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Category: SafetyPlus

  • MSP Contracts to Avoid in 2024: The Importance of Cybersecurity and Workflow Optimization

    MSP Contracts to Avoid in 2024: The Importance of Cybersecurity and Workflow Optimization

    In the ever-evolving landscape of technology, Small and Midsize Businesses (SMBs) are witnessing a significant shift in IT needs. 

    With the need for support and maintenance rapidly declining, SMBs positioned for the future are investing far fewer dollars in MSP-provided infrastructure services and reallocating that investment to workflow optimization and cyber security – both of which rely heavily on AI. 

    This article aims to guide SMB leaders in allocating their IT investment for the most value in 2024.

    The Original Need for Managed Services

    The traditional managed services model emerged in the early 2000s when operating systems were prone to unexpectedly shutting down or “blue screening.” At the time, businesses with as few as five employees like had an exchange server for email and file servers in their offices with substantial resources allocated to keep systems up and running. 

    Managed Service Providers (MSPs) automated and standardized the maintenance of these environments, creating a win-win for the small business to have stability for the technical infrastructure and for the MSP to have a profitable business providing that much-needed service.

    Decline in the Need for Managed Services

    Several factors have significantly reduced the need for Infrastructure Managed Services, including:

    • Cloud Software as a Service – Complex Servers like Exchange for Email and SharePoint for File Sharing and Collaboration are now hosted and managed by Microsoft in the Cloud. No more patching these servers on “Patch-Tuesday” and hoping they run Wednesday morning.
    • Windows 11 Stabilization – Microsoft has been working on significant stability improvements for Windows 11, which could lead to fewer system issues and lessen the need for IT support.
    • Helpdesk Automation and Self-Service – Numerous factors have empowered end users to quickly resolve far more problems independently. Just some of these are vendor-curated knowledgebases, advances in search engines, ready-access to media libraries that are content reach with how-to’s such as YouTube, and now AI’s reasoning engine and large language model are readily accessible via tools like ChatGPT and Bing.com/Chat.

    IT Spend is Still Critical

    While these factors may reduce the need for traditional managed services, they don’t eliminate the need for IT Services. Cybersecurity, workflow optimization, and other IT needs remain critical.

    Rise in Cyberthreats and Protections

    In “Harry Potter and the Half-Blood Prince,” the British Prime Minister converses with the Minister for Magic. The British Prime Minister, overwhelmed by the gravity of the situation and the threat Voldemort poses, exclaims, “But you’re wizards! You can do magic! Surely you can sort out — well — anything!” In response, the Minister for Magic, Cornelius Fudge, says, “The trouble is, the other side can do magic too, Prime Minister.”

    This is like our challenge with Artificial Intelligence (AI). It can be a great way to protect, but the hackers also have access to AI to attack. Threats are rapidly changing, and organizations must continue up their defenses.

    In response to this escalating struggle, SMB IT investment in cybersecurity is increasing. About a fifth of the IT budget is dedicated to security. 47% of SMBs planned to invest in cyber security risk mitigation in 2023.

    A primary driver for Cybersecurity capabilities is Cybersecurity Insurance. Rates and coverage are often affected by ongoing security policies in the software, MFA, anti-phishing testing and training, business-grade cloud VPN, third-party backups, and EDR.

    Workflow Optimization and AI

    Workflow optimization involves streamlining processes within your organization to increase efficiency and productivity. This can involve everything from automating repetitive tasks to implementing new software that helps manage workflows more effectively. In 2021, two-thirds of SMBs said automation allowed them to compete with larger companies.

    Some of the more common workflow optimizations we have designed and built for our customers are:

    • Task Creation – This keeps the team on the same page regarding which tasks have been completed and which still need to be done. Examples include the referral qualification process and invoice collection processes.
    • Template Creation – This standardizes document management. Examples include creating folders and subfolders to reflect process lifecycle steps along with standard Excel and Word templates for each step. Templates are implemented in all areas of the organization, including sales, operations, and back office.
    • Alerts – These are triggered when tasks are late or neglected. Examples include opportunities without defined next steps, support cases without activity in the past 24 hours, and accounts without account management activity in the past 90 days.

    Rethinking Long-Term Contracts

    Long-term contracts are not in the best interest of SMBs. 

    MSPS and software publishers often strive for high-margin profitability in the later years of their contracts. 

