Exploring Volatility: How an MSP Can Help You Manage with Technology

VUCA, short for volatility, uncertainty, complexity, and ambiguity, has become a trendy term in recent years. It is essentially a way of saying, "Hey, it's pretty crazy over here. We're navigating uncharted waters, and the future is uncertain."

In other words, it’s an acronym to describe that change is the only constant in today's unstable business landscape. But how do businesses keep up with evolving customer needs and manage their day-to-day operations in a world of frequent, rapid change? It’s difficult, and some barely manage it. Without a plan, leading a team and running a successful business can seem almost impossible.

Technology can be a vital component in planning, managing change, and reducing your vulnerability to volatility. Designing and implementing a VUCA-enabled IT plan, can provide volatility inoculation. Let's dive into how.

What Exactly is VUCA?

Much of the discourse surrounding VUCA focuses on broader aspects of the economy and its impact on business. For example, let us explore volatility. In a volatile market, the price of cryptocurrencies can skyrocket or plummet in hours, catching investors off guard. Or, for uncertainty, it is hard to know if the price of oil will go up or down or by how much, making it difficult for investors to make informed decisions.

However, while these examples clarify VUCA, they lack a connection to real-world business’s day to day operations. For example, how much do the fluctuations of oil prices resonate with a small to mid-sized manufacturing company, independent insurance agency, or accounting firm? Likely not very.

That said, almost all businesses have something in common - they rely on technology and leverage IT. With that in mind, let's look at a more IT-centric definition of VUCA.

• Volatility: Sudden technology disruptions such as system crashes, power outages, or cyber-attacks can result in significant losses that can take time to recover from. In a volatile IT environment, a sudden virus outbreak could cause a company's entire network to shut down, leading to lost productivity and revenue.
• Uncertainty: Rapidly changing technology trends and advancements can make it difficult to predict how technology will evolve and what will be needed in the future. In an uncertain IT environment, it's hard to know whether investing in a new technology or platform will pay off in the long run or if it will be rendered obsolete by further advancement in a matter of months.
• Complexity: The interconnectedness of different technology systems and platforms can create a complex web of dependencies that can be difficult to understand and manage. In a complex IT environment, a change in one system could have a ripple effect on other systems, potentially leading to unforeseen downtime or data loss.
• Ambiguity: The lack of clarity around new and emerging technologies can create uncertainty about what they are capable of and how they will impact the business. In an ambiguous IT environment, it may be unclear whether a new technology, such as artificial intelligence or blockchain, will be able to deliver the promised benefits or if it will fall short of expectations.

How Zero-Day Threats and Other Forms of Cybercrime Can Disrupt Your Business

Zero-day threats refer to security vulnerabilities in software or hardware that are not yet known by the developers or vendors and for which no patch or solution exists. Alarmingly, zero-day exploits are increasing. For example, researchers identified 55 zero-day vulnerabilities exploited in 2022, a 200% increase compared to 2020.

Attackers exploit these threats to gain unauthorized access to systems, steal sensitive data, or launch other types of attacks. Zero-day threats can cause volatility in business operations by emerging suddenly, and without warning. This leaves organizations vulnerable to cyber-attacks that can disrupt services, compromise confidential data, and harm their reputation.

Beyond zero-day threat vulnerabilities, other cyberattacks compromise the stability of businesses. In today's digital age, businesses face an array of cybersecurity threats that can result in devastating consequences. From ransomware attacks that can lock down your entire system to phishing scams that can trick employees into giving away sensitive information, the risks are endless. These attacks can come with steep financial and reputational costs.

Moreover, this is no small risk. By 2025, cybercrime costs are projected to increase by 15% and reach a staggering $10.5 trillion.

With the constant growth of the reliance on technology in today's business world, it is crucial to have a proactive approach to cybersecurity. This can include working with IT professionals who can help detect and mitigate these threats.

How an MSP Can Help Reduce Volatility

Managed Service Providers (MSPs) can help organizations reduce volatility in their IT environments through various plans and strategies. For example, MSPs can conduct comprehensive risk assessments to identify potential vulnerabilities and provide guidance on how to mitigate them. They can also create and implement security policies and procedures to ensure that all employees and devices adhere to best practices. An MSP can also provide ongoing monitoring and maintenance of IT systems to ensure that any issues are detected and resolved quickly.

One effective strategy Managed Service Providers can implement to reduce volatility is a zero-trust security model. This model assumes by default that no user, device, or application can be trusted. Instead, users can only access the network after successful authentication and authorization. A significant advantage of a Zero Trust Network is its ability to prevent or contain zero-day attacks with continuous monitoring and privilege validation.

An MSP With a Clear Strategy for Volatility

At LammTech, we use ThreatLocker as the backbone of our zero-trust network strategies.

ThreatLocker provides advanced endpoint protection by using a zero-trust approach to prevent unauthorized access and reduces the risk of cyber-attacks and data breaches. This technology allows for comprehensive and granular control of applications, admin permissions, storage control, and the wider IT environment.

Through ThreatLocker, our cybersecurity expertise, and personalized IT strategies, we can help you say goodbye to volatility and hello to stability and peace of mind when it comes to your organization's cybersecurity.