Comprehensive cyber protection for SMBs has emerged as the next great revenue driver for IT service providers, with 60% of SMBs looking to outsource cybersecurity to a third party, according to a new report by Frost & Sullivan.
The report, commissioned by ASX-listed global cybersecurity company FirstWave Cloud Technology, showed SMBs were in “urgent” need of comprehensive cyber protection and were increasingly relying on managed service providers to deliver unified, centralised and automated solutions that offer enhanced threat remediation.
“Security, though a priority, often slips through the cracks, making it difficult to intentionally and continuously establish a security-forward organisational stance from their IT service providers,” the report said.
To fill this gap, FirstWave developed the CyberCision™ Open Security Management Platform (OSMP), described by Frost & Sullivan as the first of its kind. Designed to equip service providers with low-cost, high-revenue security services for their SMB customers, the platform enables SMB customers, in turn, to benefit from an enterprise-grade Cybersecurity-as-a-Service solution.
FirstWave CEO Danny Maher said it was no secret that cybersecurity had become one of the most pressing issues for businesses of all sizes, particularly SMBs.
“With high-profile data breaches making headlines on an almost weekly basis, it is clear that traditional security measures are no longer enough to protect organisations from sophisticated cyber attacks,” he said.
“As a result, more and more businesses are turning to outsourcing as a way to improve their cybersecurity posture. Those service providers need to have a solution ready for their customers.”
SMBs' Unique Cybersecurity Challenges
The global upheaval of the last two years that disrupted societies, governments, businesses, and the technologies that support them, also forced organisations worldwide to shift to remote working practically overnight. Consequently, organisations have adopted new operational infrastructures as data has multiplied exponentially—all opening up a much wider attack surface.
Moreover, cyberattacks have grown smarter, scaling in both sophistication and speed, to penetrate the weak defences of solutions struggling to protect increasingly digital economies.
A recent Frost & Sullivan survey of SMBs found most were targeted by preventable threats, including ransomware (47%), vulnerabilities from unpatched systems (44%), web defacements (43%), insider threats from employees (31%), and phishing attacks (27%).
The Opportunity For Service Providers
Frost & Sullivan finds that while only 14% of enterprises report outsourcing more than half of their cybersecurity operations, a much higher percentage (60%) of SMBs outsource.
“This presents a natural fit for partnerships between SMBs and their service providers. By adding cybersecurity to their existing services, SMBs can bolster existing connectivity assets with the critical protections they need, all through a single provider,” the report said.
However, for many service providers, while lucrative, delivering cybersecurity solutions to enterprise customers can involve significant cost and complexity. FirstWave’s world-first OSMP, CyberCision™, was explicitly designed to address this problem.
“CyberCision™ enables service providers to provision enterprise-grade security services to enterprise and SMB customers at scale, opening the door to new revenue opportunities with a lower cost-to-serve,” the report said.
“With CyberCision™, service providers can build as-a-service cybersecurity packages of enterprise-grade, including a range of management and operational services such as multi-tenanting, billing, and provisioning that enable them to streamline the sales and delivery process at a minimal cost.”
Essentially, CyberCision™ serves as a platform that service providers can depend on to scale their managed security services business and operations profitably, drastically reducing the time to market for cybersecurity and serving SMB customers, which was not previously possible.
Download a free copy of the Frost & Sullivan report, Embracing Delivery of Cybersecurity and Scaling Via Service Providers.
Macquarie Cloud Services, part of the Macquarie Telecom Group (ASX:MAQ), has committed to a 5-year deal with FirstWave Cloud Technology (ASX:FCT) (FirstWave) for the provision of network monitoring and intelligence software.
The solution from FirstWave will help to provide Macquarie Cloud Services with the network intelligence to achieve their goals of having a single-pane-of-glass view of critical systems. Dubbed by Macquarie Cloud Services as their ‘Manager of Managers’, this strategic objective will be achieved through the sophisticated integration capabilities of FirstWave’s NMIS Suite of products. Through these the organisation will be able to consolidate management of tools and network infrastructure element managers , centralising visibility of critical systems to provide improved efficiency and control.
