Are you considering outsourcing your security operations?
In business, there’s often a temptation to do everything in-house. Your business is very important to you. Handing it over can seem daunting. The moment you outsource, you might imagine that you’ll lose a certain level of control.
Undeniably, some things are best kept in the business. In-house sales teams are best for ensuring passion. Equally, in-house production is important for quality control and product standards. But, does that mean it makes sense to do everything yourself? When it comes to certain services, keeping things in-house might actually under serve your overall strategy. There’s no need, for instance, to spend excessive amounts on an in-house accountant. Equally, trying to develop a security operations center (SOC) within your working team could spell trouble.
Outsourced Security Operations
Every business owner now knows that security must be a priority. With new online breaches arising every day, data compliance and the protection of sensitive files is more complicated than ever. Yet, if hackers do gain access to confidential information, it can undo a company altogether.
That’s why most business owners now dedicate significant budgets to online protection. But, those same managers often make the mistake developing in-house security operation centers and security information and event management (SIEM).. They convince themselves that this the most cost-effective and efficient option. It’s not. Here’s why.
Security is one of those things which is exclusively better when outsourced. Mainly because business owners don’t realize the cost and effort that goes into maintaining a data-compliant security team. Not to mention that it’s easy to underestimate how much work and equipment is necessary for keeping online data safe.
The companies who rely solely on in-house security efforts often fall victim to the worst breaches. Even if they manage to protect data, they can soon stumble into issues that simply wouldn’t occur if they used an outsourced managed security operations center like BitLyft.
Not convinced? Let’s consider the issues with trying to do it all yourself.
#1 Excessive expense
Expense is, by far, the main downside of in-house SOCs and SIEMs. Business owners are forever underestimating how much this can eat up a business budget. The biggest expense is the wages of a robust security team. Yet, that team doesn’t actively bring in any profit. Not to mention that compliance training and the latest security-based technologies adds up quickly.
If you outsource your security operations you only pay a set monthly fee for all those benefits. In some instances, studies show that outsourcing in this way can cut security costs by as much as an astounding 80%. That’s a figure which no business can ignore.
#2 Reduced response times
Security in a shop is quite simple. When customers aren’t around, theft is unlikely. But, the same can’t be said for cybersecurity. When you store or sell through computer-based operations, your data and finances are always at risk. Most hackers know that defenses are best breached during the dead of night. That could be a significant issue for an in-house security team. You can’t expect your security team to work through the night for extra wages. By comparison, outsourced security operations tend to offer 24/hr support thanks to a larger team. As such, you can guarantee your info is always safe, all without added cost to you.
#3 Limited technology
It’s often necessary to buy technology to protect technology. Proper security requires detection technologies to pinpoint weaknesses and identify breaches. Given how fast malware is developing and adjusting to technologies like these, keeping on top of it can quickly end up costing a lot. Most companies can’t afford to keep up with this in-house. It ends up being a choice between spending money you don’t have or not achieving the necessary levels of security you need.
Outsourced companies have a much larger budget for new technologies and pass that onto their clients.
#4 Compliance complications
Given how significant an issue cybersecurity breaches have become, regulations across the world are getting more severe every day. And, any SOC efforts MUST adhere to these if they’re to avoid significant fines or even legal proceedings. Not to mention the reputational damage that could happen if a breach occurred through incorrect data protections. This could end a company overnight. The most well-known compliance regulations in recent years is the European GDPR, which even U.S. companies must adhere to if operating within European countries.
Other regulations that need to be considered include:
- GPG 13
- PCI DSS
- the NIST Directive
- the SWIFT CSP
In short; compliance can become a minefield when you’re trying to manage your own security. To stay on top of it, your team would need to spend significant amounts of time training and researching, and the investment in equipment and software is significant. By comparison, security-specific outsourced companies make compliance their business. With in-depth security and regulatory knowledge, they can ensure that you play by the rules, no matter how fast those rules change.
No one said that handing over those security reins would be easy. But, as you can see from the points raised in this article, it’s always the right thing to do. Security simply isn’t something you can take risks with, and risks are exactly what you can expect to face if you keep your efforts in-house.
Our services aim to provide you with a simple no-nonsense solution to keep your business safe from online threats. If you’d like to learn more, don’t hesitate to get in touch with us today to speak to one of our friendly representatives.
We’ll help explain the services we offer and how they can be customized to your exact needs.