Cybersecurity Outsourcing – A Waste of Money or a Smart Investment?

The last 14 months have emphasized that cybersecurity is not a problem to be overlooked, and that, given its constant evolution, it is not an area where organizations can afford to cut corners. Hackers are flourishing off of the dispersed workforce, complex networks, and increasing vulnerabilities caused by the rise in personal and unsecured end-devices being utilized by remote employees in this time of uncertainty.

According to a Gigamon Zero Trust poll, 84 percent of EMEA organizations have witnessed an increase in cybercrime in the last year, with 41% of UK respondents indicating that the increase has primarily been due to a rise in phishing attempts. Furthermore, the potential implications of cybercrime are becoming more catastrophic, as seen by a series of attacks against entities engaged in the COVID-19 vaccine deployment, including pharmaceutical companies.

As a result of the current atmosphere, many business leaders have recognized the necessity to change their cyber strategy in order to remain secure. According to a 2021 PwC report, 50% of UK businesses think that cybersecurity must now be factored into every decision. However, finding the talent necessary to keep a business secured against continuously emerging threats is difficult in many industries.

Also Read: Taking a Full Spectrum Approach to Cyber Security

An Extension to the Team to Help Close the Skills Gap

While the cyber-skills gap is narrowing, employment in this industry still needs to increase by 89 percent globally as cybercrime grows more complicated and sophisticated. It is hard for in-house SecOps teams to access a high enough level of expertise to adequately shore up their company’s defenses.  To protect a company from malware, phishing, ransomware, DDoS attacks, hacking, and the other IT vulnerabilities that continue to emerge, SecOps teams require a high level of expertise and resources.

Given the skills gap, hiring professionals with this level of expertise in-house is simply not possible, and available resources have been pushed to mix and match positions to support the pandemic-driven remote work environment. As a result, outsourcing cybersecurity appears to be not only a wise financial option, but it may also become a necessary factor in a world where cyber-skills are in short supply but cybercrime is rampant.

Balancing Cost vs. Benefit

When economy recovers and social distancing restrictions ease, organizations and their board of directors must make difficult decisions about which disciplines and technologies to invest in in order to see a meaningful return on their investment. However, when it comes to cybersecurity, the question must be asked: can businesses afford not to invest in protecting their company? Investing in cybersecurity is much less expensive than the expense of a security data breach. After the financial difficulties of the previous 12 months, many businesses would simply not survive a security compromise.

So, if a 24/7 SOC is the best cyber-solution, why aren’t companies putting one in place internally? The simplest answer is that it can be incredibly expensive, and even if it is, it is unlikely to be supervised around the clock, which is when mistakes and breaches occur. When this service is outsourced, professionals can monitor any suspicious behavior even when a company is snoozing, making it a far more cost-efficient and effective security solution for organizations.

Also Read: Securing the Shifting Cyber Security Landscape with Collaboration and Consolidation

Furthermore, investing in an external SOC will benefit an organization’s internal NetOps and SecOps teams in the long run. Rather than continually overworked and overburdened IT teams balancing digital transformation activities and cybersecurity monitoring, these experts can be liberated of the obligation to secure and monitor their networks. Instead, outsourced cybersecurity teams will be in charge of threat detection, allowing internal staff to focus on upskilling and enhancing internal procedures and expanding company capabilities.

Unfortunately, cybercriminals are only getting more sophisticated. According to Deloitte, attackers are utilizing COVID-19 as bait to imitate a variety of firms and mislead employees, resulting in more infected devices and chances for ransomware to spread. As a result, it is critical that businesses strengthen their digital defense strategy. Business leaders may finally acquire much-needed trust in the security of their networks by outsourcing security.