Underpinning the solution for Macquarie Cloud Services is software developed by Opmantek Limited, a wholly owned subsidiary of FirstWave since January 2022. These network monitoring systems provide automation and network intelligence to leading organisations worldwide, including Microsoft, Telmex, and NASA.
FirstWave CEO and Managing Director Danny Maher said, “following the acquisition of Opmantek, our strategy has been to focus on helping service providers and telcos succeed, with this long-term commitment from Macquarie Cloud Services helping to validate our strategy.”
Having chosen FirstWave following a rigorous evaluation process, Group Executive – Macquarie Cloud Services James Mystakidis said, “we are pleased to be working with FirstWave to implement a new level of network monitoring and automation within our business. We believe their software will help us to be more efficient in how we manage our network, and improve outcomes for our customers.”
Danny Maher said, “we are thrilled to be selected by Macquarie Cloud Services as their vendor of choice in this critical area of their business. Macquarie Cloud Services’ strategic objective of having a ‘Manager of Managers’ across their network monitoring systems is addressing a problem faced by many businesses globally. We are proud to be providing them with more than just a network monitoring solution, but the ability to integrate seamlessly with their existing systems, at scale.”
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About Macquarie Cloud Services:
Macquarie Cloud Services is Australia’s most recommended cloud and security provider and the only Australian MSP to be both a Microsoft Azure Expert MSP and a member of the Microsoft Intelligent Security Association. We help ambitious Australian businesses modernise and secure their mission critical applications, provide award winning service and commercial flexibility across hybrid environments as well as expert advice on aligning cloud platforms and hybrid service architecture to business needs. Our team of 100+ local, certified cloud and security experts consistently deliver an ASX leading Net Promotor Score of 85+.
Cybersecurity threats are on the rise and businesses need to be taking steps to protect themselves. Our CyberCision Mobile App offers Visibility and real-time monitoring of cyber-security threats, so that you can rest assured that your business is safe. With our app, you can also access historic reporting, all available to be white-labelled for our Partners.
Released as part of our Phase II CyberCision Launch, the CyberCision Mobile App offers unparalleled visibility into the cyber-security threats facing businesses today. With real-time monitoring and historic reporting, the app provides clients with a comprehensive view of the risks they face. Available to be white-labelled for service provider and telco partners, this powerful app gives visibility and control to those who need it to stay ahead of the cyber-criminals.
For End Users
With the tap of a finger, end users are able to review current and historic incidents within their email security posture in the palm of their hand, including real-time alerting to ensure any urgent matters are addressed instantly. This allows business to quickly identify and resolve any potential issues before they become damaging breaches. In addition, the ability to review past incidents helps businesses to learn and adapt, helping to prevent future attacks.
For Service Providers
Eliminating the need to replicate app development work, our platform is fully customisable for our service provider and telco partners. This allows you to put these powerful tools into your customers hands, branded as your own. What's more, this added visibility helps to reinforce the value of the email security offering in place, so you can lead informed conversations with your customers about how to best protect their business from cybersecurity threats.
Cybersecurity has always been a tough sell. It's an intangible product that's often seen as a necessary evil - something that businesses have to invest in, but don't really want to think about. This is especially true when it comes to deployments at scale. Imagine trying to sell cyber security to thousands of Microsoft 365 customers. Not only do you have to convince them of the need for the product, but you also have to ensure that it's properly deployed across their entire organization. This is no small feat, and it's one that service providers have been struggling with for years.
That's where FirstWave comes in. Our CyberCision platform is the world's first open cyber security platform, made specifically to help service providers and telcos provide cybersecurity solutions to their customers. CyberCision is committed to making email security as seamless and painless as possible for its customers. That's why we're excited to offer our new Frictionless Email Security solution. This automated activation method enables service providers and Microsoft customers to deploy email security at scale and at speed, without manual DNS and MX changes. That means you can rest assured that your emails are protected from viruses, phishing attacks, and other cyber threats.
Frictionless Email Security on FirstWave’s CyberCision platform:
Service providers simply log in to the CyberCision platform and follow the prompts to activate the service. It's that easy! So if you're looking for an email security solution that won't cause headaches, look no further than CyberCision. We'll take care of everything for you.
Finally, service providers and telcos can onboard email security customers at scale, at speed, and with
minimal effort, opening new channels to market.
