access critical data and systems. While the cost of downtime varies greatly depending on the size and nature of your business, a 2022 survey put the cost of IT downtime at $5,000 per minute. While you don’t necessarily need to take these figures at face value, ask yourself: if my business were to shut down for just one day, how much would it really cost us?
Strategic Benefits of Proactive Cyber Security
Implementing proactive cyber security empowers businesses to scale confidently by safeguarding assets, minimizing costly disruptions, and fostering customer trust. Research shows that businesses investing in proactive measures save 20-30% on breach-related costs compared to those reacting after an incident. Here’s what you have to gain from cyber security:
- Protect Your Assets: Cyber security protects against a wide range of threats, including malware, ransomware, phishing attacks, and data breaches, preventing sensitive or private information like business and customer data from being damaged or released.
- Maintain Customer Trust: Prioritizing cyber security demonstrates a commitment to protecting your customers’ personal information, which will foster trust and loyalty and ultimately give your business a competitive edge—especially if you operate in information-sensitive industries like finance, healthcare, or government.
- Stay Compliant: Cyber security ensures compliance with general data protection regulations such as GDPR or PIPEDA, but also with industry-specific regulations like HIPAA, mitigating your risk of financial penalties and legal challenges.
- Reduce Downtime: Comprehensive cyber security strategies, including regular data backups and disaster recovery plans, will help you maintain business continuity and minimize downtime in the event that a cyber security incident occurs.
- Save Money: In the long run, investing in cyber security will save you money by preventing costly breaches and ensuring smooth, efficient business operations. Similar to an insurance policy, cyber security is like an upfront investment for a long-term gain.
- Lower Risk: Cyber security training and awareness programs can help educate employees on potential threats and best practices, reducing the likelihood of breaches that are caused by an employee error.
To realize these benefits, it’s important not to wait for a cyber incident to occur. Instead, take proactive steps today to protect your business and reap the long-term rewards.
Essential Cyber Security Measures for Scalable Protection
While cyber security can get sophisticated, your business doesn’t need to take an all-or-nothing approach. There are many basic, low-cost to no-cost practices you can implement—and often, it’s the foundational measures that are most effective at protection. Here are some essential practices to consider implementing:
1. Login and Password Policies
First, ensure that all employees use strong, unique passwords for their accounts by enforcing a password policy. A good rule of thumb is to require passwords to be at least 12 characters long, combining upper and lower case letters, numbers, and special characters, and to enforce regular password changes every 60-90 days.
Next, it’s critical to implement multi-factor authentication (MFA) wherever possible to add an extra layer of security. MFA requires users to verify their identity using two or more independent factors before gaining access to an account or system. For example, your first layer of authentication may be a password, and your second might require you to enter a verification code sent to your mobile device. A study by Microsoft revealed that MFA can reduce the risk of an account being compromised by up to 99%.
2. Regular Software Updates
Keep all software, including your devices’ operating systems and applications, up to date. When vulnerabilities are discovered by the manufacturers of these products, they often roll out security remedies called patches through system updates. These patches prevent cybercriminals from being able to take advantage of the vulnerability.
The key here is installing updates as they come in. According to a ServiceNow study conducted by the Ponemon Institute, a surprising 57% of cyber-attack victims report that their breach could have been prevented by installing an available patch. Having your IT team or Managed Service Provider (MSP) automate patching will greatly reduce this risk.
3. Training Programs
Up to 80% of cyber security incidents can be attributed to human error. These small but potentially damaging actions can range from accidentally clicking on a link in a phishing email to intentionally taking shortcuts that overlook cyber security policies. To avoid these errors, businesses need to build a cyber-aware culture at work.
Consider conducting regular cyber security training for all employees, covering security best practices, how to recognize phishing attempts, and how to respond to suspicious activity. You can also keep cyber security top of mind through ongoing awareness campaigns, using posters, regular emails, and workshops to reinforce the importance of security measures and encourage vigilance across the organization.
