We live in an age of increasing connectivity, with billions of devices connected to the internet at any given time, storing everything from business communication, financial details, and customer profiles to photos of our doggos and children. This interconnectivity brings both opportunities and risks.
Today, hackers can easily purchase malware (harmful software) on the black market and remotely install it in victims’ devices to gain access to valuable information such banking details, passwords, PINS, and other private information. Native digital businesses are also at risk. For example, poorly secured wireless networks of e-commerce businesses can be exploited. If the organization’s data is not properly protected, all their customers’ confidential records can get into the hands of attackers and be used in malicious activities.
According to IBM the average time to identify and contain a data breach is 280 days, and the costs associated with a data breach average US$3.86 million.
Small and medium enterprises (SMEs) and their vulnerable infrastructure are most exposed.
When we think of cyber security, we tend to picture a room of white-hat hackers ever vigilant and monitoring, fighting each moment to deter attacks. In reality, cyber security is more like good health management. Prevention is key, and occasional trips to the doctor are advised. Indeed, specialists are sometimes needed, but early diagnosis followed by proper treatment can ward off most issues. However, compared to the human body, a company’s digital infrastructure varies widely, making accurate diagnosis and treatment often costly.
When their in-house IT department won’t do, SMEs rely on their IT Consultants (widely knows as Managed Services Providers or MSPs) to help them with anything digital. But who do small businesses turn to for help when they need assistance with their cyber security ? Who are the ‘doctors’ to their businesses ?
This is the dilemma that the founders of CODA Intelligence, a Romanian born, US based company have set to tackle. Their vision is that every IT Consultancy firm should be able to provide their clients with the same cyber security solutions that are nowadays available only to Fortune 500 companies.
So they built a product.
The result is CODA Footprint, a SaaS platform enabling Managed Service Providers (MSPs) and other IT services providers to easily and rapidly engage with their clients and to assess in real time what parts of their digital infrastructure are at risk of attack. Rather than offering inscrutable vulnerability reports, CODA’s artificial intelligence feed into an intuitive dashboard designed to help executives and IT management easily understand their security status.
The dashboard also estimates the financial impact a cyber attack would have on the company versus the cost of prevention. CODA Footprint simplifies complexity and lowers costs for SMEs to manage vulnerabilities by enabling MSPs to quickly, efficiently and continuously monitor their customer’s cyber footprint and remediate security vulnerabilities. In just one click, a client can request their MSP to fix any vulnerabilities identified by CODA Footprint! The platform is easy to use, deploy and support for SME customers. Since Footprint is a white-labeled solution, the platform seamlessly integrates in the MSP’s existing workflows.
CODA Footprint changes the paradigm of cyber security, providing the tools for any MSP that may have no solution today or minimal cyber skills in house, to become an MSSP (Managed Security Services Provider), and to monitor and protect their clients’ digital footprint.
CODA also reduces the cost for MSSPs that are using more expensive and complex solutions that require extra security teams to support, interpret and remediate threats.
At Roca X, we are proud to be an early supporter of CODA Intelligence and to assist them in helping business owners build healthier, more solid businesses, by making cyber security more accessible and affordable for companies of all sizes.