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Cyber threats are increasing in incidence as well as sophistication day by day. They have the potential to disrupt or even destroy your business. Investing in cybersecurity is not a luxury. Rather it is mandatory if you want to survive and thrive.
You can either have an in-house cybersecurity team or outsource the responsibility to an external cybersecurity provider. Each option has its own set of advantages and disadvantages. We take a look at them.
You need cybersecurity specialists to handle cybersecurity challenges. They charge high rates making them quite expensive. If you hire them you have to pay them hefty monthly salaries and other perks that full-time employees get. Cybersecurity outsourcing firms do your job at a lower cost thus saving you money. To implement foolproof cybersecurity, you need specialized software and hardware. Acquiring them on your own can be prohibitively expensive. The cybersecurity firm would already have the necessary hardware and software. In short, you have to pay only for what you utilize.
Cybersecurity firms have years of experience in detecting and eliminating cybersecurity threats. They handle cybersecurity challenges day in and day out. Their expertise and experience cannot be matched by an in-house cybersecurity team. They deal with different types of clients and different domains. The knowledge they have is a big asset. They can proactively anticipate threats and resolve them before they cause any damage to your business. On the other hand, in-house cybersecurity teams lack the expertise and experience to handle many kinds of cyber threats. Thus, it is a risk to rely on internal cyber security teams. They may get overwhelmed by large or new cyber threats. It is better to leave the task to capable handles such as professional cybersecurity firms.
Cybersecurity firms already have their systems in place. They are constantly updating them with the latest cyber threats. An in-house team has to advertise, screen, and hire cybersecurity personnel. Additionally, training has to be imparted. This takes significant time, money, and effort. By this team, your systems may already be hit by a cyberattack. Then it will be too late to take remedial action. On the other hand, as soon as you sign a contract with a reputed cybersecurity firm, they will start monitoring your systems for threats and proactively prevent attacks.
An organization’s cybersecurity needs may vary with time. They may need more cybersecurity or less cybersecurity. Cybersecurity firms offer the flexibility to increase or decrease the level of offered cybersecurity. This kind of offered scalability is difficult or impossible in the case your firm has an in-house cybersecurity team. So, you can choose the plan best matches your firm’s current needs and not pay for what features you do not need.
Depending on where you are located there may be industry regulations regarding the protection of confidential data and/or cybersecurity standards. Failure to comply may invite fines or disqualifications. Professional cybersecurity firms are aware of these rules and regulations. Further, they can make sure that your organization is compliant with the latter. Left on your own you may be ignorant of this important aspect. Trying to achieve compliance at short notice may prove to be costly and slow. Avoid this by partnering with professional and reputed cybersecurity firms.
Professional cybersecurity firms have access to databases containing the latest and emerging cyber threats. Thus, they can mount a proactive and more potent response. This facet is something that small in-house teams lack.
You are not the only client that a professional cybersecurity firm has. They may promise you exemplary reaction time but you cannot take them at their word. Firms may give priority to bigger clients or more severe cyberattacks. If you have a minor issue they may not give as much importance to it as bigger issues. The minor issue may grow to be a bigger threat leaving your systems vulnerable.
The cybersecurity provider may charge you a fixed rate. However, you will not know the actual charges for their services until a major issue crops up. They may ask you to install new software to safeguard your infrastructure or ask you to purchase new hardware. The reason they may give is new or novel cyber threats. Then the cost may become several times higher than you budgeted for.
Your internal cybersecurity team will be familiar with the cybersecurity systems you have already invested in and are in place. So, time is saved in training on how to use the existing infrastructure. An external cybersecurity firm’s systems may be incompatible with your existing security systems. So, they may suggest different systems which involve additional expenses. Also, time will be spent on acquiring the new hardware and/or software. Fresh training will have to be given to your staff on how to properly use the new systems for optimum results.
