It is now no longer socially unacceptable to be concerned about cyber security. Recent large-scale security breaches have resulted in 34% of the US population having their private data exposed over the past year. Furthermore, worries around safety have been exacerbated due to the extensive use of the Internet of Things (IoT). As a result, in a world where almost all electronics, from mobile phones to laptops to tablets to household appliances and a multitude of corporate operations, are reliant on computer systems, the need for complex dialogue regarding cybersecurity has become paramount. To help address this, many organisations opt to outsource software services to reduce the pressure of having to keep up with the regularly changing requirements of cyber security.
Cybersecurity is a term that encompasses computer security, which is the practice of protecting a computer system from unauthorised access, alteration or deletion of its data, software or hardware, as well as any disruption of the services it provides. As cyber threats posed by hackers are constantly changing and evolving, it is essential that a comprehensive defence is implemented in order to protect the system.
The Increasing Dangers of Cybercrime
The rising concerns of individuals and organisations about cyberattacks are well-founded. It’s hard to argue with the data.
- More than 130 large-scale, targeted data breaches occurred yearly in the United States in 2023, and this figure was climbing by 27% annually.
- Cyber assaults on operational technological infrastructure have affected 31% of businesses.
- Every day, we prevent the installation of 24,000 fraudulent mobile applications.
- Ransomware assaults are most common in the United States, where 18.2% of all such attacks occur.
Cybercrime can have serious financial implications, just like any other form of crime. Companies that experience a data breach may suffer not only financial losses, but also damage to their public reputation. Such losses can be incredibly damaging and have long-term repercussions.
- The typical company spent $11.7 million on cyber security in 2023, up almost 23% from the previous year.
- Malware attacks cost businesses an average of $2.4 million and 50 working days.
- It is estimated that by 2023, cybercrime would cost businesses almost $6 trillion yearly in damages.
- Information loss is the most costly aspect of a cyber assault, accounting for 43% of total expenses.
- In the United States, the average cost of a stolen or lost record is $225.
- In 2023, the cost of lost business for US corporations was estimated to be the highest globally, amounting to approximately $4.13 million per company. This figure takes into account multiple factors, including client churn, reputational damage, and the impairment of goodwill.
Types of Threats and What They Put at Risk
The implementation of multiple layers of security is an essential component of any well-rounded cybersecurity strategy; this helps to protect not only systems, applications, and data, but also the users who access them. With the vast array and diversity of potential cyber threats, it can be a challenge for organisations to achieve sufficient levels of defense. Cyberattacks may be categorised into 10 broad classes:
- Stopping DoS Attacks
- Attacks with immediate access
- Attacks using several, distinct vectors
- Elevation of privilege
- Human manipulation
Given the number of potential risks organisations face, it can be challenging to identify experts in every area. As a result, many businesses have chosen to outsource their cybersecurity needs to companies that employ experienced software engineers, as this is often seen as the most effective solution.
Key Components of Cybersecurity
Cybersecurity is a term used to describe the various processes and measures that are employed to protect an information system. Organizations may choose to outsource their security requirements to one of three common security methods. These are typically known as preventative, detective and corrective security measures. Preventative measures are those that are used to stop attacks before they happen, detective measures are used to detect any potential security breaches, and corrective measures are used to rectify any breaches that have already occurred.
Protection for ApplicationsApplication security is a series of measures taken at various stages during an application’s lifecycle to protect against unauthorised access. These measures are intended to correct any lapses in security that may have occurred as a result of inadequate planning, implementation, or maintenance. In order to identify and address such issues, outsourcing to a third-party business is often a better option than relying on the original developers, as they are typically better equipped to carry out stress tests.
Having an in-depth understanding of potential risks and the most frequent application vulnerabilities is fundamental to the approach of managing threats to application security, requiring knowledge from a wide range of fields. By outsourcing your security operations, you can benefit from the expertise of specialists who are aware of the most efficient ways to secure your infrastructure.
Protection of Private Data in the Digital AgeIt is essential that we take steps to safeguard any sensitive data from being intercepted, misused or otherwise compromised. This is a key part of ensuring the security of information. Potential disruption can arise from both malicious actors and unexpected, natural occurrences. To ensure maximum protection, security measures need to be implemented across hardware, software and communication systems.
