With unfilled cybersecurity jobs expected to reach 3.5 million and cybersecurity spending predicted to exceed $1 trillion by 2021, it's no surprise that security leaders are heavily weighing whether or not a managed security service provider would help them increase compliance, eliminate talent shortages, save budget, and most importantly, reduce risk of detrimental cyber attacks.
As a result, many businesses have now decided to manage their security through a managed security service provider (MSSP). In fact, 43% of companies already utilize an MSSP.
But how do you know if you’re ready to partner with third-party vendor to manage your cybersecurity program? That’s the question we'll help you answer today.
Here are four indicators that working with a managed cybersecurity service provider might be the best way to ensure your company is protected against the future cyber threats:
1. Security isn't a line item in your budget.
In a survey from PwC, 45% of respondents in a survey of 9,500 said that their corporate board participates in setting security budgets. While this is progress on recent years, it still means that 55% of businesses aren’t setting a cybersecurity budget. Whether you’re in the beginning stages of establishing your security operations or looking to expand your efforts, hiring internal staff to manage your cybersecurity program is undoubtedly expensive. Working with a managed cybersecurity service provider helps solve many of the budgeting issues related to cybersecurity because it’s based on a flat monthly subscription fee, with no additional hardware or software costs.
2. Your organization’s digital data footprint is growing.
Another benefit is that the right managed cybersecurity service provider will be scalable with the growth of your business. The number of enterprise businesses storing and using sensitive data in the cloud is rising all the time - 77% of enterprises have infrastructure in the cloud, according to IDG.
By 2020 the world will need to defend 50 times more data than it does today, meaning a scalable cybersecurity solution is more important than ever. Whether you like it or not, your digital footprint will likely grow significantly in the next two years. Partnering with a managed cybersecurity service provider is an ideal way to ensure protection as your business grows.
3. You’re reactive to cyber threats but not proactive in preventing them.
The cybersecurity landscape is constantly changing, with new complex threats emerging every day. Ensuring your company is protected requires a proactive approach; making sure all of your systems and security patches are up to date and that your technical controls are working properly. However, many internal teams don’t have the time or resources to keep up with the changes.
A managed security service provider harnesses the threat intelligence you need to proactively address potential threats rather than constantly responding to issues as they happen -- or worse, when it's too late and the damage is already done. This type of relationship allows your internal team to focus on running your business and delegates the more complex, labor-intensive activities to a team of experts who are focused on this type of work 24/7/365.
4. Things go awry, and you don't know where to turn.
If, by chance, you are the target of a cyber attack, acting quickly is essential. Although while time is of the essence, it can be difficult to know the best way to respond to an attack. Should you shut down affected systems or leave them up to gather more information on the attack? Short answer: it depends. And unfortunately, more damage is often done trying to fix the problem than the actual problem itself if you don't have the right measures in place to handle such an emergency.
Using an MSSP allows you to benefit from the combined experience they have in dealing with the issues you’re facing. Through our MAXX Response service, our team has spent thousands of hours addressing cybersecurity threats and breaches, and we bring that knowledge and experience to every client we serve.
If you have ample budget and a monopoly on cybersecurity talent, you may not necessarily need an outside firm to provide a full turnkey solution.
However, if these four ideas resonate with you or if you find yourself struggling to work within a tight budget, establish the right processes, or hire (and keep) top talent, it's time to consider utilizing a managed cybersecurity service provider for your business.