Deciding whether to outsource cyber security often comes down to discussions around budget. Companies that have an in-house security team may find it difficult to convince leadership that outsourcing is necessary, but it is an ever-evolving area that no business can justify scrimping on.
Take a look at three reasons why your company should outsource cyber security:
Your Team Needs Assistance
Cyber crimes are increasingly becoming more sophisticated and complex, and it is impossible for any corporate security team to keep pace well enough to defend their systems. It would require a high level of expertise in a variety of areas, including malware, phishing, ransomware, denial-of-service (DDoS) attacks and hacking, plus the multitude of IT vulnerabilities that make each of these types of attacks more likely. It is challenging for any business to hire enough individuals with a level of training in each of these areas, and simply may not be achievable.
The shift in work environments to a heavily remote population further complicates the need for more cyber security investment.
You’re Stuck in a Reactive Response Model
Cyber security outsourcing can transform your approach, moving from a constant reactive state to proactive protection against potential threats. This model can help protect your company from future attacks, mitigating threats before they become serious rather than dealing with an expensive and disruptive attack only after it has happened.
You Need to Protect Your Assets
Companies are constantly forced to make decisions about which technology or talent they will invest in and which will offer a tangible return on investment. When it comes to a decision whether to outsource cyber security, a lot of companies ask the wrong question. It’s not whether you can afford to invest, but whether you can afford not to invest in cyber security outsourcing.
The cost of a cyber security investment is far less than the cost of a data breach. According to a report from IBM Research, the average cost of a breach was $3.92 million in 2020. This does not include the reputational cost that often comes with a data breach. There are many organizations that simply cannot recover from a costly breach.
Your organization may consider an in-house monitoring tool as a way to detect threats without investing in outsourcing, but it is unlikely that your company will have the resources to monitor it around the clock. Hackers are more likely to strike outside normal business hours.
In addition to better security coverage, outsourcing cyber security has added benefits for your team. Instead of being stretched too thin and overworked trying to implement digital transformation objectives while also responding to ever-changing cyber security threats, your team will be able to focus on more strategic opportunities for your company.
Choosing to outsource cyber security isn’t a quick or easy decision, but when you consider the positive impact it can have on your organization, it becomes a clearer one. Contact us at eXemplify for guidance in determining whether to outsource and choosing the right solution for your business needs.