Why SMEs should outsource their Cyber Security
Cyber attacks are a recurring threat, with almost a third of businesses in the UK reporting cyber security breaches in the past year. As of previous years, this is much higher, particularly among mid-sized enterprises (60%). In a rapidly changing technology landscape, outsourcing cyber security services can help your business remain agile, protect sensitive data, control costs and monitor threats continuously.
Here are the top five benefits of how outsourcing your cyber security services to professionals can minimise your businesses exposure to cyber attacks.
Access to experienced security experts
A fact for SMEs is the shortage of skilled security professionals. The UK alone is estimated to have a shortfall of around 100,00 experienced security experts by 2022. When recruiting for an in-house cyber security role, businesses likely cannot differentiate a good applicant from a bad one. On top of that, when in the post, it is challenging to assess their productivity due to the complex nature of IT and security systems. On the other hand by outsourcing to managed cyber security service providers, even small businesses can access highly qualified IT security experts. These providers usually possess deep expertise in the field of IT security, giving enterprises the best security services.
Outsourcing saves cost
One of the most significant incentives of outsourcing is that it is highly cost effective. 34% of SMEs in the UK find it challenging to invest in security due to high costs. With a managed service provider, businesses can reduce their operational costs, lower IT operating expenditures and conserve capital budget. Managed security service providers provide support, expertise and resources, which SMEs would not have access to otherwise due to significant price constraints.
Improved and continuous cyber security monitoring
Businesses have sensitive data and information worth stealing, and attackers often take over one system as a platform to launch a cyber-attack on another system. According to Cyber Security Breaches Survey 2018, almost half of UK businesses, including SMEs (43%) suffered a cyber-attack in 2018. Managed service providers use remote network monitoring and clean backup protocols to prevent an attack and shorten the recovery time. Outsourcing security services will help reduce and mitigate various forms of cyber threats. Reputed providers will continuously monitor dark web, offer end-user security awareness training, penetration testing and SIEM, among others.
SMEs’ lack of cyber security knowledge
Lack of knowledge on the contributing factors and sources for most of the disruptive security breaches make organisations vulnerable to cyber-attacks. According to a survey by the Department for Culture, Media & Sport, 41% of small firms and 39% of mid-sized firms do not know the reasons which contribute to most of the attacks. 60% of small and 52% of mid-sized firms are also unaware of the source of these breaches as well. Outsourcing can reduce security risks considerably as providers will implement awareness training programs together with monitoring, detection and other security controls.
Peace of mind
The managed security service provider will perform around-the-clock monitoring. On average, it takes around three days to defuse the effect of an attack, leading to lost IT staff time and deviation of focus from the core business. With the provider offering 24/7 monitoring and support, SMEs can enjoy peace of mind to focus on their core business operations and revenue generating activities.