Security execs are increasingly outsourcing their security efforts, driven partly by the evolving complexity of the workplace and the resulting challenges of keeping pace with the post-covid era.
The rising use of managed security service providers is crucial according to a 2020 report by MarketsandMarkets, global spending for managed security services will grow 8% annually and surpass $46 billion by 2025. The research firm attributed the growing popularity of managed security services to increasing incidents of cyber threats and the growing sophistication of cyber-attacks. The complexity of the modern enterprise IT environment – remote working, more cloud services, and IoT – is fuelling the need for help from outsourced service providers.
Here are some benefits of outsourcing your cybersecurity efforts to managed service providers:
1. Layered security best practices and diversified experience
Security service support comes along with years of industry experience, deep knowledge, and an extensive set of technical tools to monitor security threats, regularly update systems, and mitigate vulnerability at a cost-effective rate. By outsourcing your cybersecurity efforts, you enjoy professional security services that help you maintain the right security layers including DNS security, software patching, anti-malware, firewalls, password managers, and reducing the risk of exposing sensitive data to unauthorized users.
2. Lower costs
Like most managed service providers, MSSPs provide economies of scale and can provide improved security capabilities at just a fraction of the cost of what an in-house team would cost. In addition, by outsourcing your security services, you get to enjoy what you pay for, and you can scale your security practices and measures based on growing business needs. The ability to scale up and down with changing business requirements provides huge cost savings, thus improving an enterprise’s bottom line.
3. Level the playing field
Most small to medium-sized enterprises cannot afford to match their security levels with in-house support services for larger corporations. Outsourcing security services can help small to medium-sized enterprises enjoy advanced security capabilities and expertise that large corporations access. By outsourcing cybersecurity efforts, you don’t invest millions exclusively for all those tools and expertise.
4. Fixed or nearly fixed costs
Moving to a managed service provider can switch huge costs from Capex to Opex, thus achieving certain accounting budgets for the organization and creating credibility in the accounting process. By switching from in-house to outsourced cyber security services, businesses achieve advanced security levels at fixed costs and get to optimize the resources, tools, and expertise of trusted providers.
5. Reliability and sustainability
Due to their larger size and complexity, MSSPs can handle turnovers more easily whereas an organization with one in-house team can be blindsided when one or two IT staff leave the organization. In addition, complex, sophisticated attacks may overwhelm in-house teams, whereas outsourced providers have the industry expertise to deal with the most sophisticated attacks.
6. Reducing risk
Maintaining security in a company is not a walk in the park. It entails multiple aspects of risk such as government regulation, competition, financial conditions, markets, and changing technology. Outsourcing security providers help manage most of the risks that come within you, with specific industry expertise and knowledge, especially about regulatory issues and compliance.
Managed IT support reduces the chances of security breaches significantly. Outsourcing providers help you build customized risk management measures apt for your business needs and model. MSSPs evaluate all risk areas and determine a security strategic plan to follow in the event of breaches. This evaluation and plan reduce downtime and costs by a significant margin.
Outsourcing service providers helps focus on regular maintenance and backups to prevent data loss and help you implement security best practices to meet evolving business needs.
7. Quicker path to maturity
You get to leapfrog forward with advanced capabilities by bringing in an organization that’s already matured. According to experts, you tend to achieve the most benefits with a trusted provider with proven excellence in cybersecurity.
8. Quickly deploying new technology
An efficient outsourced IT organization will have the right tools and talent to begin projects quickly. Managing and deploying the same in-house team may take a considerable amount of time to identify and hire the right people, train them, and offer the required software they need. However, outsourced IT service providers come bearing years of proven excellence in various projects. So, you can save money and time from the beginning of projects to the end without much hassle.
It’s impractical to expect your internal in-house IT team to handle all vulnerabilities or even hire a team of security professionals and then train those individuals to perform their tasks now and then.
What if you have downtime for a few weeks? What if you want to pause the project for weeks?
One of the biggest advantages of hiring or outsourcing cybersecurity services is that it can be done on an “as-needed” basis. Outsourcing gives businesses the ability to quickly scale up with an already knowledgeable staff that can handle the dynamic business volume.
Contact Bastionpoint for inquiries about outsourced cybersecurity services.