There has never been a more dangerous time for companies to do business digitally. As technologies progress and evolve at a rapid rate and organizations continue to migrate their entire infrastructures to the cloud, the threat of cybersecurity breaches increases, putting their valuable and sensitive data at risk. Furthermore, while the transition to digital systems has largely increased efficiencies and reduced company costs, the need for more stringent security standards has never been more evident.
The complexity and requirements of a modern cybersecurity program have made it increasingly difficult for many organizations to implement and maintain adequate cybersecurity capabilities. These organizations are overwhelmed with the threat of a breach and the need to achieve and maintain compliant status.
Regardless of the industry they may be in, most companies are cognizant of the vulnerabilities they face from cyber criminals, as well as the negative impact a cyber threat could have on their business. So, if these companies are aware of the increased risk associated with these advancements, why do so many of them have inadequate security practices?
In most instances, the reason behind weak security measures comes down to one thing – money/budget.
Managing your information security internally can be extremely expensive, especially when you consider the following:
- Utilizing in-house IT personnel to manage security services shifts their focus away from core business tasks, creating additional challenges for the company to solve.
- Company personnel will need to undergo training to be able to adequately manage these services. Effective training costs money. And as these security threats evolve, the need for additional training will be required; once again, this training comes at a cost.
- The scarcity of resources in the InfoSec industry makes it extremely difficult to retain employees for any extended period of time. So, after spending money and time to provide them with training, they end up leaving your organization for a higher paying job, leaving you with the daunting task of having to restart all over again.
The Logical Solution – Hiring a Third-Party Managed Security Service Provider (MSSP)
Understanding the cost savings that a third-party MSSP can deliver is vital for companies in today’s digital age. Below are just a few of the numerous ways employing a third-party MSSP can help save your business money, while elevating your level of IT service and maintaining the security of your infrastructure:
- Provides substantial reduction in risk of breach-related costs
- Greatly reduces technology and licensing costs
- Eliminates staffing and training costs
- Utilization of up-to-date cyber security practices and technology
- Administers a scalable solution
- Provides continuity of support
Provides substantial reduction in risk of breach-related costs.
One of the most impactful ways an MSSP can save your company money is by eliminating breach-related costs. If your company handles, processes, stores, or transmits sensitive information or confidential data, there is always going to be a risk that it will be hacked, and the costs associated with such a breach could be catastrophic, and in some cases, could put you out of business.
Greatly reduces technology and licensing costs.
Choosing to maintain security operations in-house requires the spending of thousands of dollars-worth of necessary equipment and software licensing before you are even up and running. The facility, analyst, and software licensing costs incurred by the third-party MSSP are distributed across their entire customer base, allowing your security operations to begin without the large up-front expense.
Eliminates staffing and training costs.
Your organization would save time and money by eliminating the need to provide and maintain a dedicated, well-trained staff to manage your security services. A third-party MSSP will provide this for you.
Utilization of up-to-date cyber security practices and technology.
Successful MSSPs are leading-edge implementers of new best cyber security practices. MSSPs have greater specialization and economies of scale from providing similar services to many organizations. They have the opportunity to refine technique continually for greater effectiveness. This enhances security outcomes. Additionally, MSSPs that manage solutions they sell have more advanced notice on patches and more insight into the importance of these updates. They also have practical and financial reasons to keep systems up to date and optimally configured, reducing costs and improving reputation.
Administers a scalable solution.
As you grow, you will need a wide range of IT skillsets to support the growing needs of your organization. That can be difficult to plan, costly to manage and very inefficient until you reach a certain scale. Adding, reallocating, or reducing resources or specialized skillsets is simple with an MSSP.
Provides continuity of support.
MSSPs can offer better security coverage with an established 24x7x365 security operation center (SOC). MSSPs offer continuous monitoring of your security systems, 24 hours a day, 7 days a week, putting even the most advanced in-house professionals to shame.
Cyber criminals are evolving at an incredibly fast pace, and even the largest global enterprises are experiencing gaps in their security systems. Without the proper protections put into place, an organization will spend ridiculous amounts of time and energy attempting to keep up with these threats, not to mention manpower, salaries, and man-hours spent on continuing education/training for qualified in-house IT specialists. While cost is typically the deciding factor that keeps companies from hiring MSSPs, there are many ways that hiring these providers actually end up saving you money. Whether it be reducing breach-related costs, decreasing money spent on employees, the reliability of predictable expenses, or gaining the benefits of around-the-clock protection, understanding the cost savings an MSSP can deliver to your organization is essential.
Unfortunately, many companies don’t enlist the help from Managed Security Service Providers until a breach has already occurred. Don’t be another statistic. Reach out to a qualified and experienced MSSP today.
A Synergistic Relationship
Over the past two years, MegaplanIT has leveraged the vast expertise of I.S. Partners to provide SSAE18 and HITRUST audits to their clients. This partnership has developed into a synergistic relationship, with each organization sharing their knowledge and expertise in a wide array of areas that focus on regulatory compliance, thus ensuring that our clients receive superior service when undergoing an audit.
The Uniqueness of MegaplanIT’s Managed Security Service Program
Most Managed Security Service Providers focus solely on security. What makes us unique is that we got started as a compliance consulting company. We’ve audited hundreds of businesses, from small, family-owned companies to enterprises with more than 10,000 employees, meticulously reviewing their environments for any gaps or deficiencies. Our team recognized that many of these businesses had gaps that could be rectified with the implementation of an effective Managed Security Service. After months of research and training, MegaplanIT’s Managed Security Service Program and 24X7 Security Operation Center were born.
Creating a team of seasoned Security Engineers and Analysts who utilize industry-leading tools and appliances, in partnership with our Qualified Security Assessors and Compliance Consultants, allows us to provide our clients with a unique and complete package, one that helps them exceed their compliance requirements (PCI-DSS, NIST, ISO), while simultaneously providing a comprehensive security solution that includes Asset Management, Vulnerability Assessment & Remediation, Behavioral Analysis, Threat & Malware Detection, SIEM, Endpoint Security, & more.