Top Industries that Require Data Protection

The bitter but straightforward reality is that individuals, businesses, and industries of all types are vulnerable to data security issues.

Many of us know people who continue to forego locking their devices or use extraordinarily common and predictable passwords to protect their computers or online accounts. Similarly, a variety of businesses do not prioritize the necessity of data security, or they engage in half-measures—dedicating too few resources to their efforts at protecting data.

Despite the universal threat of data security, the requirement to protect data is particularly eminent and costly for some industries. The reasons for this heightened threat can be as diverse as the industries they impact. In some cases, specific industries are targeted more commonly due to their lack of security and ease of access. Other industries are at greater risk because of the volume of information they possess. There are also further industries managing or storing data that is more sensitive or valuable than other data.

These industries have the responsibility and necessity to dedicate extra effort and resources toward protecting their data from a breach.

Understanding the threat to data

Before examining the higher-risk industries in need of protecting their data, it is essential to understand the threat’s nature and level better.

One of the more staggering statistics on the regularity of cyberattacks came from a University of Maryland study, reporting that an attack occurs every 39 seconds. Researchers did discover that many of these attacks could be mitigated by necessary security measures, such as anti-virus software, but the regularity of attempts to breach security is alarming. The study focused on attacks made to individual computers, but this remains a threat for businesses, enterprises, and numerous organizations due to employee use of such devices on internal networks.

Research from the annual Cyberthreat Defense Report from the CyberEdge Group states that a successful cyberattack impacted 78% of US organizations in 2019. As we will explore further in a later section, these attacks have paid particular attention to small and medium-sized businesses (SMB). This is primarily due to the extent of resources that many large companies are now dedicating to digital security, which is a critical indicator for the SMB industry.

In the United States alone, annual costs of cybercrime are estimated to cost the economy over $100 billion potentially.

For the global economy, the cost of cyber breaches increases to more than $2 trillion for 2019, according to a report from The Heritage Foundation.

The causes of these costs are diverse. Consumers are refunded for lost funds to fraud or identity theft. Costs soar when money is paid out in ransom for data or given to a fraudulent entity. These are merely a few of the costs associated with cybercrime. Many could be avoided if industries or companies felt greater urgency and incentive to invest in the proper resources and support for security measures.

According to the same report from The Heritage Foundation, severely compounding the toll of cyberattacks is the stark reality that the threat is only growing more significant. With estimates projecting that up to 30 billion devices will be connected to the Internet of Things (IoT) by 2020, the necessity for industries and companies to dedicate time and resources has never been more pressing.

What are the top industries in need of protecting data?

We use this next section to identify some of the industries that possess the most urgent and critical requirement to increase security to protect data.

Small and Medium-Sized Business (SMB)

As we mentioned earlier, the SMB industry has been tasked with a greater need to protect data due to more frequent and consequential cyberattacks. Experts suggest that 60 percent of SMBs run the risk of total failure within the first six months due to a cyberattack. Though news coverage of more massive attacks tends to be shared, this does not change that the threat to SMBs is often more frequent and always more threatening to the company’s survival.

Information Technology

Companies in the IT industry range from cloud storage providers to computing service providers, software developers, file-sharing solution providers, and many more. This industry often manages and stores large amounts of critical and sensitive data for customers. Attacks usually occur directly to a company’s network operations or indirectly through targets on specific participants in a network.

Healthcare providers

The industry providing healthcare is too commonly also notable for being under-equipped to manage security breaches. Public sector providers are widely open to attacks on their more extensive supply chains. Healthcare suppliers are typically targeted as a lucrative attack. And hospitals store some of the most detailed and sensitive data about their patients.

Government entities

It is no surprise that government entities are at high risk due to the extent and sensitivity of the data they often possess. Extensive servers and databases are of high interest and value, resulting in a focus from cybercriminals that is well educated on known vulnerabilities, such as the NSA’s attack in 2016 that could have exposed billions of software users.

