Trends in Technology
Cybersecurity has become a primary consideration in a heavily digitized world. Experts estimate that cybercriminals will steal 33 billion records in 2023, a 175% increase from 2018. These rising concerns have led to the increased popularity of managed cybersecurity services, whose market size will grow from $22.8 billion in 2021 to $43.7 billion by 2026.
The change is unsurprising given the frequency of cyberattacks and their impact on organizations. The average cost of data breaches alone was $4.24 million in 2021, and there are chances the actual number is far greater. Hence, managed cybersecurity has become a necessity.
This article will briefly describe what managed cybersecurity services are and share their benefits.
What are Managed Security Services?
Managed cybersecurity services are IT-specific security service that provides monitoring, assessment, management, etc., of cyber risk to organizations. While bigger organizations are free to establish internal departments for the task, most small to mid-sized enterprises (SME) outsource the job to cybersecurity consultants or experts.
It is more feasible for them to shift this task to external partners, like Percento Technologies, than hire an internal team.
Benefits of Managed Security Services
You are taking a massive risk if you run or manage a small or medium business without relevant cybersecurity measures. We understand that it may seem like an added expense, but several benefits make it far more valuable than the money you spend to hire the services.
Following are the top advantages of outsourced cybersecurity services that you need to keep in mind:
1. Allows You to Focus on Core Business
Cybersecurity is a support function in your organization but not the core business (unless you sell cybersecurity services). However, this support function requires a team with expertise and knowledge.
Focusing on it would take your tech team away from core business operations, slowing them down and taking away from your business direction. Hence, relying on an external partner will help you shift this support function to their team, allowing your team to prioritize your core business.
2. Cost and Time Efficiency
Managed cybersecurity services are incredibly cost and time-efficient. The price of outsourcing this function is significantly lower than hiring a team of experts to do it for you. Also, choosing not to manage cybersecurity will put your business data under the threat of cyberattacks, which can be devastating.
Furthermore, IT or cybersecurity experts are well-versed with the job’s nature, allowing them to complete the same work in far less time. Hence, they are incredibly efficient, and you will save time handing it over to them.
3. Access to Field Experts
IT consultancies provide affordable services for SMEs because they have reached economies of scale in their field. For example, Percento Technologies hires experienced experts to the organization with diverse knowledge and skill-set. It gives our team the best position to understand client concerns, design a solution strategy, and facilitate the implementation.
In contrast, hiring even 1-2 field experts will be much more expensive because they demand a higher salary for their experience, knowledge, insights, and services.
4. Quick Incident Response and Reporting
Managed cybersecurity service providers are familiar with attacks and counter them with automated protection and strategy. However, not all episodes get hindered. The good news is that your consultants or partners are very responsive to even the most subtle changes.
You will get an incident report quickly, and the teams will start working on crisis resolution immediately. Additionally, such teams provide an incident report once they resolve the problem, identifying the breach source and providing suggestions for strengthening security to prevent future incidents.
Such a response would typically be complex for a small internal team.
5. Complete Utilization of Security Assets
Most organizations understand the significance of cybersecurity and purchase security assets to minimize risk. Unfortunately, their teams have a limited understanding of these assets and end up using only some features of a sophisticated product.
The benefit of managed security services is getting an external team of experts for the job. They have spent years in their industry and are familiar with most security products. They can use their knowledge and insights to utilize the asset to its maximum capacity and help you get the most out of your money.
6. Fulfilling Risk Compliance Requirements
The increased cyberattacks are a significant enough security threat that they have gotten the government’s attention. Two core reasons behind the attention might be that several cyberattacks have targeted governmental, military, or intelligence databases, while others have stolen user details and committed significant financial fraud.
Hence, there are several federal and state compliance regulations with database management. Getting managed cybersecurity services is ideal because consultants have in-depth knowledge of the rules and regulations. They ensure they are following them, allowing you to rest assured that your organization is compliant.
This compliance is necessary for operations and will be simple when working with your partners.
7. 24/7 Monitoring Services and Logs
Lastly, managed cybersecurity services almost always include 24/7 monitoring and logs. The purpose is to remain alert and respond immediately when an incident occurs. Your consults are typically distributed in shifts to ensure consistent coverage and everyone is prepared.
You will also have access to logs and documentation from the 24/7 monitoring. These logs are critical because they provide the footage, which can be used to check the events that lead to such situations.
These benefits are enough to sway most people because they are honest and push you towards better management.
In short, managed cybersecurity services will give you more time to focus on your core business and provide access to field experts. They are also time and cost-efficient, maximize asset utilization, and provide quick incident reporting and response.
Please get in touch with Percento Technologies to ask any questions about our service range. Our teams are excited about getting in touch, and we will discuss your organizational needs. After meeting with us to discuss your specific needs, you can also request a proposal. www.percento.us/expert-services/cyber-security