Without a doubt, cybersecurity threats are on the rise as organisations all over the world face an ever-growing range of cyber threats that can disrupt operations, compromise sensitive data and undermine customer trust.
In 2022, the average global cost of a data breach for companies was a staggering $4.35 million according to IBM (1). The overall cost of cybercrime is projected to reach $8 trillion now in 2023 and could rise to a whopping $10.5 trillion by 2025 (2).
39% of businesses reported experiencing a cyber attack in 2022 in the UK alone. In the USA, 50% of all internet users reported that their accounts had been breached in 2021.
When subjected to cyber attacks, as many as 60% of all small companies go out of business within 6 months, according to Cybercrime Magazine (3).
By 2025, Gartner has predicted (4) that 45% of all organisations worldwide will have experienced attacks on their software supply chains, a massive three-fold increase from 2021.
It is clear that the security threats posed by cybercriminals are very serious, and companies around the world are looking into security solutions to keep up with the ever-changing landscape of cybersecurity management to maintain their operational security.
Tech consulting in cyber security
For many companies, battling cyber security threats such as security breaches and ransomware attacks can be a huge drain on their resources and may not even be possible for small-to-medium enterprises. Keeping up with existing and emerging threats is a massive task for any in-house cybersecurity team, but at the same time, it is something that companies must address in order to maintain their data security.
So what is the solution? Many companies and security managers are reaching out to outsourced cybersecurity services in order to meet their security needs. According to MarketsandMarkets (5), the global revenue brought in through outsourcing cybersecurity in 2022 was $27.7 billion and is projected to rise to $49.6 billion by 2027. A 2022 report by Deloitte (6)noted that 32% of executives indicate a budget increase for outsourcing. With less than 48% of respondents to the survey indicating that they feel prepared to meet current cyber security demands, an incredible 81% noted that they are turning to third-party cybersecurity experts in order to meet their needs.
Outsourced cybersecurity comes with many benefits and it is becoming more and more common for businesses to reach out to managed security service providers (MSSPs). There are many driving factors for this, such as an increase in security breaches, the growing sophistication of cyber attacks, more stringent government regulations in place, an increase in remote working and the overall cost-effectiveness of outsourcing cybersecurity.
Looking for a technology consulting partner for cyber security services?
Let us show you how we can help. Together we can create the solution you need.
8 benefits of cybersecurity outsourcing
When taking the decision to outsource their cybersecurity operations, companies can expect to enjoy the following benefits.
Access to top-notch expertise with specialised skill sets
External cybersecurity providers who specialise in information security will most likely have more experience than an in-house team would. Not only are they cybersecurity specialists, but they also have much broader experience in dealing with a whole range of attacks across a wide range of companies that businesses can rely on when they experience an attack.
In addition, outsourcing cybersecurity affords companies better access to highly talented cybersecurity professionals that they may not have had if they solely relied on their in-house team. Security experts are expensive, and it is much more likely that top industry talents will be drawn to well-established enterprise security providers than they would small-to-medium individual companies. There is a significant skills gap when it comes to cybersecurity professionals, so gaining access to top talents is a very attractive opportunity for any company that is serious about their cybersecurity. MMSPs can afford to hire a wider range of more specialised staff to cover a range of different threats that an individual company simply couldn’t do.
A proactive approach towards cyber threats
Outsourcing security services to a cybersecurity consulting organisation allows companies to be proactive and not just reactive. With limited resources and expertise, companies may only be able to react to threats as they happen, which can be troublesome.
According to IBM’s 2022 Cost of Data Breach (7) report, it takes companies an average of 277 days for companies to identify and contain a breach. The longer it takes to recognise their network security has been compromised by a cyber attack, the greater the financial impact is likely to be. Therefore, adopting a proactive approach to defending against cyber protection is highly recommended.
With third-party managed security services, businesses can access top-quality cybersecurity services and stay ahead of emerging vulnerabilities, attack vectors and security trends. Cybersecurity outsourcing partners can help companies by conducting regular security assessments, implementing robust defence strategies and continually monitoring systems for potential risks. They understand the potential threats posed and mitigate potential vulnerabilities to help organisations strengthen their security posture and effectively safeguard their digital assets.
By entrusting their cybersecurity to an expert partner, businesses can focus on their core operations while maintaining a proactive stance against cyber threats.
Cost-efficient: higher value for lower costs
A key benefit of outsourced cyber security is the cost efficiency it offers. By opting for outsourced cybersecurity services, businesses can leverage their larger economies of scale and benefit from access to specialised infrastructure, tools and expertise. In translation, companies can get a lot more bang for their buck!
It is generally much cheaper to hire a third-party outsourcing partner to handle their cybersecurity services than it is to create an equally specialised in-house team. In-house teams come with extremely high overheads associated with recruiting, training and retaining the required skilled professionals, as well as procuring and maintaining the necessary technologies and infrastructure.
This approach not only helps optimise costs but also offers companies the peace of mind that there is a dedicated team of security professionals monitoring and responding to threats round-the-clock.
Outsourced cybersecurity services help companies to achieve a cost-efficient cybersecurity strategy that aligns with their budgetary constraints while maintaining a robust defence against cyber threats.
Keeping up with the latest cybersecurity trends and technologies
Cyber threats are constantly evolving, so it’s essential that companies stay on top of them with a proactive approach. By seeking third-party outsourced cybersecurity services, organisations gain access to a dedicated team of experts who continuously monitor the ever-changing threat landscape, staying ahead of the latest cybersecurity threats and trends much more efficiently than an independent company could on their own.
In addition, outsourced cybersecurity providers have a greater ability to experiment with and use new technologies by piloting new tech on the market. Cybersecurity outsourcing partners are able to innovate and have the potential to deliver much better and more efficient results, making them an excellent choice for businesses.
