The onset of the pandemic in 2020 accelerated the surge in remote work. However, the cybersecurity landscape wasn’t left unaffected. Cyber security threats accompanied this digital transition and left about 50% of small and midsize businesses (SMBs) under security attack.
Over the last two years, awareness of cyber risks among business leaders has gone up a notch, and reasonably so. A recent study revealed that about 68% of business leaders admit to confronting growing cyber security risks and threats.
According to IDC, the average business will likely incur a cybersecurity-related ransom of up to 1 million USD or more yearly. That’s about a million dollars being doled out because of security threats and data breaches. For these reasons, having a dedicated team to oversee your cybersecurity operations is no longer an option.
Often, many businesses face the difficult decision of handling their security needs internally or outsourcing them. While having an in-house IT department could help curb the activities of bad actors, investing and working with a managed IT services company is often a smart option for businesses that lack the infrastructure to set up effective business-grade cyber security.
This blog post will discuss seven reasons outsourcing your cyber security requirements to an IT professional is the right decision. Read on!
Benefits Of Outsourcing Your Cyber Security Operations
Here are seven reasons you want to outsource your cyber security operations:
1. Cost Advantages
Outsourcing your cyber security needs to an IT professional can offer many cost advantages. Most small and medium businesses may find training and maintaining their own in-house security team expensive and time-consuming.
Recent research also indicates a scarcity of cybersecurity expertise, making it much more expensive to put a security expert on the payroll.
Unfortunately, even if you have someone in your team who knows a thing or two about implementing security programs, you’ll most likely require more than one specialist to handle all security operations center-related problems. It just doesn’t cut it, paying so much to hire a bunch of security specialists in-house when you can get the same service when outsourced for half the cost.
On the other hand, IT professionals already have access to the most up-to-date technology and resources to customize solutions that meet any budget. Also, since MSSPs can usually afford to hire more specialized talent, you get more experts onboard when outsourcing without breaking the bank.
By outsourcing your cyber security needs, you can ensure the highest level of protection without breaking the bank. With the right IT partner, you will receive support when needed. You won’t experience downtime due to preventative maintenance or system upgrades which could be costly and result in losses in business if not properly managed.
2. Access To A Wider Range Of Expertise And Resources
Outsourcing your cyber security to an IT firm is one of the best ways to guarantee protection for your business. The threat landscape constantly evolves as the dangers of ignoring threats and vulnerabilities continue to grow.
Because of this, cybersecurity demands specialist knowledge and skills that need to be constantly updated. Finding time for internal staff to participate in specialized security training is a constant struggle, especially since cybersecurity is a complex and ever-changing field.
IT firms specialize in providing cyber security services, and their team members are trained and experienced in detecting and mitigating potential security threats. They also often have access to the latest security technologies and tools designed to protect you from security threats. More so, they provide quality assurance by regularly testing and monitoring security systems to ensure no breaches occur.
By leveraging their expertise, tools, and resources, your business is better armed to deal with evolving cyber threats as they arise. By working with a trusted expert, you can rest assured that your system is as secure as possible.
In short, when it comes to keeping your business safe from cyber threats, there is no substitute for having access to experts and resources; this is one thing outsourcing your cyber security affords you.
3. Improved Security Posture
By outsourcing cyber security to an IT firm, your company can benefit from improved security protocols and practices to protect against potential threats. An expert in digital security will be able to quickly identify any potential threats and take the necessary steps to protect sensitive information from malicious attacks.
They can also implement advanced defensive measures, such as firewalls and encryption, which offer an added layer of protection for your data.
With someone dedicated to cyber security, you no longer have to worry about the potential risks of running an online business or storing confidential information on the internet. In the event of a data breach, an IT firm can help quickly mitigate the damage and protect your data and online privacy. If a comprehensive security plan is something your business needs, then outsourcing to an IT firm is your best bet.
4. Uninterrupted Support
There is no end to bad actors and cyber threats. Malicious tools are constantly on the prowl looking for network vulnerabilities. And the longer a threat goes unattended to, the more the damage. You need a dedicated team working 24/7 to protect you from a data breach.
Regrettably, most businesses, especially those in the small to medium range, lack the funds to set up a 24-hour security operations center. Having an experienced IT firm handle your cyber security requirements can be the solution.
