Is Outsourcing Your Cyber Security Function a Wise Decision?
The cyber security world of today is extremely fast. As you remove one malware from your company’s system, cyber criminals may have come up with new, more dangerous malware. In order to survive in this growingly risky atmosphere and reduce their costs, many businesses outsource their cyber security function.
The question is: is it a judicious idea to outsource your cyber security when your business’ critical information is at risk?
Well, the answer depends on what functions you exactly contract out, who is the contractor, and the provisions of the agreement with the contractor.
Simple, automated processes that do not differ drastically from company to company are virtually ideal for subcontracting. For instance, it is a good idea to outsource your company’s security monitoring task. It can be done remotely without any problems.
Findings of the EY’s report that surveyed more than 1,700 company executives and IT managers from across the world indicate that 41 percent of companies have outsourced their security monitoring.
There are also many companies that outsource their susceptibility assessment. The EY’s report showed that 52 percent companies outsource their vulnerability assessments, while 21 percent outsource their cyber security help center and 21 percent respondents outsource their self-phishing drills.
Furthermore, 56 percent respondents said they outsource their business-specific cyber security activities and 33 percent said they subcontract the development of their cyber security management mechanisms and systems.
Outsourcing comes with many benefits. First off, it cuts your costs. Outsourcing your business function costs far lower than hiring permanent employees, training the employees, and buying specific equipment and tool for them. Moreover, outsourcing gives you access to specialized, fully trained, and experienced talents.
However, you should select your cyber security outsourcing company carefully. Cyber security is a critical function of any business in today’s digital world. You need not take huge risks. It is important to strike the right balance when evaluating the risks against the benefits of outsourcing.
If you are not ready to take any risks with outsourcing your full cyber security function, you may consider co-sourcing it. Co-sourcing is a substitute to outsourcing, with lower risks and more benefits. Under this work arrangement, the outside cyber security experts work as a part-time employee or freelancer on-site or remotely. They work together with your team to defend your organizational systems, data, and networks against cyber security threats. This arrangement is effective and reliable. It lets your internal staff collaborate impeccably with outside experts.
Co-sourcing is extremely recommended where the outside expert is needed to have in-depth knowledge of your business. For instance, if a breach occurs and you do not have enough internal experts to deal with it, an outside expert can be a great help. Outside cyber security experts can deeply understand the root causes of the issue, elaborate it properly, and work with your organization to neutralize any threats or attacks.
Trust is Crucial
Whether you plan to outsource or co-source your cyber security, you need to judiciously vet the subcontractor. You should not take uncalculated or un-assessed risks. You may start by asking your colleagues for help. Online sources are also reliable.
Once your shortlist a few cyber security service providers, you may interview the existing or past clients of service provider about the service quality. You may also read online reviews on independent sources. Then go ahead and interview the service provider. Ask for relevant certifications and self-assessments.
Going through all of the theses processes would help you find a trusted and reliable cyber security service. Since cyber security service is very difficult to be evaluated or defines, there can be a continuous battle between the client and the contractor. Remember, there is no cyber security company that can guarantee you that your systems, data, and network would not be compromised.
As the number of cyber security breaches increases, more companies are asking for extra security. While outside firms and contractors will not guarantee you that you would not get hacked, they would go a long way toward decreasing the risk and warding off possible attacks. They will be your second in command when your company’s inside cyber security experts need help.