Cyber threats are on the up and are only going to increase over the coming months and years. The events of 2020 and early 2021 have shown state-sponsored hacking being organised for many years, and nations have been complicit in some of the largest hacks to date.
Gone are the days where a company could implement basic security measures by ring-fencing with a firewall. Advanced threats are increasing, and how hackers are operating has evolved. Cybersecurity spends across the globe has increased multi-fold going from USD182 Billion to USD230 Billion. These figures are only going to increase as the range and complexity of cyberattacks increases.
Cybersecurity is a critical pillar for business, and if you want to ensure you are protecting your assets, the proper focus needs to come from the top. Having the right people with skills is essential if you want to ensure that your capability is fit for your purpose. Information Security teams need to have several role-based people covering analysts, engineers and architects. Having CISSP certified resources is highly recommended as it shows capability and knowledge on key cyber areas.
However, all of this cost’s money. The cost to employ these people, the skills training, the retention focusses all adds high operational costs to a business; that not all can afford.
The cost to operate a Cybersecurity capability can be significant. A lot will be depending on the company’s size, compliance, the industry, assets, geographic exposure, resource availability and a host of other elements.
Whilst having your own in-house Cybersecurity operations gives you complete control, it also means that you need to evolve and maintain the full service continuously. With the ever-increasing range of attack surfaces and attack vectors, companies need to be confident that they can keep up with new challenges and threats in the domain.
Companies that decide to outsource their cybersecurity to MSSP’s (Managed Security Services Provider) will have no doubt performed a cost and capability analysis. This will have surfaced the benefits and so let’s highlight the five important ones:
1. Having skills and expertise in security: The Cybersecurity game is expensive and in demand. As threats increase, so do the types of skills needed to ensure you can optimise your protection capability. Working with an MSSP; you can leverage these skills and be confident that they are current as that is their job.
2. Leading-edge cyber knowledge and awareness: The threat landscape is changing hourly. Being plugged in to the industry and vendors, an MSSP will be able to access the latest information and threat mitigation processes.
3. Better threat detection and incident response times: A MSSP will likely operate a SOC, and this will have 24/7 monitoring and threat detection capability. Whilst it does come at a cost; it is usually lower if compared to in-house.
4. Cybersecurity Independent Audit: Many businesses do not perform external audits and end up proverbially “marking their homework”. This type of approach leaves them open to attack. Having a managed service provider ensures that your cybersecurity has a fresh set of eyes to monitor and manage, but more importantly, identify issues.
5. Increase control of the supply chain and ecosystem: Events of 2021 have told us that no company or vendor is safe. The hack of SolarWinds has taught us that software and software update process can be compromised and have devastating effects. An MSSP will react and respond faster if these issues are running rampant across the Internet.
The decision to outsource is a key one and needs careful thought and consideration. You must find the right cybersecurity provider that can align with your requirements and form a long-term partnership. Being able to rely on a partner for such a critical aspect of your business is crucial and this can only be achieved by open and honest dialogue and planning.
There is an inherent risk in outsourcing any business aspect, but that does not mean it should not be done. Understanding the scope and scale of risk and then mitigation is how we address this concern.
When outsourcing services, you essentially are trusting another company with elements of your business. Putting in safeguards to protect your business is essential to address this risk/concern. The contract negotiation is a vital part of putting in your safeguards so be diligent around this.
Managed Service Provider Selection: Ensure you understand your business, the requirements and where the risks are. This will be key in ensuring you acquire the right partner and services. A poor partner can prove to be a liability very quickly!
Contract Negotiations: Contracts need to be fair and enabling but must be against a backdrop of risk mitigation. Ensure that you have clear contractual terms relating to the scope, service level agreements, service credits, costs, access and engagement frameworks and exit clauses.
Define a Risk Management Plan: Cybersecurity is a fast-paced area, and cyber threats are ever-evolving. Ensure that you define and agree on a risk management plan that captures current and future risks so that the service can be enhanced to address them
Be Wise: Many businesses feel that when they outsource, they essentially make it somebody else’s issue and then take a back seat. Nothing could be further from the truth. Having a service forum with your partner is key to ensure everyone remains honest and that all issues are surfaced and resolved.
Exit Planning: Whilst we all want to enter a partnership with the best intentions, sometimes, things do not work out. Always ensure that there is a way to exit a service and define clearly what the roles and responsibilities are.
We hope this blog has provided you with the information you needed when it comes to Cybersecurity outsourcing.
If you like the sound of the ‘hands-off’ experience and having your IT and Cybersecurity taken care of by highly trained professionals, we would love to hear from you. Call our friendly team of experts on 0345 314 2001 for a relaxed chat about how we can make all this happen for you. Our team is ready and waiting to help in any way they can.
You can also find us at www.teckgenius.co.uk, where you’ll discover our full range of services that help you leverage the power of technology whilst enjoying the cost-savings that it brings. Alternatively, please contact us here
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