Legal sector

Legal service providers manage and store a massive amount of data that contains sensitive information with financial and authoritative implications. Corporate and property law firms are of exceptionally high risk, resulting from the monetary value associated with the data they manage.

Financial and banking

The reasons for this industry’s particular risk are relatively clear. FDIC requirements now oblige financial institutions to demonstrate penetration tests and adhere to compliance standards. Information and money are two of the most sought-after components in cybercrime, and these are the areas of specialization for the financial and banking industry.

Other industries

As this article has examined, the threat against data is a concern for every individual, company, or industry. But a few other sectors that have recently been cited as critical industries for protecting their data include energy, HR and recruitment, manufacturing, telecoms, and higher education.

Resources

There are many factors to consider for the security and protection of your company’s data. An organization must determine what security measures will be optimally designed for your specific needs.

Network Coverage understands the reality and challenges facing today’s most vulnerable industries. This is why Network Coverage has assembled a set of technology and business solutions to support your organization in maneuvering through this complex and critical environment.

Set up a consultation with Network Coverage for experienced advice and support.

A Cost Analysis of In-House and Outsourced IT

As the largest companies across the world continue to outsource a growing number of jobs, businesses of all types and sizes find themselves asking whether they should follow suit. IT services are included in this debate, though many still question whether in-house or outsourced IT is the more cost-effective solution.

In most cases, the short answer is that it depends on the needs of the individual business, considering factors like size and industry. However, there is a range of factors that are applicable to companies of all shapes and sizes. Before making your decision, be sure to consider the question from every angle.

5 Factors to Consider When Choosing an IT Service

Ultimately, getting the most for your money when hiring IT services means finding an option that is perfectly matched to the size and scope of your business needs. Because of this, every company’s IT should look a little different. Even so, understanding some of the basic differences between in-house and outsourced IT services can lay a strong foundation for making the right choice.

Take a look at some of the most important factors to consider when deciding between in-house and outsourced IT.

Upfront Cost

While the actual cost differences between in-house and outsourced IT has been subject to debate, many business leaders agree that in-house IT services are going to put extra strain on your budget than their outsourced counterparts. Part of the reason for this has to do with the fact that salaried or hourly wage IT staff need to be paid even when they don’t have a specific service to perform, which can waste a lot of money over the long term. This is especially true for smaller businesses, which will need to pay employee benefits and other costs that are a greater burden to them than to a larger corporation.

On the other hand, outsourced service providers are generally only onsite when they are needed. This can drastically cut down on costs, even if the base rate of an outsourced IT professional is higher than an in-house one. Plus, since many IT companies serve a wide range of different clients, they are generally able to provide their services at an affordable rate.

Time Investment

No matter where you source your IT services, finding the right professional to suit your needs is going to require time and effort. For in-house service, this means interviewing candidates in an already competitive labor market. Unless you’re able to pay top-dollar, you may find yourself settling for a less than ideal match.

By contrast, there is much less pressure placed on outsourcing IT services. There is little risk to trying out one firm for a limited time and then switching to another if you aren’t satisfied with what they offer. Of course, you still need to devote some resources to seeking the right firm and overseeing their work, though in general, the time investment will be significantly less.

Skill and Expertise

There are skilled IT professionals all across the labor market, but how you hire their services affects their relationship to their work. One major advantage of in-house IT service is talent development. After a team has invested the time in learning your systems, they will have gained significant expertise in their field, as well as a familiarity with your networks, individual computers, and other technologies. While reaping these benefits takes time, many find the investment well worth the effort.

With outsourced IT, any on-the-job experience a given professional may gain is to the benefit of the IT firm. In some ways, this is a loss, though it’s worth remembering that IT firms are often able to attract the top talent in their field. After working with multiple companies and a range of different systems, their skill level and quality of work are often very high.

Access and Communication

One leading reason why some companies prefer in-house services is access. When you can simply walk down the hallway to resolve an issue with your computer systems or schedule a repair, the advantage of in-house service becomes clear. This is especially true in the case of emergencies when quick action can make a drastic impact on daily operations.