In-house staff will have good and in-depth knowledge about your organization. They will know where important data is stored and what are your business processes. Remember that no one knows your business better than you do. Outsourcing firms will never have the depth and breadth of knowledge regarding your organization that internal staff will have. In-house team knowledge about your organization will prove to be handy in the event that cyber threats emerge. Outsourcing firms simply do not have the time to understand your business. Also, your data will be kept confidential when in-house staff is handling cybersecurity.
You know what your in-house team is doing. Outsourcing firms won’t communicate as freely regarding what they are doing to tackle cyber threats. You can monitor in-house cybersecurity staff on a daily basis which is not possible with external providers.
Outsourcing firms typically have multiple clients. So, you may not be their top priority. For in-house teams, you are the main priority. They will put in their very best to tackle cyber threats. The team members will not waste any time and keep you in the loop. They will be more transparent as well as responsive. Plus, you know them personally and trust them to keep your enterprise afloat.
An in-house cybersecurity team knows your needs and preferences. So, they offer a customized approach for your security needs. On the other hand, outsourcing firms have a generic approach that may not meet your specific and unique cybersecurity requirements.
Your staff is involved with your organization’s security needs right from the start. If a new person joins it will take time for him/her to match the extensive knowledge that veterans already have. Your enterprise’s cybersecurity needs may depend on a few individuals. In case any of them exits your organization there will be a gap in knowledge. This can cause delays in restoring your cybersecurity arrangements to the earlier levels. This danger is more when your cybersecurity team is relatively small.
Cybersecurity is a challenging field demanding many resources in terms of qualified individuals as well as the latest technologies. Small companies can’t afford to hire expensive cybersecurity specialists. Also, the state-of-the-art systems needed to implement effective cybersecurity may be beyond the budget of small and medium-sized enterprises. Companies that are just starting off are especially vulnerable. They are better off availing of the entry-level plans offered by outsourcers. Even small entities are able to operate and achieve adequate cybersecurity standards thanks to these affordable pricing models.
Large outsourcing cybersecurity firms can afford attrition. That is because they have a large pool of talented and skilled cybersecurity professionals. If someone moves out because of a lucrative offer or other reasons they can be easily replaced by an equally capable professional. Also, outsourcing firms know where to hire the right talent. Attrition affects internal cybersecurity teams adversely. They find it difficult and time-consuming to get a suitable replacement.
As many people in the industry already know there is a current shortage of qualified and experienced cybersecurity professionals. It takes time to hire the right talent. Meanwhile, your organization is vulnerable to cyberattacks. This may result in downtime or your company going bust. Save time and unnecessary risk by hiring an external cybersecurity provider.
Cyberattacks can happen anytime and at any place. As per industry statistics, they are more likely to happen on weekends, holidays as well as outside working hours. Small in-house teams are simply not enough to implement round-the-clock monitoring. However quality cybersecurity outsourcing firms realize this fact and hence offer 24/7/365 monitoring and support.
It is important to conduct a vulnerability assessment of your infrastructure in order to identify security gaps. You don’t have to choose between an in-house cybersecurity team or outsourcing your cybersecurity needs to an external provider. Classify your cybersecurity needs depending on what you want to outsource and what you do not want or need to. Specialized and highly technical responsibilities can be outsourced. Outsource what your internal team does not have the capacity to do. The rest of the responsibilities that are simple and repetitive can be shouldered by your in-house team. So, you can pick and choose which parts should be outsourced or not. This is known as the hybrid approach and is quite popular nowadays. Finally ensure you sign an SLA (Service Level Agreement) with the provider outlining details of response time, costs, and responsibilities. That way your enterprise will be in safe hands. Note that physical security is complementary to cybersecurity. So, it is recommended to install surveillance equipment at strategic places in your workplace to take care of the physical security aspect.
Focaloid is a stellar software development products and services company catering to clients in the US & UK. We have the necessary expertise and experience in cybersecurity. For your information, Focaloid has a team of talented and seasoned professionals with extensive expertise in cybersecurity. Over time we have established a mature outsourcing model which is productive, efficient as well as effective. You can safely rely on us to deliver outstanding software solutions and services within stipulated deadlines. Contact us at your earliest to know how we can help you. We are committed to superior client satisfaction and mutual growth.