Every business owner worries about cyber security and with good reason. Breaches are becoming far more common and way more sophisticated. In this article we explore the top 4 reasons why businesses are choosing to outsource their security needs to a managed security services provider (MSSP.)
What is a Managed Security Services Provider?
A managed security service provider (MSSP) provides 24x7 leading edge cyber security services to businesses who don't have the resources to protect themselves from today's threat environment.
Attackers are constantly generating new tactics to exploit existing security practices, which in most organizations falls far short of what they should have in place!
While big companies make the news headlines as victims, its actually small and medium businesses who are starting to be attacked on a more frequent basis - precisely because they don't have the resources to put the proper protection in place.
In the latest Ponemon Survey, it was reported that 55% of small and mid-sized businesses (SMBs) reported experiencing a cyber-attack within the past 12 months, but only 14% considered their security defenses to be highly effective.
Whether it’s phishing, malware, ransomware, or user error, the potential for serious breaches in the security of SMBs is growing, and businesses are starting to seriously consider their options.
Here are four key reasons why you should consider outsourcing your cyber security protection to an MSSP!
1. Lack of In-House Security Expertise
Let's face the facts - you can no longer just install anti-virus and anti-spam software and call it a day.
Mobile devices, remote workers and a growing list of cloud applications that employees are accessing from anywhere and everywhere have removed the secure perimeters of yesterday.
In-house IT teams are particularly stressed with trying to stay on top of fast changing cyber security threats, as most simply don't have the skills let alone the time to source out and implement new solutions.
And hiring the right resources has become prohibitively expensive, as security experts are in extremely high demand.
Lack of in-house talent and time is really the number one reason why business leaders look to a Managed Security Services Provider (MSSP) for enhanced cyber protection.
2. A Proactive Approach to Cyber Threats
When employees come in to work each morning, they want everything up and running - which means somebody has to be providing round the clock, proactive security coverage to protect against a security incident that brings the company to it's knees.
Having an MSSP take on this responsibility means that many threats can be tackled before the client even knows there was potential for an incident, using state-of-the-art cyber solutions (see #3 below.)
Items that often fall through the cracks of an over-worked in-house IT team include:
- Who's checking to see that the latest software updates were installed?
- Some important files were accidentally deleted - are those backups even working?
- Has MFA been implemented across all of your critical on-line applications?
- Who was the last person to update your password policy (do you even have one?)
- How do you protect your endpoints, such as smartphones, tablets and laptops, which are no longer behind the firewall in your office?
And that's just a short list of tasks that should be done on a routine basis to ensure proper protection.
Even businesses with outstanding technical talent will still want their IT professionals to spend most of their time on managing the network and driving new solutions for the business, not on cyber security which demands its own set of niche skills.
3. Access to Newer Security Technologies
While it may be tempting to hire an in-house security expert, it is now the single most challenging job to fill in the IT department.
According to the 2018 “State of the CIO” report from CIO magazine, nearly 40% of respondents said they expect to have difficulty filling their security jobs. These roles also command high salaries and can be difficult to retain once hired.
Even if you do manage to land the right talent, most sophisticated security solutions are often too expensive and too complex for small to medium sized businesses to deploy in-house.
Security solutions such as Intrusion Detection and Response, Vulnerability Scanning and Remediation, and Endpoint Detection and Response need 24/7 monitoring by experts, a function which makes much more sense to outsource due to economies of scale.
Businesses might also benefit from the services of a virtual CISO or CISSP, who can sit down with stakeholders, assess the current environment, and come up with the best strategy for the company, including policy creation and regular employee training.
4. Outsourcing Cyber Security Is More Cost Effective
One of the biggest business values of managed security services is greater cost savings, which includes predictable monthly costs.
As mentioned, its extremely difficult to hire and retain the right talent, which can end up costing countless man hours in recruiting time and a hefty compensation package.
An MSSP can provide 24x7 leading edge security services at a fraction of the cost of a similar capability built in-house, using the latest technologies, proven security processes and top notch security experts.
Most business leaders will sleep better at night knowing that an expert is monitoring their network carefully, recommending the latest technologies and putting in place the policies necessary to keep data safe.
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