If such an emergency strikes while your outsourced IT team is working with another client, or tied up for some other reason, it may be hard to get immediate attention. Another factor to consider is that many outsourced IT techs don’t show up on-site at all, instead of working remotely through an internet connection. While this is perfectly fine for most kinds of maintenance and network issues, in some cases it may make it more difficult to resolve a problem.

Security

If your systems house confidential information, valuable intellectual properties, or other vulnerable data, it is worth considering the risks that come with hiring outside IT help. Perhaps the most surefire way to keep your data safe is to hire an in-house professional with whom you can build a lasting relationship over time.

However, it’s important to remember that much of this risk can be mitigated by choosing your IT service provider carefully. Established firms with a good reputation among previous clients are a safe bet when it comes to data security.

Which Comes Out on Top?

Ultimately, the in-house vs outsourced IT debate largely comes down to scale. Smaller and mid-sized businesses will generally find that outsourced IT is more cost-effective and convenient than an in-house alternative, simply because they don’t require round-the-clock network support the way larger companies do. It’s true that such outsourced services may not bring the same level of access and don’t allow a company to benefit from a team’s accumulated experience. However, as IT firms continue to refine their services, they are getting better at bridging these gaps with remote access technologies.

That being said, it’s important to keep in mind that the IT service that will be most cost-effective for your business depends on a wide variety of factors. Companies that need an extra level of cybersecurity, or are anticipating large growth in the near future may have different needs than an established mid-size business.

To get a better idea of how to best support your technology needs, speaking with an experienced team of IT professionals can be a great place to start. Network Coverage is dedicated to making IT services both profitable and productive for your business. Get in touch with our customer service team today to find out more.

Shared Services vs Managed Services: A Side-by-Side Comparison of the Two Business Models

Every business needs a strong support system to help steer it toward success. Whether you run a large tech firm or a small local business, finding a powerful team of skilled professionals to back your company can help it rise to new heights. Two of the most common services that you can choose from are shared services and managed services. Each option has a unique purpose that can empower your business to reach its goals.

When considering shared services vs managed services, it’s important to take your specific needs and goals into account. The clearer your business plan is, the better prepared you’ll be to make the right choice for your company. Before you can decide between shared and managed services, you need to understand the key differences between the two business models. Here’s what you need to know about each type of service.

What Are Shared Services?

Shared services refer to the consolidation of services that are used across various departments of an organization. The goal of these services is to optimize a company’s most widely used resources. After identifying the most crucial services to your business, a shared services team will fund these services and provide them with the necessary resources. Each service can then be properly sorted into the correct department.

As the name implies, the ultimate goal of shared services is to share your most-used services across your entire organization. This is accomplished by forming internal service provider departments that boost the overall efficiency of your business. Internal service providers can help accomplish a variety of tasks, including:

• Keeping costs in check
• Achieving key performance indicators (KPIs)
• Ensuring quality services

When comparing shared services vs managed services, it’s worth noting that shared services can help reduce your business’s various costs. By consolidating your services and constantly searching for ways to improve them, shared services aim to improve the efficiency of your business while ensuring high-quality resources.

What Are Managed Services?

Managed services are distinct from shared services in a number of ways. Managed services usually refer to IT services, which are outsourced to a third-party contractor known as a managed services provider (MSP). An MSP strives to make important technological decisions on behalf of your company. By working closely with your team, a skilled MSP can ensure that the decisions they make align with your unique business goals.

Managed IT services seek to monitor your IT infrastructure to ensure that it’s doing its job as efficiently as possible. This includes managing all of your machines, servers and mobile devices and inspecting them for any potential issues. Most managed service teams also offer a wide range of additional services to companies, such as cyber security support and data compliance support.

 

If you choose to hire an MSP after comparing shared services vs managed services, you can help prevent costly problems from appearing before they wreak havoc on your business. A managed services provider ensures that your systems are up-to-date and that they’re running smoothly.

