MDR
In cyberspace , small businesses are at a significant disadvantage . They often lack the necessary resources — time , money , personnel , expertise , and technology — to continuously shield themselves from the increasing risk of cyberattacks .
Implementing best cybersecurity hygiene practices can help , but security posture protocols that once seemed cutting edge can quickly phase out or be rendered less effective by threat actors ’ evolving attack methods .
If we are going to keep policyholders abreast of the newest advances in cybersecurity , we need to identify the next controls that will give them an edge over attackers . More specifically : Which security control has the greatest potential to become a staple in every business ’ s cybersecurity strategy and even a potential requirement to obtain cyber insurance in the not-so-distant future ?
The answer ? Managed detection and response ( MDR ) is quickly becoming the newest important cybersecurity control for cyber insurance policyholders to implement and on track to outpace others at the top of the list .
MFA IS A STRONG SECURITY CONTROL — BUT IT ’ S NOT A PANACEA
MFA , or multi-factor authentication , has long been the most recognized and required security control by cyber insurers . While it dates back to the ’ 90s , it did not truly gain traction until the mid-2000s . As smartphones grew in popularity , especially among businesses , so did MFA . The technology became more feasible once users had their own devices capable of verifying login attempts and receiving authentication codes as a second factor to complement passwords .
With more digital accounts and access , businesses needed a way to secure it all , and now , MFA is applied to nearly everything . This essential tool helped both large and small businesses seamlessly add an extra layer of protection to their networks .
Cyber insurance providers embraced MFA because it ’ s easy to implement and creates enough friction to deter attackers and prompt them to move to their next target . Many cyber insurers began incentivizing or even requiring MFA after the increase in cybercrime during the pandemic . These days , you ’ d be hard-pressed to find a cyber insurance policy that doesn ’ t mention MFA .
However , as new technologies and attack vectors emerge , threat actors evolve their tactics , techniques , and procedures to circumvent many forms of MFA . Consequently , businesses need additional ways to enhance their security posture .
MDR IS A STRONG CONTENDER FOR THE NEXT IN-VOGUE SECURITY CONTROL
MDR combines technology with human expertise , leveraging the alerting and detection capabilities of endpoint detection and response ( EDR ) with human threat hunters who can respond to alerts in real time . EDR tools are valuable for detecting suspicious activities , but they ’ re an imperfect solution if there ’ s no human expertise in place to take the immediate and necessary actions .
Using artificial intelligence and machine learning to spot anomalous and known malicious activity , MDR can help businesses catch threat actors midattack . When the security control detects suspicious activity , third-party human experts can intervene in numerous ways , including cutting the connection of a remote session , isolating impacted machines , or revoking privileges for compromised attacks .
Companies with MDR in place have a 50 % faster mean time to respond , dramatically decreasing the impact of a cyber incident . In some of the recent large-scale cyber events , like MOVEit or Citrix Bleed , many of the businesses that were hit would ’ ve been able to catch and contain the attack if they had dedicated people or MDR in place .
As a result , cyber insurance providers are increasingly requiring or encouraging and incentivizing businesses to implement MDR , sometimes by providing premium credits on their cyber insurance policies , just as they did with MFA . At Coalition , for example , businesses that use MDR are eligible for a premium credit up to 12.5 % on our cyber insurance policies .
MDR HELPS POLICYHOLDERS COMPETE WITH THE TAXING CYBER THREAT LANDSCAPE
MDR is more than just another tool . It can help businesses keep pace with new vulnerabilities without burdening existing teams . Most small businesses don ’ t have the resources to run a security operations center because of time , effort , and technology costs . MDR offers a more cost-effective way for businesses to add expertise and improve their security posture without adding headcount .
Common vulnerabilities and exposures ( CVEs ) have steadily increased every year for nearly a decade , with more than 26,000 disclosed in 2023 and a 25 % increase expected in 2024 . Moreover , CVEs are among the most popular threat vectors for ransomware attacks , reaching a record-high of $ 365,000 per claim last year .
With new vulnerabilities emerging at a rapid rate , businesses can often feel they ’ re buried beneath an avalanche of alerts . The overwhelming volume and repetitive nature of these alerts can trigger alert fatigue , causing security professionals to lose the ability to distinguish between alerts that represent serious and concerning issues and everything else that ’ s just noise . MDR can alleviate this by bringing together alerts from other tools and data sources , providing a more complete picture than any one tool alone .
MDR IS THE NEXT MFA — AND IT WILL BE AN ESSENTIAL CYBERSECURITY TOOL FOR BUSINESSES
Most businesses simply cannot afford 24 / 7 security . Threat actors know this and use it to their advantage . The good news is that cyber insurance providers know it too , and that ’ s why they are increasingly encouraging businesses to implement MDR — just as they did with MFA . MDR gives businesses the technology and expertise to help respond and recover faster , minimize impact , and prevent future attacks .
As the cyber risk landscape evolves , businesses need help to better identify emerging vulnerabilities and enable predictable threat detection and response . MDR gives businesses a scalable , cost-effective way to monitor and mitigate cyber risk proactively . +
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