Outsourcing is beneficial in the field of communication, particularly in terms of cybersecurity. Many businesses, even those with specialist cybersecurity teams, fail to appreciate the importance of providing appropriate security training to all users. Often, it is difficult to rectify any existing internal issues with the existing staff. This is where external providers of security services can be of great help, as they can accurately audit current procedures and teach end users how to ensure the utmost security of the system.
The Safety of Computer NetworksNetwork security is a term used to refer to the various measures an administrator can undertake to protect a network from unauthorised access, malicious usage, tampering, or denial of service. It is essential to ensure the safety of a network by verifying the identities of users before allowing access. Implementing robust security systems can help to mitigate the risk of an attack, and protect the data stored within the network.
The protection of a multitude of networks, ranging from internal corporate networks to the public Internet, is the responsibility of security measures. However, the task of monitoring a wide network, as well as making preventative changes to it, can often be challenging. As a result, outsourcing within this sector is rapidly growing as many organisations lack the resources to allocate personnel to consistently maintain their cybersecurity.
Concerning Cybersecurity and the General Data Protection Regulation
The debate surrounding cybersecurity has been made more complex by the implementation of the General Data Protection Regulation (GDPR). This EU legislation sets out the rules for the transmission of personal data outside of the European Economic Area and the European Union.
Many American companies who have customers or operations in Europe are rapidly attempting to meet the requirements of the General Data Protection Regulation (GDPR). Simultaneously, there is an increasing support for the implementation of equivalent data protection laws in the United States. The American government has taken the lead in the area of cybersecurity research and development, mainly as a result of its heavy investing in military technology. Nevertheless, it is anticipated that private companies will also start to invest more in this area, either due to their foreign divisions needing to comply with the EU’s data protection laws or because their domestic customers are insisting on greater data security, both of which could put a further strain on already vulnerable businesses.
Services for Cybersecurity Outsourcing
Software outsourcing is becoming increasingly widespread, particularly in fields with easily adaptable solutions. According to recent research, the security services sector is one of the most popular areas for outsourcing. This research provides an overview of the outsourcing activities in this field.
- Safety checks account for 41%
- Risk evaluations account for 52%
- IT Security Help Desk – 21%
- Self-phishing accounts for 21% of all attempts.
- Approximately 56% of the security measures taken were those taken by individual businesses.
- Infrastructure for managing information security accounts for 33%.
Companies often debate the relative merits of recruiting cybersecurity professionals in-house or working with an external partner, despite the clear need for such services. This can be a difficult choice due to the complexity of the technological environment and the ever-evolving nature of the threats posed to businesses in the digital world. Choosing the right approach requires careful consideration of the specific needs of the organisation and the capabilities of the available options. Ultimately, the decision should be made based on the most effective way to protect the business against the current and future cyber threats.
Cybersecurity Staffing vs. Service Provisioning
As the significance of cyber security becomes increasingly apparent for all businesses, the disparity between the number of available cybersecurity specialists and the number of open positions continues to grow. It is estimated that there is presently a shortfall of around 2.9 million workers in the industry. This has led to 63% of businesses reporting difficulty in finding competent cyber security professionals. Furthermore, 59% of companies have cited concerns that they are either somewhat or very vulnerable to cyber-attacks. This has been further compounded by the lack of financial resources or access to sufficient labor, resulting in a severe shortage of cyber security experts and the demand for their services significantly exceeding the available supply.
Reasons to Consider Outsourcing
Unfortunately, it is not just large companies with large amounts of data and dedicated IT departments that are vulnerable to attack. Hackers often perceive smaller firms to be easier targets due to their perceived lack of security. In 2023, the rate of ransomware attacks rose significantly, from 2% to 52%, and 61% of smaller businesses experienced at least one attack during that year. Furthermore, if any of their data enters the European Union, firms of all sizes must abide by the General Data Protection Regulation (GDPR).