4. Advanced Security Measures
You may need to lean on an IT professional or MSP to effectively deploy more advanced security measures, including firewalls, email security, data encryption along with 3-2-1 backups, Endpoint Detection and Response (EDR), and Intrusion Detection Systems (IDS).
- Firewalls act as a barrier between your trusted internal network and untrusted external networks. Installing and maintaining one will protect you from unauthorized access.
- Encryption can protect your sensitive data by making it unreadable to unauthorized users, safeguarding it from theft or tampering.
- An IDS can monitor your network traffic for suspicious activity and potential security breaches, alerting you to possible intrusions so you can respond promptly.
- Email security tools can detect and block phishing attempts and malware, preventing them from reaching users’ inboxes.
- Endpoint Detection and Response (EDR) ensures enhanced threat detection and continuously monitors endpoints to detect and respond to cyber threats like ransomware and malware in real-time.
- Risk assessments can help to identify vulnerabilities in your systems and processes, allowing you to prioritize security measures and allocate resources effectively.
- Data backups ensure that recovery procedures are in place, allowing you to quickly restore operations in the event of a cyber incident.
- Incident Response Plans (IRPs) outline the steps to take in the event of a cyber incident, including communication protocols and recovery procedures.
- Compliance audits ensure that your cyber security measures comply with relevant laws and regulations, helping you proactively protect your data and avoid legal repercussions for failing to do so.
Each of these advanced cyber security measures works together to develop a robust, interconnected security strategy that protects your business from every angle.
5. Managed Security Services
It may not be feasible for your mid-market or growing businesses to hire an IT security specialist within. In this case, consider partnering with an MSP that offers a bundled Managed IT Security Service to handle your cyber security needs.
Outsourcing to an MSP will not only give you access to the expertise and resources you need to carry out a comprehensive security strategy, but they’ll also provide continuous threat monitoring and remediation, ensuring you stay protected at all times. Plus, when it comes to costs, an MSP could actually save you money versus hiring in-house expertise.
6. Rapid Response Planning
When a cyber incident occurs, every second counts. A well-structured incident response plan allows organizations to react quickly and efficiently, minimizing the damage and reducing downtime. Key components of an incident response plan include an outline of your dedicated response team, clear protocols for each stage of incident handling (from identification to recovery), and ongoing drill plans to prepare the team for actual events.
7. Continuous Improvement
Cyber security requires ongoing enhancement to keep up with evolving threats. Continuously updating and testing the incident response plan helps your organization to learn from past incidents and improve your defences over time. This may include regular security assessments, incorporating feedback from incident reviews, and staying informed about new cyber security trends and technologies to integrate best practices into your operations.
8. Cost-Effective Cyber Security Solutions
If you’re just getting started with cyber security and are looking for cost-effective solutions that won’t break the bank, consider these affordable solutions:
- Free Antivirus Programs: There are many reputable and free antivirus programs suitable for growing businesses that can protect your systems from malware and other threats.
- Cost-Effective VPNs: Invest in an affordable Virtual Private Network (VPN) to secure your internet connections, especially for remote workers. VPNs encrypt online activities, protecting sensitive data from interception.
- Grants: Explore government grants and funding opportunities designed to help growing businesses enhance their cyber security. In Canada, programs like the Canada Digital Adoption Program (CDAP) and the Cyber Security Cooperation Program (CSCP) provide resources and funding to initiatives that enhance cyber security. In the United States, initiatives like the Cyber Security Infrastructure Security Agency (CISA) Grants do the same.
- Free Training Programs: Take advantage of free training programs and resources offered by government agencies and industry organizations. These programs can help educate employees on cyber security best practices and keep them informed about the latest threats. For example, the Canadian Centre for Cyber Security Learning Hub and the United States’ Federal Virtual Training Environment (FedVTE) offer various free courses and training materials for improving cyber security knowledge.
