• 													Should you outsource your
    cyber-security?

  • Should you outsource your
    cyber-security?


Finding a balance between risks and advantages of outsourcing

27 September 2018

25% of known security breaches over the past year have caused significant problems for the victimised organisations, from widespread internal impact, bad publicity to actual harm done to clients.i  As the cyber threat landscape becomes more complex, many small and medium enterprises (SMEs) are placing greater emphasis on building up their cyber defence.

How should SMEs manage their cyber-security? Is it wise to outsource to a managed security service provider (MSSP) when your critical data is at risk? Let’s weigh the options.

 

Lower costs and expert support are key benefits of outsourcing

 

A survey by Ernst & Young found that 41 percent of companies have outsourced their security monitoring . As security monitoring typically do not differ from company to company, it can be done remotely without the need for extensive understanding of the company’s systems and processes.

 

Lower costs

For the same reason above, a standard security monitoring service can be provided at lower costs. For the cost-conscious SMEs, outsourcing the security functions would be a cost-effective choice over hiring in-house IT professionals. This removes the hassle and costs in training them and purchasing the necessary hardware and software.

 

Expert support

Leaving your security concerns to a MSSP also grants you access to a team of dedicated and specialised cyber-security experts that many SMEs are unable to hire. MSSPs have the capacity and resources to constantly upgrade their capabilities to keep up with emerging security trends, which might be a limitation for many in-house teams. Moreover, talent shortage is a real concern – security and risk management positions are among the top 10 most difficult IT jobs for employers to filliii.

 

24/7 peace of mind

MSSPs mostly provide a fully managed service that conducts round-the-clock monitoring. This is a critical consideration because an attack is impossible to predict and can happen any time of the day. With such all-encompassing security support, you can enjoy the peace of mind and focus your resources on your core business operations.

StarHub’s Managed Security Appliance Services safeguards your business with 24-hour security monitoring and device management, keeping cyber threats of increasing sophistication at bay.

Increased risk as main concern for outsourcing

 

Of course, outsourcing always comes with its own dangers, since you have to share critical information about your business with external parties.

 

Risk of a third-party

For some companies, it is unacceptable to hand over sensitive or confidential data to an outside entity. This is why a detailed Service Level Agreement (SLA) is necessary to protect your business legally in the event of a data breach.

 

“Make sure that the provider signs a written contract that specifies exactly what is expected of them and that they are willing to guarantee any promises they make.” – Michael Peters, CEO at cyber security firm Lazarus Allianceiv

 

Lesser control

Handing over your security concerns to an external vendor also means passing over a large extent of control. For businesses that prefer to maintain full control over security, outsourcing would not be an option. Managing your company’s cyber-security internally would also allow you to tailor it to fit your business needs.

Choosing to outsource your security needs to an MSSP may not be the preferred option for every SME, but the benefits of partnering with a trusted provider can easily outweigh the downsides. When you’re looking for one, make sure you do your due diligence and engage a service provider that is reputable and reliable to ensure your business’s security.

 

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