Dan Farina
Marketing
In the modern landscape of cyber threats, it is not so much a matter of if your data is at risk of being compromised, but when. As mitigation of these dangers is key to operating in today’s world, one of the most critical services to any company’s prosperity is an investment in cybersecurity.
When it comes to outsourcing cybersecurity, there should be no question as to the benefits it can yield. If a company opts to outsource, they can optimize their allocation of resources by attaining the best quality of work from other industry experts while refocusing in-house assets on other tasks. The following five reasons illustrate these benefits.
1. Cost Efficiency
At first glance, it may seem that outsourcing work will cost more than establishing similar capabilities in-house. However, the ground floor on cybersecurity costs is higher than most companies not already focused on cybersecurity can justify. There are many logistical costs to consider when building your own SOC (Security Operations Center), including software licensing, hardware infrastructure, and accumulation of employees with high degrees of expertise. When considering costs, a fully staffed, 24/7 team equipped with software, hardware, and training could cost you upwards of $3 million a year.
Furthermore, the costs when dealing with a data breach are significantly reduced when entrusting your network to professionals. According to a 2022 report by IBM, businesses with access to an incident response team with a regularly tested plan saw an average of $2.66 million lower breach costs than organizations without, representing a 58% cost savings. Organizations with a zero-trust architecture deployed saved nearly $1 million in average breach costs.
2. The Work of Experts
Relying on the services of a cybersecurity company is not only cost efficient, but also more effective when it comes to creating and implementing security solutions. Many companies rely solely on software to get the job done, but software is only as good as the human analysts working beside it. The most important resource to a SOC is its people. A SOC can’t run effectively if not led by cybersecurity experts, who are in increasingly short supply due to talent shortages in recent years. When outsourcing, you are getting a package of both software and the human capital backing it, deeply knowledgeable and experienced security analysts who are able to keep abreast of the latest developments in the industry.
Instead of having to hire a team of security analysts, implement training, go through turnover, you can turn to a reliable cybersecurity company. Staff instability can lead to the loss of institutional knowledge with employee turnover, so it is sensible to go straight to the source of the highest concentration of skill and expertise. They have gone to lengths that you won’t have to in order to establish the means for securing your organization’s data.
It is unlikely that an in-house team will be staffed with as many or as well-trained individuals as a dedicated cybersecurity company. As IBM’s research elucidates, the average cost of a data breach at organizations with insufficiently staffed security teams or those with a shortage of skill was 12.8% higher.
3. Real-Time Monitoring and Instant Analysis
Your company can’t afford to hesitate when it comes to addressing vulnerabilities or potential breaches in your network, nor can it afford any downtime when it comes to doing your job. However, this requires a significant investment in resources that can become quite a headache. Companies focused on cybersecurity will be able to provide the highest quality software and security analysts that can proactively detect threats before they turn into breaches, and in cases where breaches do occur, minimize the damage to a degree that would not otherwise be achievable. Often, breaches in your network can go days, weeks, or even months without being detected if not fully monitored with the level of care afforded by dedicated cybersecurity firms.
As many as 90% of successful cyberattacks and 70% of successful data breaches originate on endpoint devices, making management of these threat vectors indispensable. The technologies that can automate and provide 24/7 monitoring of your network cannot be easily implemented within your company without outsourcing. IBM found that organizations with security AI and automation deployed were associated with average data breach costs that were 65.2% lower than on average compared to organizations without, the biggest differentiator in breach costs across all metrics studied.
4. Advanced Monitoring
With SIEM (Security Information and Event Management) solutions, you can customize your security defense to be on alert for specific threats that are more common in your industry or line of work. With frequent updates to servers and endpoints, you can have a team of experts managing your SOC and preparing your network for the latest threats.
By outsourcing, you can not only be made aware of critical vulnerabilities that are inherent to your organization’s infrastructure, but the services provided can be selected to fit your unique needs. Even if you were to have the resources in-house, an outside perspective can reveal key elements that are missing in your security protocol. Additionally, by recreating past security incidents or analyzing new ones, advanced threat monitoring can continue to implement more effective security measures.
5. Time Efficiency
As with any service that you outsource, when you eliminate one line of work or task, you are freeing up time for your staff to focus their attention on more important matters. Your company is most likely not a cybersecurity company and therefore has other things to worry about. Outsourcing your cybersecurity needs will give your company one fewer thing to concern themselves with, and the assurance attained by entrusting the cybersecurity of your company to qualified professionals should not be understated.
Outsourcing your cybersecurity will ensure that you achieve compliance with all necessary guidelines and provide the protection you need. These five benefits will make a difference for any company.
If you are looking for a dependable cybersecurity company, we can provide you with all the benefits we touched on. At Magna5, we leverage localized teams backed by robust national support to ensure our clients’ total peace of mind. With over 20 years of experience in the industry, you can rest easy and leave the difficult work to us. Receive total protection from one partner—contact us today.
