Top 5 Reasons to Hire a Managed IT Services Provider for Cybersecurity
Cybersecurity has become increasingly essential for businesses over the last few years. In fact, according to Forbes, global spending on cybersecurity is expected to reach $270 billion by 2026. That is a 56 percent increase from 2020 spending of around $173 billion.
The Forbes article also reports a projected increase in spending on external cybersecurity products and services of about 8.4 percent every year up to 2026. This upward trend seems only natural considering the numerous advantages of outsourcing some, if not all, cybersecurity to a managed IT services provider. In this article we discuss the top five reasons so many businesses are being compelled to do so.
1. Extremely Cost Effective
A large part of making business decisions comes down to numbers, specifically how these decisions affect the bottom line. When discussing cybersecurity, most companies are aware of how devastating a successful attack can be. Investopedia curated a list of the most expensive cyberattacks which ranged between $1.2 billion and $38 billion. These shocking numbers have heavily influenced the massive investments businesses are currently making in cybersecurity.
To successfully repel cyber-attacks, companies need robust systems in place. This requires heavy investments in hardware and software, not to mention having a team to make it all work in the most efficient manner. With full or even partial IT security outsourcing, companies gain access to a dedicated team of specialists and state-of-the-art infrastructure to help them prevent all forms of hacking and cyber threats, at a fraction of what it would cost if they were to build it on their own.
2. Handled by Experts
It is often difficult and costly to hire or train IT specialists. Relying on a team, or sometimes even just a person, without the experience to manage a company’s cybersecurity efficiently can end up being disastrous. With IT security outsourcing, cybersecurity and other tasks that are heavily dependent on IT will be in the hands of experienced, dedicated, professionals. These are specialist who have the specific skillset and access to the right technologies needed to handle these tasks efficiently.
3. Up to Date Technology and Personnel
Cyber threats are constantly evolving. In turn, cybersecurity technology, and the teams which manage cybersecurity also need to evolve in order to keep up. In this article, The Wall Street Journal discusses just how dangerous it can be if a company remains stagnant when it comes to cybersecurity.
Keeping up to date with IT security technology and personnel, can be a massive drain on company resources even for organizations with dedicated IT teams. Outsourcing IT security is a great solution since managed IT security professionals have to keep up with the latest developments and methodologies in the cybersecurity world. This allows business organizations who hire them to have access to specialists with the most up to date knowledge, without having to pay for training.
4. Maximum Productivity and Efficiency
One of the most compelling reasons companies opt for outsourcing IT security, in full or in part, is to maximize efficiency. By tapping into an external team of specialists, internal resources do not need to be sacrificed, while those in-house can focus on the core operations of the business.
The rate of innovation in the information and communication technologies has empowered these kinds of outsourcing arrangements to reach their full potential. With the right IT partners, even small and medium sized businesses can gain top-of-the-line IT management through outsourcing.
Ultimately, companies will be better served with their own talent focused on their own business. Having outside experts handle everything else, can significantly raise the levels of efficiency and productivity.
5. Up to Date Compliance
Since there are always shifts in cybersecurity, regulations governing them are always evolving as well. In Canada, there are several laws that are related to business cybersecurity. IT security teams should follow the following closely:
- Canada’s Anti-Spam Law or CASL
- Personal Information Protection and Electronic Documents Act or PIPEDA
- Provisions from the evolving body of Case Law or Common Law
- Provisions in the Bank Act
- Regulations from the Canadian Securities Administrators or CSA
- Regulations from the Office of the Superintendent of Financial Institutions or OSFI
Staying up to date with these regulatory changes can be overwhelming for some businesses. An outsourced IT security team will always be monitoring these shifts. They will make sure that the companies they work with are compliant with the appropriate regulations.
Top Notch IT Security
As cybersecurity takes its spot on the priority lists of companies worldwide, many are investing in external providers to either fully manage IT security or supplement their own teams. By utilizing the services of these providers, business organizations can be more cost efficient, and maximize productivity, without having to worry about keeping up to date with technology, IT personnel training, or regulatory compliance.
Outsource IT offers comprehensive Managed IT Services built from the ground up around network security best practices. In addition, we can provide your business with access to top notch IT security professionals, services and third-party auditing to help keep your business data safe. Contact an Outsource IT account manager to learn more.