With the sheer amount of potential targets and an inadequate number of qualified professionals to guard against cyber threats, many businesses are now turning to external sources for assistance. It is not feasible for most organisations to set up and maintain a comprehensive cybersecurity programme using their own internal IT staff. Even those companies with sizeable IT divisions are likely to be deficient in the specialist knowledge needed to keep track of the rapidly changing cyber security environment. Engaging the services of experienced cyber security professionals from dependable third-party companies is an effective way to bridge the skills gap and manage resource limitations.
Additional Gains from Cybersecurity Contracting Out
Outsourcing security requirements has numerous real advantages without sacrificing quality or exposing the organisation to danger.
Financial and Temporal ConsiderationsEstablishing a comprehensive cybersecurity team is a costly and lengthy process. It involves setting up the necessary software and hardware, researching and investing in security solutions, and then finding, training and managing experienced security analysts. The process is likely to take a minimum of six months, in addition to the ongoing task of keeping staff trained and retained. Consequently, the necessary resources can be accessed for a fraction of the cost by outsourcing to a specialist team, who are pre-prepared and managed by an external organisation. Furthermore, specialist service providers are able to quickly and effortlessly expand their security operations to meet the ever-changing demands of their customers.
ExpertiseThe field of cybersecurity is incredibly complex, and even the most well-trained and experienced IT professionals can lack the necessary in-depth understanding to ensure a system is completely resistant to attack. Insufficient information can lead to dangerous circumstances. Even when a business has a cybersecurity specialist on staff, they may not be available at all times. Security issues can arise at any time of day or year, meaning everyone needs a break from time to time. The only way to guarantee the long-term safety of a system is by having a team of professionals who are working around the clock.
Commercial AwarenessCompanies that specialise in cybersecurity outsourcing not only possess a deep understanding of the latest security protocols and potential threats, but they also have the potential to be of great use during the strategic planning stages of a company’s growth. A dependable security service should be able to provide invaluable guidance on how to reduce the risk of potential threats.
Enhancing SafetyWhen it comes to protecting organisations from a variety of potential threats, professional security firms are the experts. They stay up-to-date with the latest developments in the world of cybercrime, and their teams comprise members who focus on one or more areas, enabling them to take a thorough and considered approach to security. By sharing information amongst their clients from a range of sectors and industries, they are able to stay ahead of the curve and ensure optimal results. In short, when you entrust a security firm to look after your cyber defences, you can expect superior detection and response.
Multiple SafeguardsDespite the most advanced security systems, errors can still occur if the people using them are negligent with security or unfamiliar with the relevant procedures. To minimise the risk posed by human error, it is essential that all users of a system are familiar with the stringent security rules, procedures and regulations. By implementing multiple layers of protection and closely monitoring all entry points, the potential for internal staff to cause significant data breaches can be greatly reduced.
Swifter ReactionIn order to remain competitive in the market, it is essential to have a robust risk management plan in place. A competent service provider can accurately identify all potential risks and develop an effective response strategy for any eventuality. Doing so can help to reduce the impact of any risks and minimise disruption to operations.
The decision to outsource cybersecurity should not be taken lightly, as the chosen security provider will have full access to the entire network and its associated critical data. Before making a selection, there are a number of steps that can be taken to guarantee you have chosen a trustworthy and dependable partner.
- In general, it is advisable to trust your gut feeling and take the necessary precautions when engaging with individuals who do not present themselves in a professional manner and who are unable to provide full, verified contact information. It is recommended to steer clear of such individuals.
- It doesn’t matter how big or trustworthy a security firm looks; always check their references.
- Make sure the service provider has the necessary expertise and resources to meet all of your compliance needs.
- Make sure the service has adequate audit and compliance procedures by asking about them.
The Cybersecurity Industry’s Hopes for Outsourced Software
As the range of cyberthreats continues to grow, the conversation around cybersecurity is becoming ever more essential. It is increasingly apparent that no organisation is safe from attack, regardless of its size or stature. Unfortunately, the lack of cybersecurity expertise needed to ensure full protection from the inside is not diminishing, leaving only those organisations with the most resources at their disposal able to remain unscathed. A swift decision must therefore be made on whether to recruit external assistance, use a combination of in-house and outsourced services, or invest in educating internal staff. Without robust and comprehensive security, any organisation is placing itself at risk of attack.