“Almost half of businesses in the UK including SMEs (43%) suffered a cyber-attack in the last twelve months.” - Department for Digital, Culture, Media and Sport
Reasons for outsourcing cyber security services
Advantages of Managed Service Provider (MSP)
Breadth of cyber security knowledge
In the UK:
- 43% of micro firms,
- 41% of small firms,
- 39% of mid-sized firms
don’t know the reasons which lead to a cyber-attack.
- Lack of proper knowledge on the contributing factors and sources for most of the disruptive breaches makes SMEs vulnerable to cyber-attacks.
- As such its best to outsource cyber security to a Managed Security Service Provider (MSSP). Experience and knowledge of managed cyber security service providers will reduce the chances of a cyber-attack considerably.
- Also, a managed security service provider will be able to educate employees through cyber security awareness training programs and monitor your organisations exposure on the dark web, amongst other things
Fixed monthly or yearly cost
- 34% of SMEs in the UK find it challenging to invest in IT security as the cost has historically been high
- 30% of SMEs spend less than 3% of their overall budget on cyber security.
- Managed Security Service Providers (MSSP) offer cyber security services at a very affordable and fixed cost.
- Majority of MSSPs offer their services to SMEs on a monthly subscription fee, but some may charge it annually.
- The fixed cost helps SMEs to plan their cyber security investment efficiently.
24/7 peace of mind
On average it takes around 3 days to neutralise the effect of a cyber-attack, leading to lost staff time and deviation of focus from the core business.
- Managed security service providers will perform around-the-clock monitoring.
- Continuous monitoring is an essential aspect of security as an enterprise can come under a cyber-attack at any time of the day.
- With 24/7 monitoring and security support, SMEs can enjoy peace of mind to focus on their core business operations and revenue generating activities
Availability of cyber security professionals
According to industry experts, there will be a shortfall of 100,000 cyber security professionals in the UK by 2022.
- Outsourcing cyber security is the best option for businesses these days, and it is especially crucial for SMEs that have limited budget or employees.
- SMEs often have trouble attracting and retaining top security professionals.
- Some do not have the time or resource to deal with routine maintenance, which will ultimately lead to an inefficient security system.
Better Security Management
The cost of cyber attacks
- for small enterprises amounted to around £894
- while for medium-sized enterprises it was around £8,180
- Managed security service providers (MSSP) use a suite of detection and prevention tools and robust backup protocols to try and prevent cyber-attacks and shorten recovery time.
- Outsourcing cyber security services to MSSPs will reduce and mitigate cyber threats.
- MSSPs maintain cutting-edge security technologies to provide endpoint protection, web and dark web monitoring, security awareness training, penetration testing, vulnerability scans, firewall management and much more.