Over the recent years, cybersecurity has become one of the significant threats in businesses. According to Gartner, it is estimated that the world’s expenses on cybersecurity will hit $133.7 billion by 2022. The procedures, techniques, and tactics the cyber attackers are using are getting sophisticated by the day. No wonder many companies are now outsourcing cybersecurity operations to Managed Service Providers (MSPs).
According to one May 2020 report by MarketsandMarkets, there will be an 8% annual growth in global spending on Managed Services. By 2025, the expenses will have surpassed $46 billion. The rise in the use of outsourced MSPs is an indicator that you ought to join the bandwagon if you haven’t already
Let us delve in more in-depth and tell you why you should outsource cybersecurity operations in your business.
Most businesses run on a stringent budget. If you are in the category of SMBs, you know that hiring in-house cybersecurity professionals can be expensive. Your IT team will also have other issues to fix and, meaning cybersecurity might just slip under the radar. This is where outsourcing expertise in cybersecurity operations comes in handy.
The outsourced experts monitor the security landscape often to protect your business. They will keep tabs on the latest tactics cybercriminals are using and defense approaches. They can detect threats, identify and close loopholes that cyber attackers can use to access your systems and network. In such a partnership, any form of attack on your business can be averted faster.
Again, the cost of hiring an in-house IT personnel is much higher than paying for outsourced cybersecurity operations. Your business will receive high protection levels and cut IT expenses on your books.
Bridge skills gap
From a study by Capgemini among companies in the UK, it was noted that in every ten organizations, seven face a gap in cybersecurity skills. Another report by New York Times estimated that there would be close to 3.5 million unfilled cybersecurity jobs by 2021 worldwide. In other words, there is a shortage of cybersecurity skills as the world evolves into the tech space. It could even be more challenging to hire an employee with the qualifications and experience in cybersecurity. Outsourcing cybersecurity operations is now the best way to bridge the skills gap in the market. MSPs have the expertise that many businesses can share to cut costs.
Exposure to emerging technologies
As technology is advancing, new devices pose more threats to systems and networks. Devices like computers, smartphones, and laptops are connected to a corporate network that needs assessment and monitoring for vulnerability. As a business owner, you may not afford to keep investing in new security tools as you grapple with your core business. This guide elaborates more on what you must know about what is a Managed Service Provider and how you can tap into their infrastructure for your business. You don’t need to spend a lot and harbour all the risks of ending up with obsolete infrastructure. Let a third-party handle that and get access to top-level technologies as they emerge.
Around the clock support
Cybercriminals can attack your systems and network at any time, leading to costly downtimes. Well, you need access to 24/7/365 protection to stay safe. You also need a guarantee that you can get back and up running should disaster strike. Hiring and training in-house IT experts to monitor your network is obviously not feasible for a business reliant on tech. Instead, you can outsource cybersecurity operations and get access around the clock cybersecurity support under proper Service Level Agreements (SLAs).
Nowadays, there are many regulations on data and tech that every business should comply with. Failure to comply with data regulations like the GDPR, the PCI DSS, and more can attract fines and possible lawsuits. Well, outsourced cybersecurity providers will ensure that your business is compliant and on the right side of the law. It will help your business avoid costly lawsuits.
Educating your staff
A study conducted by IBM found that 95% of all the cybersecurity breaches that occur are attributed to human error. In this regard, you should train your employees on cybersecurity best practices. For example, they should be able to identify threats and prevent attacks. In this regard, outsourced cybersecurity operators will be of great benefit in instilling cybersecurity knowledge and skills in your team. This is another way to reduce the risks of data breaches in your business that could occur due to human error.
Cybersecurity requires a high level of skills and knowledge to identify and mitigate threats. Your in-house team may be top pros, but they may not be able to provide the necessary level of expertise in this domain. You are better off outsourcing cybersecurity operations to avoid the losses and the costly repercussions that a data breach can cause.