Your in-house staff may be unable to respond quickly, primarily if the strike occurs outside regular business hours. An extended reaction period will invariably translate to massive losses for you and your business. On the other hand, IT firms can provide ongoing and real-time support and system monitoring.
However, a competent managed security service provider (MSSP) enables continuous system assessment and monitoring, ensuring threats are identified early and addressed before they cause any harm. Such prompt action guarantees that your company doesn’t experience downtime, protecting you from losses.
IT firms can better identify potential threats, vulnerabilities, and areas of improvement to develop robust cyber security measures. IT firms can utilize their expertise to manage security systems efficiently and effectively while providing technical support and advice when needed. Furthermore, they can also help with an incident response if something happens.
5. Improves Efficiency
Businesses that outsource their cyber security to an IT professional can benefit from the ability to focus on their core competencies. Protecting your business from security threats can be a full-time job.
Even if you have an internal IT department, you’ll undoubtedly spend a lot of time training them and providing them with the necessary tools and software. This alone could cause you to lose focus on your other core business operations.
Outsourcing cybersecurity can free up your internal IT staff to focus on other essential tasks, such as maintaining and improving your IT infrastructure. This can help you improve the efficiency of your business operations.
By outsourcing this responsibility, you won’t need to worry about becoming a technology expert; instead, you can use the time they save on developing and refining your key skill sets. This frees up valuable resources and helps create a more productive work environment.
Moreover, with an IT professional at the helm of your cyber security, you can be sure that you are getting the most comprehensive protection for your data and systems, allowing you to rest easy knowing that all your information is secure.
6. Compliance Assurance
Compliance assurance is an essential part of any company’s cybersecurity plan. Highly regulated industries, like healthcare and finance, often require players to adhere to strict data protection regulations.
Even if you don’t fall under any of the two, many industries have specific regulations and compliance standards that companies must follow regarding cybersecurity. IT firms can help you ensure that your security measures meet these requirements and that you remain up-to-date with the latest industry standard.
Given the ever-changing digital regulatory landscape, keeping compliance with data protection regulations can be challenging. Sometimes the scope of new legislation may be too complex for an internal IT department to comprehend and adhere to, leading to significant fines.
However, you bypass all these hurdles when outsourcing your IT security to a third party. MSSPs often have an in-depth knowledge of different regulations, both on the national and international scale, including HIPAA, GDPR, and SOC 2.
Having someone whose sole focus is ensuring compliance assurance helps your business maintain compliance with industry regulations and standards, saving you from class-action lawsuits and expensive penalties.
Scalability remains one of the top factors for many companies that decide to outsource.
Businesses have varying security needs based on industry, size, and stage in the business life cycle. More so, cyber security demands onboarding highly trained specialists who can keep up with the pace of the ever-evolving and complex threat landscape, a feat almost impractical and unreasonably expensive for most SMBs.
Managed IT providers solve this problem. MSSPs uniquely tailor their services to meet a business’s and industry’s dynamic needs and size.
MSSPs provide each client with solutions that can be modified to accommodate more network traffic, power, and hardware in the future. This scalability factor, together with the right mix of support, products, and services, makes it a more flexible and affordable option for SMBs.
Best Practices For Outsourcing Your Cybersecurity
While onboarding an MSSP can bring many benefits to your enterprise security function, you may experience significant drawbacks if you don’t take out time to structure the contract. Here’s what to do to maximize the pros of hiring an MSSP:
- Carefully review what you’re outsourcing and keeping in-house.
- Design SLAs (Service Level Agreements) uniquely tailored to your organization’s security requirements. This will help define the scope of your MSSP’s service and guarantee that you get all the necessary software updates when new threats arise.
- Choose only IT firms with the right mix of experience and expertise.
- Adopt scalability so your service providers can always match their services to keep up with your changing organizational needs
Given the rise in cyber security threats, outsourcing your cyber security to an IT professional can be a great decision. It frees up your time and resources and ensures that potential threats are addressed quickly and professionally.
Additionally, keeping routine maintenance and updates in the hands of an experienced IT professional will provide long-term peace of mind knowing that your digital assets are protected and safe.