An IT expert can also confirm that the latest software is installed, which is crucial to keeping potential issues at bay. Older systems tend to cause more problems, which can put a lot of strain on your business in the long run.

Choosing the Right Business Model for Your Needs

As you analyze the differences between shared vs managed services, it’s important to account for the pros and cons of each business model. Making the right decision for your business ultimately boils down to understanding the implications of both service types.

First, consider the size of your company. If you own a small business, you may want to consider investing in managed services. A managed services provider can provide you with access to key technological tools while helping you stay within your budget. Additionally, by letting a managed services team take care of your company’s tech needs, you can shift your focus to other pressing tasks that are needed throughout your business.

It’s also crucial to think about your team’s level of expertise. If you’re struggling to meet clients’ needs due to a shortage of skills and experience among your internal team, it’s a good idea to outsource these skills to a third-party provider. Alternatively, if you’re confident in your team’s ability to cater to customers’ needs, you may consider opting for shared services instead.

Another key point that can help you decide between shared services vs managed services is response time. You might have to settle for slower response times if you rely on your internal staff to perform different tasks. Even if you assign responsibilities to a large group of workers, you likely won’t see the same efficiency as you would by outsourcing to an MSP. At the end of the day, choosing managed services can allow you to achieve a higher level of productivity throughout your entire workforce.

Help Your Business Thrive With the Right Managed Services

At Network Coverage, we provide businesses with a wide selection of customizable managed IT solutions. No matter what your goals are or what your budget looks like, we cater our services to your specific needs so that you can focus on doing your job successfully. By connecting with one of our highly responsive support teams after you’ve decided between shared services vs managed services, you can be assured that your technological needs are in the right hands.

The Differences Between Outsourcing and Managed Services Providers

As your company grows, your IT Department may end up stretched too thin, or unable to keep up with the everchanging threats of hackers and intrusion. From blind spots to infrastructure failure and application monitoring, these disruptions can significantly impact your ability to run your business.

These vulnerabilities may have convinced you that you need to find a better way to run your department or even seek outside assistance for operations. However, not all outside IT companies are created equally, and when you’re outsourcing your technology operations, it’s easy to find independent IT companies that specialize in outsourced technology solutions.

Outsourcing By Another Name

There’s another option for businesses whose IT Department is overextended, or for smaller businesses that can’t afford a dedicated IT department full of specialists for different aspects of technology. No matter the size and scope of your company, you could benefit more from businesses that offer “Everything as a Service” (XaaS) for technology.

It’s easy to assume that managed services companies are simply different terms for “outsourcing,” and while this type of company and outsourced tech providers share similarities, there’s quite a bit of difference. Outsourcing has had a (somewhat deserved) poor reputation as a cheap source of tech support from remote workers that may be located halfway across the globe.

Managed services providers, on the other hand, are more than just outsourcing by a sweeter name. While it’s true that these are external service providers, the scope of work from managed services providers is much different from simple outsourcing.

Comparing Managed Services to Outsourcing

Outsourcing firms often offer specific types of services or narrowly defined aspects of a multi-phase project. For example, some companies may choose to outsource their helpdesk operations or to outsource a certain phase of a software development project. Other functions of outsourcing can include simple tasks like data entry or preparing files for conversion to a new operating system. When you outsource, often you’re selecting a firm to fill a discrete need.

Managed services providers offer a more comprehensive approach to technology services, and typically offer a range of services that can include a one-top-shop for a complicated project, or different kinds of tech services that can help take some of the stress off an overextended internal IT department, like 24-hour troubleshooting services, or updating infrastructure. A good managed services company will employ a large team of skilled IT professionals with specialties in different areas, allowing clients to pick and choose from a wide range of options for IT applications.

The Managed Services Experience

Let’s take a closer look at an example of a managed services provider in action. For example, let’s say that your sales management software is ready to go live, but still needs a few additional features to allow teams in the field to more effectively use it.