    However, as technology continues to change, it is critical to have the flexibility to shift that IT spend from maintenance of older stabilized technologies to critical newer strategic innovation, such as workflow optimization. These require short-term annual or even month-to-month agreements.

    In Conclusion

    The landscape of IT for SMBs is changing rapidly. 

    While annual or even 3-year managed services and help desk support were once the primary focus of IT spending, the trend has shifted away from these as they are not needed as much, and they are not flexible enough to face the rapidly changing world we are in today.

    Instead, invest in a strong SAAS foundation managed by the software publisher (e.g., Microsoft 365 Business Premium, QuickBooksOnline). Take those savings and invest them in critical areas today – cybersecurity and workflow optimization. 

    By understanding these trends and adapting accordingly, you can ensure that your organization is in a good position for the future.

  • Cloud VPNs: A Simple Guide

    Cloud VPNs: A Simple Guide

    Cloud VPNs: A Simple Guide

    What Is a Cloud VPN?

    A Cloud VPN is a safe path on the internet. It connects different places like your office and people working from home. It’s like a special road where your data can travel safely. 

    This means your team can work together, no matter where they are.

    Why Is a Cloud VPN Important?

    Cloud VPNs aren’t just for large businesses, they’re necessary for any business with remote employees or multiple locations.

    Here are some of the top reasons it’s important to use a Cloud VPN for your business:

      • Security – Cloud VPNs use special codes to keep your data safe. This means you can send important information without worrying. Even if someone tries to look at your data, all they would see is gibberish.
      • Cost-effective – Traditional VPN solutions require expensive equipment. With a Cloud VPN, you use the cloud and save money. You don’t need to buy or maintain any hardware, which cuts down on costs.
    • Growth  – As your business gets bigger, your Cloud VPN can too. You can add more users or increase its size easily. As you expand and hire more people, your Cloud VPN will be ready to support them.

    Setting Up Your Cloud VPN

    Once you’ve made the decision to set up a Cloud VPN for your business, you’ll need to research providers and find the one that best fits your needs.

    No matter your chosen provider, setting up a Cloud VPN will involve several key steps:

    1. Create an account – After choosing a provider, you’ll need to create an account with them. This usually involves providing some basic information and choosing a payment plan.
    2. Configure your network – This will vary depending on your provider, but generally, you’ll need to specify which devices or networks you want to connect.
    3. Install VPN Client – Install the VPN client software on the devices that will be using the VPN. This could be your servers, computers, or even mobile devices.
    4. Connect to the VPN – Once everything is set up, you can connect to the VPN. This usually involves opening the VPN client software and clicking a “connect” button.
    5. Test your connection – Finally, make sure to test your connection to ensure everything is working correctly. You can do this by trying to access a device or service on your network from a remote location.

    Remember, these are just basic steps. The exact process may vary depending on your specific needs.

    In Conclusion

    In our fast-paced digital world, a Cloud VPN offers a safe, affordable, and flexible solution for managing online data. By adopting this technology and following these setup steps, you’re setting your business up for success in the digital age.

    Want to improve your business connectivity? Discover how our Cloud VPN solutions can help your business grow. Get in touch with us today!

  • Cyber Insurance: A Quick Guide

    Cyber Insurance: A Quick Guide

    Cyber Insurance: A Quick Guide

    In the face of escalating cyber threats, cyber insurance has become a critical component of business operations. 

    This article discusses cyber insurance, highlighting its importance, coverage, market trends, key features, and strategies to avoid claim denial.

    The Necessity of Cyber Insurance

    Technology is complex, and people make mistakes. Even the most robust cybersecurity measures can falter. Eliminating all risk is both challenging and costly. Therefore, reducing the risk as much as possible and transferring the remainder through cyber insurance is advisable.

    A competent cyber insurance partner will cover the residual risk and collaborate with you and your technology team to mitigate your overall risk. Your cyber insurance provider is also ideally positioned to understand your risk and assist you in designing systems to mitigate it.

    Deciphering Cyber Insurance Policies

    Insurance policies vary in their coverage. 

    Your insurance policy is likely t fall into one of the following categories:

    • General/Commercial Liability and its riders are no longer tailored for cyber coverage and are typically quite limited. 
    • Technology Errors & Omissions (Tech E&O) protects a company if a mistake or oversight results in client harm, but it does not shield you from attackers. 
    • Cyber Liability safeguards your company against cyber-attacks.