- Cyber Insurance: Consider purchasing cyber insurance to provide a safety net in case of a cyber-attack. Cyber insurance can help cover the costs associated with data breaches, including legal fees, notification expenses, and recovery efforts, providing financial protection and peace of mind. It’s important to note that insurance providers often have minimum cyber security requirements to make your business insurable.
By leveraging affordable tools and services, using government and industry resources, and considering cyber insurance, your business can significantly enhance its cyber security posture without incurring excessive costs.
Creating a Cyber Incident Response Plan
When a cyber incident occurs, the ability to respond swiftly and decisively can mean the difference between a minor disruption and a catastrophic business event. A well-structured incident response plan is crucial for this reason. Here’s what an effective plan typically involves:
- Preparation: Before any incident occurs, organizations should prepare by establishing a dedicated incident response team. This team should have clear roles and responsibilities and be equipped with the necessary tools and authority to respond to cyber threats.
- Identification: Rapid detection of security breaches is critical. The response plan should include monitoring tools to detect and alert the team to potential threats as quickly as possible.
- Containment: Once a threat is identified, the plan should outline steps to isolate affected systems to prevent the spread of the breach. Short-term (immediate) and long-term (to prevent recurrence) containment strategies are both essential.
- Eradication: After containment, the response team should remove the threat from all affected systems. This step often involves updating security measures and patching vulnerabilities.
- Recovery: Systems and operations are returned to normal operations while monitoring for any signs of weaknesses that could be exploited again. This phase should also include communication strategies to inform stakeholders and possibly customers about the breach and how it was handled.
- Post-Incident Review: After the incident has been managed, a thorough review is conducted to determine the cause of the breach, document lessons learned, and improve the incident response plan.
At Acronym, our Cyber Incident Response Team starts by establishing a communication schedule, cadence, prioritized requirements and recommended actions. For identification and containment, we apply remedial actions from a defined and proven playbook and secure vital artifacts to prevent further damage to your business. To ensure eradication and full recovery, we safely restore critical systems back into production by patching, hardening and applying real-time EDR/XDR response services. Lastly, we review forensics evidence to strengthen your security posture and use it for post-incident analysis and service enablement.
Partnering with a Managed Services Provider
If creating a cyber security strategy feels overwhelming, look to an expert partner who can develop an understanding of your business and provide tailored security solutions. Partnering with an MSP like Acronym provides more than just protection—it ensures a competitive edge and offers several advantages to your business and its cyber security strategy:
- Fully managed services that empower your team to focus on what they do best while our highly trained experts monitor your network for you.
- 24/7/365 security that protects your organization from advanced threats monitoring your operations around the clock and taking steps to address potential threats.
- Cost savings from working with a team of security experts at a fraction of the cost of building your own security team in-house.
- Flexibility to choose the level of service you need—from offloading all of your cyber security operations to simply acting as an extension of your in-house team.
By developing a comprehensive cyber security plan, conducting regular assessments, involving employees, and leveraging the expertise of ICT solutions providers like Acronym, your business can build a robust defence against cyber threats and ensure long-term security and resilience.
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Product Summary
Secure IT Cyber Incident Response
Rapid response to active threats from our global team of remote incident responders and threat analysts.
About Acronym
Acronym Solutions Inc. is a full-service information and communications technology (ICT) company that provides a range of scalable and secure Network, Voice & Collaboration, Security, Cloud and Managed IT Solutions. We support Canadian businesses, large enterprises, service providers, healthcare providers, public-sector organizations and utilities. We leverage our extensive network expertise to design and build customized, fully scalable solutions to help our customers grow their businesses and realize their full potential. With more than 20 years’ experience managing the communications system that enables Ontario’s electrical grid, Acronym is uniquely positioned to understand the mission-critical needs of any business to deliver the innovative and reliable services that respond to the changing demands of businesses, and support rapid growth and digital transformation initiatives.