In this situation, the managed services team can provide an assessment of the program to determine what needs to be done to allow your team to effectively use an expensive new program, from additional training to turning on certain features or aligning the program’s features to how you actually operate your business. The service provider can also assess your hardware and performance-compromising issues. If there isn’t an upgrade to your sales software on the market, a managed services provider can even write one for you, customized for your needs without affecting the operation of your business.

Foresight and Vision

It’s not just the comprehensive service and specialized talent that makes managed services companies so different from traditional outsourcing firms. It’s also the difference between a vendor, providing the exact service you specify and nothing more, and a visionary partner, one with the expertise to offer actionable insight into how you can run your business more efficiently.

Managed services providers work with you to find changes that can streamline your service, helping you grow your business, and propose solutions that you may not have thought of. For example, they may find a place that you can use AI services to reduce repetitive busy work and free up your team for enhanced client services, or automate much of your marketing, allowing your sales team to have more time to source new leads.

How Can I Find the Right Managed Services Provider?

Understanding what you need from your managed services provider can help you find the right fit for your company. Plus, some less reputable outsourcing companies may brand themselves as managed services providers, but not offer a truly holistic technology service.

Ask for referrals from others in your industry for a great managed services company, or feel free to ask for referrals and testimonials from the company itself. If a managed services company has successful partnerships with other businesses like yours, it indicates that they have an understanding of the unique needs and challenges of your industry, and they’re likely familiar with industry-specific software.

Managed IT service providers are a partner, not just order-takers for a certain need. They should have multiple specialists on their team with a variety of skillsets, plus offer both on-site and near-site support models. As you grow, your managed service needs are likely to grow, too, so look for a company that’s both flexible and scalable.

Let’s Get Started!

The team at NetCov has the expertise and flexibility to deliver solutions for all your IT needs, including ones that you haven’t thought of yet. We offer competitive pricing and custom quotes to meet your specific needs, plus insight into how we can help you become more efficient and productive. Give us a call today or visit us online to learn more!

Everything You Need to Know About IT Consulting

Businesses and organizations often hire IT consultants to help manage and improve their IT services. An IT consultant works with information technology systems to help companies manage, optimize, and automate tasks through technology.

Is it worth investing in an IT consultant? Improving your IT services can help streamline your business and may add value; allowing you to focus more in-depth on your business while pushing to increase your profit.

Before deciding whether an IT consultant would be right for your business, it’s essential to understand the role of an IT consultant. Let’s look at what an IT consultant can offer your business.

How Does IT Consulting Work?

IT consulting offers various [managed] IT services to companies that aim to improve internal processes and streamline operational systems. An IT consultant helps clients implement changes in these systems. They can also focus on developing or installing software that responds to a specific business need.

When you invest in IT consulting, you may be given advice about which technologies to invest in or which architecture to set up. An IT consultant may advise your business on the type of skills and experience necessary to upkeep systems, operate new software, or manage day-to-day technical tasks.

An IT consultant will also work through several steps when working on a project for a client company. A consultant may elect to conduct interviews with the company’s c-suites, directors, and managers to discover pain points within your existing infrastructure. This will allow the IT consultant to collect data and information designed to find out more about a company’s needs.

The IT consultant will then analyze the information collected and have a discovery meeting with stakeholders to discuss their findings. This information and analysis can then be used to develop a plan of action.

The IT consultant will then be able to create a solution that meets the needs of the company. Software may be installed and systems developed that will improve how effectively the company is run. 

What Does an IT Managed Service Company Do?

IT Managed service companies employ IT consultants, project managers, and specialized experts who work with various businesses.

On a daily basis, managed IT providers use data analysis tools to compile complex information and report it back to stakeholders. They analyze a company’s key performance indicators and look at ways that software or systems can be used to improve the efficiency of the operation of the business.

An IT service company can help companies to develop in many ways. For example, they may help businesses to develop in order to prevent disaster. They can put measures in place to ensure that a business’s network remains secure. They may also be able to create a disaster recovery plan. This type of strategy will outline how your business’s infrastructure will recover in the event of an attack or a natural disaster.

