The impact of cybersecurity attacks on SMEs and corporates

New Markets Team    2 December, 2021
The impact of cybersecurity attacks on SMEs and corporates

New Markets from Telefónica Cyber & Cloud Tech, together with Telefónica Global Solutions and GlobalData delivered a webinar highlighting the impact of cybersecurity attacks on both small and medium-sized enterprises and global Corporates. It was moderated by Rajesh Muru, Principal Analyst – Cybersecurity Solutions at Global Data.

The objective of this webinar was to show the scale, size, and scope of the challenges facing enterprises, as well as the key steps service providers, and especially Telcos, need to take to easily and quickly capitalize on this lucrative cybersecurity opportunity.

Are you aware of the cost of cybersecurity for enterprises?

In 2020, businesses made ransomware payments of more than $400 million in cryptocurrency, a 300% increase compared to 2019. However, the average cost to a business in terms of financial impact, down time and lost opportunity is far greater, with some enterprises, for example in the private Healthcare sector, highlighting post-cyberattack revenue losses in the millions and damage to brand and shareholder value.

Additionally, as Amy Larsen DeCarlo, Principal Analyst – Security Services at GlobalData said, the COVID-19 pandemic has had a huge impact globally on businesses of all sizes, including global multinationals. Almost all Fortune 100 and 500 companies have experienced major disruptions to their operations and markets. As businesses transition to full operations under the new post-lockdown norm, they still struggle with operational changes in employee working styles and supply chains across different sectors.

GlobalData’s research in cybersecurity and discussions with the industry highlights some of the following drivers in the escalation of cybersecurity attacks globally:

  • The dispersed legacy nature of IT in sectors like Government, Healthcare and Utilities, which over time has improved with upgrades but still has vulnerabilities to cyber-attacks.
  • Despite the growing threat of ransomware cyberattacks on sectors, Utilities and Energy are still behind the curve in creating robust security policies and resilient network fortification. The emergence of OT/IoT makes these verticals more vulnerable.
  • The realization by cyber criminals of the ‘high impact’ cyberattacks can create on verticals like Utilities, Energy and Government, and the opportunity this creates in increased ransom demands.

Partnerships are key in security to deliver value to enterprises

As enterprises contemplate longer term hybrid work scenarios, changes to their IT infrastructure due to digitization, and operational challenges (i.e. supply chains and internal security team resourcing across IT), they seek external support closing the security gaps.

As Sebastian Garcia de Saint-Léger, Head Offnet Sales and Alliances at New Markets (Telefónica Cyber Security and Cloud Tech) said during the debatePartnerships and alliances are critical in the rapidly evolving cybersecurity market. No single company can cope with the speed at which new technologies develop in cybersecurity. That is why at Telefónica we have agreements with top cybersecurity vendors and invest in cybersecurity start-ups. Building a wide ecosystem of partners is critical to deliver high quality services to our customers and channel partners”.

Telefonica’s differentiated value proposition for Channel Partners 

During the debate, Bechara Kaddoum, Strategic Account Manager – Cybersecurity – EMEA & APAC at Telefónica Global Solutions, emphasized Telefónica’s willingness and desire to support third-party service providers through partnerships that deliver strong differentiated security solutions that meet the needs of modern digital enterprises challenged with security in the current climate. With Telefonica value proposition, other telcos or system integrators can define and deliver services in cybersecurity and create additional revenue streams with reduced investment.

García Saint-Leger explained that, if the SP is a Telco, there is an even added intangible value in our proposition. As he quoted: “We share the same DNA and timing, and we have gone through the same steps they will follow if willing to enter the cybersecurity market. Other Telcos will learn from our successes, but even more importantly, from our whole journey”.

Case Study: How Telefónica helped a Telco become a Managed Security Service Provider in less than a year

Kaddoum highlighted some good customer examples in the Webinar where Telefonica has supported partners in regions like the Middle East to deliver digital security services to their enterprise customers, within a 12-month timeframe.

With Telefónica’s support the partner was able to implement a successful go-to-market strategy to launch innovative services leveraging white-label technology, execute multiple PoCs with high-profile customers, provide full training with the internal teams that supported the end-to-end delivery of security opportunities, and implement & operate Managed Security Services from its own SOC and multiple large MSS propositions that are currently in operation.

To learn more about Telefónica’s value proposition for Channel Partners, you can contact us here.

Here you have the most relevant moments of the webinar:

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