Filling in the gaps: in-depth vulnerability assessments
Left to do it alone, companies risk leaving gaps in their cyber security that they may not even be aware of. Outsourcing cybersecurity services can help businesses to carry out detailed vulnerability assessments such as the systematic identification and evaluation of potential weaknesses in an organisation’s infrastructure, systems and processes that could be exploited by cyber attackers.
Security partners can provide companies with in-depth reports detailing any vulnerabilities and threats, as well as offer recommended actions to take to address them. This helps companies to prioritise areas of their operations that need fortifying and reduce the risk of an attack.
Compliance and regulatory assurance
As they have a broader experience of cybersecurity across a range of industries, MSSPs can offer much more comprehensive advice when it comes to complying with regulations and security standards (e.g. EU cybersecurity regulations (8)). These rules quite often vary significantly between countries and states, so they can be extremely tricky to understand for a busy business. What’s more, updates are brought out regularly, so it can be difficult to keep track of any changes in order to ensure that the company remains compliant.
Security partners offer a comprehensive in-depth knowledge of all regulations and security standards, which will give companies the confidence of knowing that they are compliant at all times without dedicating significant in house resources to it.
Scalability: growing and adapting to your business needs
As companies scale their operations up and down, it can be very difficult and expensive for them to scale their cyber security operations. What’s more, companies utilising in-house cybersecurity teams risk getting blindsided when key staff members leave for new opportunities. Working with managed security service providers gives companies the peace of mind of knowing their security operations are taken care of.
Outsourcing partners offer greater abilities to scale the company’s security operations according to their business needs, as they are generally quite large organisations that are able to handle a more significant amount of tasks and processes more easily. When growth occurs, companies are able to manoeuvre safely in the knowledge that their security needs will be equally scaled and taken care of.
Peace of mind: an underrated luxury
How do you quantify having peace of mind knowing that your business’s security operations are in the safe hands of a reliable partner? Most companies simply wish to focus on their core operations and not waste precious resources on securing their data systems and worrying about security breaches. Knowing that their operations are safely under the highly capable watch of an experienced and professional team is a highly sought-after comfort that will undoubtedly be beneficial to all enterprises.
How to choose the right external technology partner for cybersecurity?
When making the decision to choose an external technology partner, the next question security managers and executives need to think about is, ‘which partner is right for us?’ It is crucial that companies pick a partner that suits them well, as this decision can have a huge effect on their security posture. In order to choose the right partner successfully, organisations must think carefully about the following:
Expertise and specialisation
It is important to look for a partner who has a proven track record of providing security services that match your requirements. Make sure that their skill set matches your business operations and security needs, and ensure that you verify the company’s industry reputation, staff qualifications and certifications to ensure they possess the necessary skills and knowledge.
A proactive approach
It is essential that your outsourcing partner has a strong proactive approach to cyber security and does not simply ‘react’ to issues as they occur. Your cyber security partner must be experts in proactive threat monitoring, vulnerability management and ongoing security assessments in order to stay ahead of emerging threats and fortify your organisation’s defences against all possible attacks.
Effective collaboration and communication
These are crucial for a successful partnership. Evaluate your potential partner’s ability to understand your organisation’s specific needs and goals. Assess their communication channels, reporting mechanisms and responsiveness to ensure smooth and transparent collaboration.
Scalability and flexibility
Consider any potential partner’s ability to scale and be flexible to your organisation’s evolving needs. Determine if they can handle growth, adapt to changing technologies and provide scalable solutions. A partner that can grow with your organisation ensures long-term effectiveness and continuity.
Security frameworks and compliance
Ensure that the partner follows established security frameworks, such as ISO 27001 or NIST Cybersecurity Framework. Verify if they have experience in achieving regulatory compliance in your industry, such as GDPR. Compliance with industry standards demonstrates their commitment to maintaining high-security standards.
Top tips when outsourcing cybersecurity services
In order to maximise the benefits of your cyber security outsourcing partnership, it’s important to keep in mind the following considerations:
- Verify your potential partner – potential security outsourcing partners must be trustworthy. High rotation or a lack of complete company data and professional website red flags, especially when you’re going to work remotely. Before you begin any partnership, verify the company’s reviews and ask for recommendations from previous clients.
- Evaluate potential risks – evaluate the risks to your company posed by sharing sensitive data and giving access to your systems and make sure to have safeguards in place.
- Agreeing on the right approach – cybersecurity services involve specific risks and requirements, so make sure that the methods suggested by your technology partner are tailored to your needs.
- Create a comprehensive service agreement from the outset – make sure that everything you agreed on is included in a well-prepared Service Level Agreement (SLA). This will help all parties involved to have a crystal clear understanding of their roles and duties.
Conclusion: safeguarding your business with a cybersecurity partner
Outsourcing your cyber security services to an outside partner undoubtedly comes with a lot of perks. From the expertise they can bring, the cost savings and the access to top talent, there are many ways that companies can propel their security operations forward. Cybersecurity firms can help companies to replace legacy systems to maintain top-level security and protect their networks from threats. It can be a daunting task at first when choosing the right outsourcing partner, but if you follow the advice detailed in this article, you can be sure to have a great chance of securing a successful partnership.
Are you on the fence and thinking about whether you need to pay more attention to your company’s cyber security defences? If so, now is the time to act. After all, there are two types of companies: ones that pay appropriate attention to their cyber security and ones that ‘will do it’ in the future. Cyber security is like insurance – you pay for it and you wish you didn’t have to spend money on it, but when that critical event occurs and your company is exposed, you are extremely glad you did, as it saves you huge amounts of time and cost!
Have a look at some real-life cybersecurity examples here and remember, be proactive and act before it’s too late!