In the race to stay ahead of the latest cybersecurity threats, email security is more important than ever. However, traditional methods of onboarding email security solutions have been slow and costly, preventing many businesses from implementing these vital protections. CyberCision from FirstWave changes all that with Frictionless Email Security. This innovative new approach removes the barriers to onboarding email security, making it easier and faster for service providers and telcos to add these essential protections to their customers' networks. With Frictionless Email Security, you can be confident that your business is protected from the latest threats!
Email is one of the most important communications tools for businesses, so it's essential to have a secure platform in place. However, onboarding customers to an email security platform can be time-consuming and fraught with potential for human error. In the past, service providers have had to dedicate significant amounts of time, often after hours, from senior technical staff to make manual changes to DNS and MX records. Even with the best intentions, there's always the chance that something will go wrong.
Between the finite 'change windows' available after hours for service providers to lean on their senior staff before burning them out, and the additional cost this incurs and will almost certainly need to be passed onto their customers, traditional email security onboard is full of barriers.
That's where FirstWave's Frictionless Email Security comes into its own. With automated activation, not beholden to manual DNS and MX record changes, as well as API integrations to enable the ability to deploy at scale, FirstWave empowers service providers and telcos to deploy world-class email security to their customers with ease.
Finally, service providers and telcos can onboard email security customers at scale, at speed, and with minimal effort, opening new channels to market.
FirstWave is excited to announce that development has been completed on the company's new Microsoft 365 Frictionless Email Security offering.
Microsoft 365 Frictionless Email Security is an automated activation method available on the CyberCision platform to enable Microsoft 365 customers to seamlessly add CyberCision Email Security services to their Microsoft 365 accounts. This replaces the need to change mail routing rules and spam filtering as well as changes to DNS settings when activating FirstWave Secure Email Gateway (SEG) services. It will allow FirstWave’s Partners to onboard email security customers at scale, at speed and with minimal effort and will open new channels to market with the ability for Microsoft 365 licensing partners to offer the product as a simple add-on at purchase or renewal time.
FirstWave CEO Danny Maher said, ”This is another fantastic milestone for the company. The release of Frictionless Email Security further enables service providers to deliver low-cost, world-class cybersecurity protection at scale. This release supports the CyberCision vision to make frictionless cybersecurity protection affordable for businesses and profitable for service providers globally. I look forward to the upcoming Phase II CyberCision launch and getting these technologies in the hands of our partners and their clients.”
FirstWave continues to enable FirstWave’s Partners and future partners, which include some of the world’s largest Telcos, and managed service providers (MSPs), to provide best-in-class cybersecurity technologies to protect their vulnerable business customers from cyber-attack, while rapidly growing their cybersecurity services revenues at scale.
Following the successful Phase I launch of CyberCision last October, the most transformational technology upgrade in FirstWave’s history, FirstWave has now delivered on its promise to launch Microsoft 365 Frictionless Email Security services, an important part of the upcoming launch of CyberCision Phase II.
It’s a big day at FirstWave Cloud Technology, as we introduce CyberCision — the world’s only open security management platform (OSMP), which will rapidly grow cybersecurity revenues at scale and lower costs.
CyberCision is a transformational enhancement to FirstWave’s cybersecurity platform, enabling Telcos, SP, and MSSPs (Partners) to rapidly scale-out new security services while lowering cost-to-serve, in a totally frictionless way.
Meeting the challenges of SMB cybersecurity
After extensive consultation with our customers and partners, it was clear that SMBs and mid-market players were facing two distinct challenges. The first involves the rapidity of business digitisation and cloud migration — both accelerated because of COVID-19. Small and mid-sized businesses were suddenly tasked with redirecting limited resources to cybersecurity strategy, amidst a backdrop of ever-intensifying complexity and frequency of cyber attacks.
Secondly, telecommunications services providers have failed to take on the mantle as leading providers of cybersecurity through their networks and with their connectivity services to their massive SMB customer bases, despite their natural and obvious advantages in this regard.
Instead, because they lacked the platform to integrate and deliver the essential security services, easily consumable, at scale with low cost, Telcos have ceded this position to opportunistic technology providers and cloud heavyweights .
