Source: Raja Patel (HBR)
Cybersecurity has become increasingly difficult for organizations to manage on their own. The complexity of deploying, integrating, and managing cyber defenses leaves many organizations vulnerable to cyber incidents. Cybersecurity-as-a-service (CSaaS) is emerging as a viable solution, especially in today’s economic conditions.
The Cost of Inaction
Failing to maintain up-to-date cyber defenses can lead to significant financial consequences. The average cost for small or mid-sized organizations to remediate a ransomware attack is $1.82 million. Additionally, ransomware attacks cause businesses to lose customers and revenue, even with cyber insurance coverage.
The Limitations of Technology
While cybersecurity technologies are important, they cannot address all aspects of cybersecurity alone. Organizations require security operations professionals to monitor their environment 24/7, investigate incidents, remediate issues, and enhance security strength. Expert human analysis is essential to effectively neutralize threats and close vulnerabilities.
The Need for Specialist Operators
Expert security operations professionals play a critical role in detecting and neutralizing determined attackers. However, most organizations lack the necessary resources and expertise in-house. Global cybersecurity workforce shortages further complicate the challenge. CSaaS allows organizations to leverage external specialists for continuous threat monitoring and mitigation, reducing the risk of damaging cyberattacks.
Advantages of Cybersecurity-as-a-service
Outsourcing cybersecurity services or partnering with a third-party provider offers several benefits:
- Minimizing the risk of a cyberattack: CSaaS costs are significantly lower than the recovery costs of a ransomware attack, making prevention a cost-effective choice.
- Lower costs and enhanced protection: Outsourcing security operations provides access to specialized skills and expertise at a more affordable price compared to hiring and retaining in-house talent.
- Accelerating strategic initiatives: By offloading cybersecurity operations, organizations can focus on more strategic business challenges and improve efficiency.
- Leveraging existing investments: CSaaS providers can leverage existing security tools to enhance an organization’s defenses, maximizing the effectiveness of prior investments.
- Optimizing cyber insurance: CSaaS helps organizations meet the security controls required by insurance providers, reducing the likelihood of major cyber incidents, and improving insurance coverage.
In today’s rapidly evolving threat landscape, organizations need external support to effectively manage cybersecurity. CSaaS offers a viable solution to address cybersecurity challenges in the current economic conditions.