Have You Heard? Organizations Are Consistently Outsourcing Cyber Security to Managed Security Providers

Have You Heard? Organizations Are Consistently Outsourcing Cyber Security to Managed Security Providers

According to cyber security Insiders' 2018 Managed Security Report, 41% of the companies surveyed suffered business disruptions due to a data breach. Furthermore, 18% experienced reduced revenue due to lost business. If your organization finds it challenging to address security-related issues, you are not alone. In fact, Accenture has recently reported that cybercrime will cost organizations over $5.2 trillion within the next five years. 

There isn't any question that cybercrimes are becoming much more sophisticated. In the digital era, companies can't afford to rely on subpar security. Even enterprise companies suffer from gaps in their IT security. Unless you have the right protocols in place, evolving threats can quickly devastate your business. As a result, many organizations have been turning to managed security services to address the vulnerabilities and provide peace of mind.

What are managed security services? 

Managed security service providers (MSSPs) are cyber security experts who offer comprehensive IT security oversight. Whether it be conducting security audits to investigating data breaches, many companies just don't have - or can't afford - the in-house resources to tackle these complex activities. One of the primary benefits of hiring an MSP is taking advantage of their security expertise without having to incur the costs associated with hiring full-time in-house personnel . It also comes with the benefit of knowing your IT security will always be up-to-date.

Leverage deep cyber security knowledge and experience 

Without having to go out recruiting for new IT staff, companies are turning to MSSPs for their in-depth knowledge on a wide-ranging variety of network issues. When it comes to a company-wide data breach, who would you blame? Do you blame your small IT department, composed of two individuals? Or, do you blame the CEO? This is a challenging question for most organizations. Not to mention, the intense media spotlight after a data breach only adds to the overall anxiety.

Instead, working with an MSSP can ensure that all of your company's cyber security challenges will be addressed appropriately and your networks will be extensively protected. So, you won't have to worry about data breaches -- or the blame game.

Reduce costs 

How do you define efficiency? Basically, it's doing more with less. As markets become more competitive, companies are racing to maximize efficiency. As a result, hiring an MSSP can present the most cost-effect option. Moreover, you get access to a highly-experienced cyber security team at a fraction of the cost of increasing your in-house staff. Also, purchasing a full stack of security solutions can be quite cost-prohibitive for many businesses. 

For instance, hiring a full-time security engineer can range in cost between $70-110k annually, and this is before the additional software and licensing costs you would incur to deploy an in-house solution. As you can see, MSSPs are the more logical alternative.

Supplement your team 

If you already have a small in-house team, they might be overwhelmed with putting out fires and more. On the other hand, an MSSP can give your staff a unique advantage against advanced threats - especially when your staff are already feeling the effects of cyber attack burn out. 

Eliminate the impact data breaches have on customer loyalty

A recent SMB cyber security report found that within the next five years, around 77% of SMBs intend to outsource over half of their cyber security needs. Plus, 78% plan on spending more on cyber security within the next 12 months. There isn't any doubt that security awareness has grown among tech-savvy consumers. So, SMBs are increasingly interested in supporting their cyber security efforts with MSSPs who can provide advanced threat detection and analytics. 

Plug all security gaps with personalized solutions

Is cyber security a full-time business? In a word, yes. With all the industry standards and regulations, it has to be. Whether your company deals with medical records, financial data, or even donor data - it is critical that you follow and are aware of all regulatory requirements within your industry and entity type. With an MSSP, you can rest assured knowing that your company has the support it needs to mitigate risks, meet compliance, and maintain security.

Facilitate rapid incident response and investigation 

What's your initial response to a data breach? Do you have an adequate plan? Unfortunately, many businesses are blind-sided by the regular onslaught of advanced attacks. The last thing you want is to be caught off guard. It's reassuring to know that an MSSP can offer precise incident response and event investigation -- as needed. 

For starters, events must be investigated to prevent copycat attacks. And, incident response can be activated whether it is an enterprise-wide or single-system compromise. Then, your MSSP can analyze your current challenges and offer customized actions based on their experience handling thousands of attacks.

In conclusion 

Is security a priority? Do you need a provider who offers more advanced threat detection and analytics? Working out of Cincinnati, Dayton, and surrounding areas -- we are uniquely positioned to help your organization prevent mortifying data breaches. Feel free to contact us today to see how we can effectively manage all your security needs.