Companies often come to an IT consulting agency with very complex problems. The job of the IT consultant is to help the business to develop solutions and then set them up. An IT consultant must possess many versatile skills in order to be successful.

Skills used by IT consultants

In general, IT consultants are very analytical thinkers who are also very creative. They need to have good investigative skills as they often have to filter through sophisticated networks and/or technical ecosystems.

IT consultants are also required to be proficient in using many different technical tools and software. Critical thinking and comprehension of industry trends is vital. If you decide to work with an IT service company, you will also have access to a team of professionals who can combine their skills and provide unique and innovative solutions. Professional tools and specialized software may be needed to deploy just the right solution. 

Contact Network Coverage

A Managed IT Service company or IT consultant can handle the complex technical needs of your business as it grows. You and your employees can continue to work towards your goals while the technical experts at Network Coverage work to create and maintain your technical systems behind the scenes.

How Does Outsourcing IT Help Improve Network Security?

Network security is crucial if you’re running a company that uses computers, software, or technology. In recent times, there has been rapid advancement in technology, allowing businesses to streamline their operations and improve their production. While technology is a great thing, it also brings security risks such as hacking (e.g. denial of service attacks) or spamming (e.g. phishing exploits).

Outsourcing IT to an IT security consultant can help your company improve network security.

IT Network Security

While many businesses have a dedicated IT department, it’s an excellent idea to employ an IT consultant as this will help your company improve network security. Professionals such as IT security consultants specialize in making your software, computer systems, and networks secure.

IT security consultants can check for vulnerabilities in business networks. They can then design security solutions that will meet the organization’s needs and stop cyber attackers in their tracks.

IT companies can view your networks from the perspective of both the attacker, as well as the victim. This will help them to locate vulnerabilities accurately. The business IT systems can then be improved to make it harder for hackers to gain access, thus making the network more secure.

Why businesses need to keep their networks secure

Many businesses find that it’s better to outsource IT to improve security. This allows you to employ a professional company that may have more skills, knowledge, and experience than your existing IT staff. You may also find that some IT security service companies employ top experts with first-hand experience of how to find security threats.

It’s crucial to invest time and money into improving your business’s network security. If you were to suffer from a cyber-attack, it could result in a substantial monetary loss. Most companies agree that making an initial investment to outsource IT security is better than spending money after an attack has happened.

Attackers, hackers, and spammers target various businesses or organizations, so no industry is safe. Whether you’re running a government department, financial institution, or another enterprise, you’re still prone to attacks.

Crippling losses can occur in only minutes if a hacker was to break into your business accounts. Businesses also need to protect their intellectual property and ensure their customers’ data is always secure.

How to Improve Network Security?

Managed IT service providers like Network Coverage employ experts that follow the latest security trends and design solutions to keep companies’ steps ahead.

IT security consultants have vast expertise in many different applications, including databases, software, and hardware, networks and firewalls, encryption, and more. They combine all their skills and experience to help companies prevent attacks. Network security can be improved by allowing an IT security consultant to assess the existing systems and infrastructures, find any weaknesses or vulnerabilities, and create a plan to improve upon after the initial assessment.

An IT specialist will then be able to develop and implement security solutions that will prevent unauthorized access. Experts can not only recommend network or software upgrades, but they may also recommend upgrading network hardware. Technical tests such as malware analysis can evaluate whether or not a business’s information is at risk.

Working on new projects

 If your business is working on a new project, it may be a good idea to outsource IT work. An IT security consultant will be able to recommend best practices that will help you create a secure network from the beginning. They can continue to advise your business on the best way to protect security over the long term to protect your software through its development life cycle.

Network security is vital to all businesses, and outsourcing your IT can help make your business more secure. It’s a wise idea to outsource IT security to a dedicated company even if you have your own IT department. An IT security consultant or IT service company will have the right skills and experience to find vulnerabilities in your network and make changes to eliminate the chances of your business being the victim of a cyber attack. Using an IT security consultant will likely help your business to save money in the long run.