    Cyber Insurance Coverage

    A cyber insurance policy primarily covers the following situations:

    • Data breaches – The insurance covers breach response and remediation, including legal fees, customer notification and tracing, IT forensics, crisis media relations support, and any necessary liaison work with regulators and authorities.
    • Business interruption – If a cyber-attack disrupts your operations, the insurance will cover the cost of operating your business again. This includes bricking costs (where devices have been critically damaged), loss of earnings, digital asset damage, and costs incurred in staff overtime.
    • Cyber extortion – In the event of a ransomware attack, the insurance will cover the cost involved if you are held hostage. This includes paying ransom and the services of legal or specialist IT experts.

    Current State of the Cyber Insurance Market

    The current cyber insurance market is beginning to see a tiered system develop among carriers. 

    Some carriers offer superior policies while imposing more requirements. Other carriers have fewer requirements but do not offer the best policies, particularly regarding premiums, deductibles, or pay-on-behalf policies (which are highly recommended).

    Features of a Good Cyber Policy

    A good cyber insurance policy will have a decent premium and deductible. 

    It will be a “pay-on-behalf” policy, meaning the carrier pays for the incident costs upfront instead of reimbursing the customer later. 

    Two of the most significant factors affecting your premium will be your industry and your size (by annual revenue).

    Current Requirements for Best Policies

    The best policies currently require Offsite/Cloud Backups, Multi-Factor Authentication (MFA), Endpoint Detection and Response (EDR/MDR/XDR), and Employee Cyber Awareness Training. 

    Customers often see premiums 8-10% more expensive from carriers that do not require MFA. Particularly for mid-market customers (determined by yearly revenue) and high-risk industries, EDR/MDR/XDR is required.

    Ensuring Your Claim Isn’t Denied

    The MOST likely reason a company is denied a claim on their cyber policy is when they fail to follow the cybersecurity requirements they attested to implementing when applying for insurance. 

    If all cybersecurity requirements are being implemented, it is tough for a carrier to deny a claim. So, do you have good records of the tools and technologies you said you had in place when you got your insurance?

    Understanding the coverage, market state, ideal features, and how to avoid claim denial is crucial to making the correct business decision.

     

  • Understanding Phishing: A Threat Lurking in Your Inbox

    Understanding Phishing: A Threat Lurking in Your Inbox

    Understanding Phishing: A Threat Lurking in Your Inbox

    In 1996, the first widely known phishing attack occurred when hackers breached aol.com. The perpetrators sent a phishing email to aol.com users, urging them to verify their accounts and provide billing information. Unfortunately, many users unknowingly provided sensitive data to these bad actors.

    Phishing is a form of cybercrime where victims are tricked into:

    • Providing sensitive data
    • Sending money
    • Breaching security protocols

    What is Phishing?

    Phishers use various tactics to bait their victims. 

    Some phishing emails create a sense of urgency, compelling victims to act quickly. Others attract attention by suggesting that the recipient has won a fantastic prize. Some even include malicious hyperlinks and attachments, which can infect the recipient’s device with ransomware.

    Phishing attacks exploit human emotions and are successful when recipients act impulsively. That’s why baits like prizes work – someone excited about winning is less likely to be on their guard. As a rule of thumb, always be skeptical and avoid clicking anything that looks even slightly suspicious.

    Spotting a Phishing Scam

    While phishing attacks have grown more sophisticated, there are red flags you can look out for. 

    A common sign that an email is illegitimate is spelling and grammar errors. Also, pay special attention to the sender’s email address – if it isn’t familiar or doesn’t match the organization the email claims to be from, it may be a phishing email.

    Phishing attacks can happen to anyone, but those with less digital experience are likelier to fall for them. No matter your level of digital experience, education is critical to mitigating the risk of phishing attacks.

    How TechHouse Can Help 

    At TechHouse, we can help educate your organization about the dangers of phishing attacks. 

    Our Phishing Net software simulates attacks so that your team can experience real-world threats without real-world repercussions. Employees who take the bait receive training about what they did wrong to be safer in the future.

    Many organizations don’t think a cyber-attack will impact them and, as a result, don’t prepare. But consider this – you have car insurance not because you expect an accident but to have coverage if there is one. 

    Similarly, cybersecurity measures are not about expecting an attack but being prepared if one occurs.

    Ready to protect your organization from phishing attacks? Contact TechHouse today for more information.