Best Low-cost Customized Cybersecurity Solutions for SMEs

In the evolving digital landscape, the size of a business is no longer a metric to judge the potential for its vulnerability to cyber threats. Cybercriminals tend to exploit weaker or old-fashioned security measures as a gateway to target smaller businesses serving larger clients; a single breach often becomes a gateway to target major businesses. Small and medium enterprises (SMEs) serving critical infrastructure, global corporations, and regulated industries are particularly at risk. The risk profile of SMEs changes dramatically with expansion and growth. According to the Global Cybersecurity Outlook 2024 report dated January 2024, “Affordability is an important determinant of cyber-resilience success.” Taking concern of this data-driven fact, we at RITC Cybersecurity offer affordable customized cybersecurity solutions for SMEs that will help them to identify, respond, and recover rapidly from an IT security incident.    

Why Do You Need Tailored-To-Need Cybersecurity Service Support to Mitigate Cyber Risks? 

 As small and medium enterprises continue to integrate the latest digital technologies into their operational systems to reinforce sustainability and competitiveness, they have a high probability of facing cybercrime threats. Even a single cybersecurity breach exposes the integrity, availability, sensitive data, and confidentiality of businesses leading to far-reaching implications for financial and operational stability besides impacting their reputations (Boswell, 2023). SMEs encounter unique challenges in managing cybersecurity at the best level because of the lack of resources and expertise (Arranz et al., 2024). To plan for having the best cybersecurity within a limited budget, you need to know the top cybersecurity threats SMEs face in the US.  

Seven Top-Trending Cybersecurity Threats for Small Businesses in the US

Following is a list of the seven biggest cybersecurity threats for US SMEs based on the Federal Bureau of Investigation’s (FBI) latest internet crime report released in 2023- 

1. Investment Fraud: Total losses: $4.57 billion. Number of complaints: 39,570. Investment fraud is listed as the top cybersecurity threat. 
2. Social Engineering: Total losses: $2.95 billion. Number of complaints: 21,489. This type of cyberattack is framed by using powerful motivators such as fear, status, and money to get useful information.

“Up to 98% of cyber-attacks involve some form of social engineering” - Online.lasalle.edu

3. Government Impersonation: Total losses: $394.05 million. Number of complaints: 14,190. Cybercriminals impersonate government officers and collect money.
4. Data Breach: Total losses: $534.38 million. Number of complaints: 3,727. Data breaches allow cybercriminals to access confidential information and use it as they want.
5. Identity Theft: Total losses: $126.2 million. Number of complaints: 19,7783. Identity theft cyber-attacks are difficult to identify. Cybercriminals steal the identity of a valid user to get and misuse the information in disguise of that user. 

“Your identity is one of your most valuable assets, making it a common theft target. According to its annual fraud report, the Federal Trade Commission received over 1 million identity theft reports in 2023” –31 Jul 2024, Federal Trade Commission (FTC). 

6. Ransomware: Total losses: $59.64 million. Number of complaints: 2,825. It stops a victim from accessing his files or systems; a ransom is asked to bring normalcy. 
7. Phishing & Spoofing: Total losses: $18.73 million. Number of complaints: 298,878. Such cybersecurity threats are framed to trap a user and force him to provide sensitive information. Luring a victim into confidential information sharing or malicious file downloading is the main objective of this cyber scam. 

Off-The-Shelf Cybersecurity Solution V/S Custom Cybersecurity Solution: A Comparative View

Stay ahead of evolving cyber threats with a comprehensive tailored-to-your-needs cybersecurity solution. You might have off-the-shelf cybersecurity solutions because of cost factors but all of these have limited scope for customization. The downside of readymade or off-the-shelf cybersecurity solutions poses certain limitations like-

1. Limited Protection
2. Inadequate Updates
3. Resource Intensiveness
4. Limited Support

Regarding cybersecurity, you need the best solution to have robust security against cybersecurity threats. The following comparative view of Off-the-shelf cybersecurity solution V/s custom cybersecurity solution will help you decide like a pro- 

Must-Have Nine Features of A Custom Cybersecurity Solution For SMEs: Your Checklist

Do you know, “only 4% of businesses are confident in their cyber security for their users of connected devices and related technologies against cyberattacks”- nu.edu/blog. Hiring a cybersecurity solutions provider with certified security engineers is essential to have robust network security protection. Comprehensive cybersecurity solutions include advanced network security tools to ensure dependable protection from a range of threats. 

1.   Advanced Threat Intelligence: It allows you to have proactive measures rather than reactive measures to keep your systems safe.

1. Customizable Security Policies: Customizable security policies are designed to address particular vulnerabilities and risks you may face.
2. Incident Response & Recovery: Response & recovery capabilities help you minimize damage, restore normalcy in operations quickly, and learn from the attack to improve your cybersecurity.
3. Secure & Private Real-Time Communication: The real-time collaboration capabilities facilitate streamlined communication and prompt decision-making enabling teams to respond fast to manage incidents.
4. Notifications And Alerts: Notification and alert features promptly inform the team members to take proactive and damage control measures before significant loss could occur to the organization and stakeholders.   
5. Access Control And Permission Management: Cybersecurity information shouldn’t be accessible to every team member. The cybersecurity system should allow you to manage and control access to particular information as per requirements.  
6. Centralized Logging & Reporting: It provides a unified report and objective-oriented data analytics enabling businesses to make data-driven decisions. The real-time database helps to analyze patterns and take proactive measures.   
7. Compliance and Governance: Adhering to legal and regulatory requirements is a key aspect of the cybersecurity program. Your cybersecurity software solution must be in line with the latest legal and regulatory norms to avoid penalties. 
8. 24/7 Monitoring and Support: Cyber threats can occur at any time. This aspect makes 24/7 monitoring and service support essential.

How RITC Cybersecurity Can Help You Have the Best Cybersecurity 

Being one of the top cybersecurity solution companies in the US, we at RITC Cybersecurity understand certain constraints that small and medium enterprises work with. We are committed to providing world-class custom-to- your needs Cybersecurity services to safeguard your small or medium-sized business well under your budget. RITC Cybersecurity, a prominent cybersecurity specialist agency, offers a complete suite of cybersecurity solutions- 

• Security framework assessment 
• Cyber risk management    
• Cybersecurity program development 
• Support to secure internal information security 
• Compliance gap analysis
• HIPAA Gap Analysis and Remediation
• Incident report, response, and recovery
• SOC2 audit preparation & guidance

Whether you are looking for a budget-friendly cybersecurity roadmap to secure your business operations or a fool-proof cybersecurity solution integration to update your existing security measures, RITC Cybersecurity has the best cybersecurity professionals to address all your concerns. The personalized approach to selecting the tech stack like CIS v7 and 8, NIST CSF, NIST SP 800-171, NIST 800-53, CMMC 2.0, and ISO 27001 keeps the entire cybersecurity solution development, integration, implementation, training, and maintenance in line with your requirements and expectations.

Schedule a meeting with RITC Cybersecurity today for tailored solutions for your business.