In response, FirstWave developed CyberCision — a Telco-purpose platform with fully integrated security services suite comprising email, web, firewall, and endpoint, for comprehensive SMB protection.
CyberCision’s key features include:
How does CyberCision work?
Then the CyberCision platform does the rest!
There has been a significant growth in ransomware attacks in Australia and even other countries where hackers are especially leveraging the Covid-19 outbreak to dupe netizens. According to a report by Cybersecurity Ventures, by 2021, one business entity will succumb to ransomware attacks every 11 seconds, up from every 14 seconds in 2019.
Ransomware, defined in the simplest terms, is malicious software that secretly seeps into your computer or data center and encrypts some/all data using a unique key that can only be decrypted and accessed using the same key. Attackers then demand a ransom to let you gain access to your data. According to Datto, American cybersecurity and data backup company, ransomware costs businesses more than $75 billion per year.
Some common types of ransomware attacks include:
Most of the ransomware attacks start with a phishing email. A simple click with a link to download a malicious attachment can be the gateway to a successful attack. With the ongoing stress and uncertainty of the coronavirus pandemic, people are more vulnerable to fall victim to carefully designed phishing attacks.
Amidst rising Coronavirus cases, there has been a significant increase in the ransomware attacks on hospitals and healthcare institutions. However, this doesn’t mean others businesses are safe. Many companies are succumbing to these attacks as many of their employees are working remotely in insecure networks. The coronavirus crisis is impacting business revenues and cash flows already, and a successful ransomware attack on top of it will impact business continuity drastically.
Use-cases of Toll Group and Epiq Global, among others
Ransomware and related attacks worth about $241 million were reported in Australia alone in 2019, according to a new report. The attacks have continued in 2020, with the Australian logistics company, Toll Group, being hit by a ransomware attack on 31 Jan 2020. The company, with over 40,000 workers, had to shut down, disable and isolate its systems and resort to manual processing of the massive amount of data it deals with daily. On 26 Feb 2020, a ransomware attack impacted Talman Software, which serves 75% of the Australian wool industry. As a result, the whole wool buying and selling system went offline across Australia and New Zealand.
Globally, organizations are focusing on digital transformation initiatives—making them primary targets of ransomware attacks. On 29 Feb 2020, a ransomware attack on legal services giant Epiq Global had quickly spread and affected all computers across their 80 global locations. On 2 Mar 2020, Visser Precision LLC, US-based aerospace, automotive, and industrial parts manufacturer, fell victim to a ransomware attack by the DoppelPaymer group. It affected industrial giants Lockheed Martin, General Dynamics, Boeing, Tesla, and SpaceX, among other companies who subcontracted work to Visser Precision LLC.
Paying the ransom doesn’t guarantee recovery, especially if hackers are amateurs. They buy ransomware on the dark web without having the technical proficiency to infect networks, thereby failing to decrypt data.
Mitigating the Risk of Ransomware Attacks
The approaches to mitigation vary from business to business. Some conventional approaches to reducing the risk are:
Secure remote working with web and endpoint security
The coronavirus crisis has been an opportunistic moment for cybercriminals. The workforce across the globe is working remotely, either from home or any other location; and many employees are using personal devices for work—accessing corporate data using their home networks. Home networks are not as secure as office networks and result in compromised security, offering a gateway to cybercriminals.
How do you strengthen the security posture of your remote workers? Securing endpoints and web access is the key! Endpoint security secures laptops, mobile phones, tablets, and other device connections that tap into corporate networks.
At FirstWave, our solution provides comprehensive, state of the art endpoint security—protecting devices like PCs, Macs, and mobile phones and letting remote workers access corporate applications securely. Moreover, it provides web security to prevent data leaks and protects from malicious web content; and employs cognitive threat analytics for enhanced security.
We all hope that the disruption to people’s lives and work from Covid-19 will end soon and we pray for everyone’s well-being. However, even when we get over Covid-19, remote working will be the new norm across many companies. Don’t forget to secure remote working with FirstWave Cloud as business continuity is more important than ever before!
With 4.5 Billion internet subscribers, globally leveraging the web to perform various activities/transactions, it has become more vulnerable than ever before. In fact, according to the International Monetary Fund, the number of cyberattacks has tripled over the last decade. The constantly increasing, large scale breaches confirms that not only cybersecurity attacks are going up but they are increasing in severity, as well.
A report published by McAfee, The Hidden Cost of Cybercrime stated that - “We estimated the monetary loss from cybercrime at approximately $945 billion. Added to this was global spending on cybersecurity, which was expected to exceed $145 billion in 2020. Today, this is a $1 trillion dollar drag on the global economy.” These facts clearly signify the drastic increase in cybercrime and the importance of cybersecurity for businesses & individuals across the world. As, besides having their reputations at stake, companies are risking their crucial/sensitive data, financial information, cash flow, tech infrastructure, customer trust & much more.
Rising Business Email Compromise (BEC) Attacks
The first half of 2020 was quite challenging for many organizations, as there was a global shift to a remote working culture while making data security a critical concern. Remote working & increasing internet transactions opened up new ways for cybercriminals to target both individuals and organizations. Business Email Compromise (BEC) is amongst the most common types of data breaches that we have witnessed throughout 2020.
Outlined below are some interesting stats that echo the fact:
Companies using cloud-based email services are lucrative targets to cybercriminals who conduct business email compromise (BEC) scams. Cybercriminals leverage technical threats & sophisticated social engineering methods to win the employee trust & conduct fraudulent activities. The need for security against such attacks is crucial as the no. of BEC scams is growing in volume and no organization is immune to the fallibility of human nature since these emails look very real & are harder for employees to identify immediately.
5 Ways Organizations Can Prevent Business Email Compromise (BEC)
Combat BEC Attacks with CyberCision Email Security!
Considering how vital it is for companies to protect their sensitive data and financial integrity, CyberCision Email Security offers an affordable inbound & outbound email security solution that can be customized for businesses of any size with unique layered protection, assured disaster recovery, and 32 days trace replay.
It uses innovative cloud content security and analytics capabilities to protect inbound emails from malware, ransomware, phishing, viruses & spam, and also detects advanced persistent threats such as spear phishing, whaling, typo domain, and spoofing attacks.
The technology is powered by FirstWave Cloud Technology’s ESP™ email software technology, Cisco-based ESA/IronPort, and Advanced Malware Protection (AMP) technologies.
Moving towards a more secure future!
As we move towards a technologically advanced future, cybersecurity risk is also bound to soar, since hackers are also quickly adapting to the technological changes and are becoming more skilled in finding loopholes in the security systems. According to the Cybersecurity Market Revenues Worldwide report by Statista, the global cybersecurity market size is forecasted to grow to 248.26 billion U.S. dollars by 2023. But let’s not forget that cyber-attacks are not unavoidable. Security solutions are providing effective protection against such threats and are constantly evolving with the changing global needs.
Software-defined networking (SDN) and network functions virtualisation (NFV) may provide opportunities to overcome key networking challenges – but security remains a key concern.
“Telecommunications regulators and national security agencies worldwide are very concerned – even alarmed – about the potential risks of cyber-attacks from state-based actors against centralised telecommunications end-to-end service and network orchestration technology platforms or solutions from single vendors,” says Roger Carvosso, Chief Product Officer. “They are also concerned about the dominance or concentration of market power to one or a few NFV orchestration vendors or standards in the telecommunications, carriage service provider and digital service provider space.”
"The importance of security planning, design and controls needed for any orchestrator that has privileged access to network elements for the purpose of service and network orchestration can't be understated."
Security also remains a divisive issue within many telecommunications providers, with an intra-organisational divide between cybersecurity leaders such as vice-presidents of security products, professionals and operations team members and SDN/NFV networking engineers. These engineers are typically not as aware or as knowledgeable of security or cybersecurity-as-a-service, or the importance of baking security as a philosophy or discipline to be baked into SDN/NFV technologies, tools and processes.
At FirstWave, we are working to ensure our CyberCision platform security architecture, including APIs, has the highest level of security accreditation and validation – where the required components have privileged access to telecommunications network elements for service and network orchestration. Our platform effectively supports the diversification of orchestration vendors and a more competitive, secure sector. Our products and culture can also help telecommunications providers bridge the internal security gap and capture the value possible through SDN and NFV.
For more information, contact us at: firstname.lastname@example.org.