A guide to choosing the right cyber security partner for your business
Outsourcing cyber security is a big decision for any organisation. A decision may be made to outsource all or some of your security and threat management to a specialist service provider for a multitude of reasons. But what types of service provider are there, and which is right for your business?
A managed security service provider (MSSP) is an IT service provider that provides security monitoring and management, such as intrusion detection, vulnerability scanning, virus blocking, firewalls and virtual private network (VPN) management. An MSSP might use a security operations centre (SOC) to provide 24/7/365 monitoring and complete protection for their customers.
But what security service provider do you need?
To understand the type of service provider your organisation requires, ask yourself the following questions:
- What is at risk if my business is not protected?
- Do we need to ensure we are meeting minimum cyber requirements for compliance?
- Do we need a full service that ensures complete protection?
- Could we financially afford a breach?
- Do we need a provider who is there for guidance and support year-round?
What else should you consider when looking for a cyber security provider?
1. Are you expecting to grow?
IT departments are being asked to do more with less, so costs need to be considered from the outset. Planning alongside the short-, medium-, and long-term goals of the company will assist in outlining the requirements you need from your security provider and could potentially save the business money in the long term by ensuring the provider you choose can assist now and in the future.
2. Do you have a remote or hybrid workforce?
There are two main considerations when securing remote employees. Firstly, you need to ensure that your networks can be securely accessed, to achieve this Network Access Controls (NAC) are needed, such as VPNs (Virtual Private Network) and MFA (Multi Factor Authentication). Secondly, you need to supply employee training around cyber security. Phishing attacks on UK businesses have increased to 86% showing that UK businesses need to invest in training employees to notice the tell-tale signs of a phishing attack.
3. Are there regulations you need to consider?
Depending on your location and industry, there could be compliance regulations that you need to adhere to, which could have a major impact on the cyber security solution and provider that you choose. Sectors such as Insurance, Education, Law, and Banking have strict compliance and regulation requirements to keep consumers data protected, and with fines of up to 4% of global annual turnover at risk for a data breach, they are regulations you need to comply with.
The right security provider for regulated businesses will be able to guide you step-by-step through certification processes and should be certified to the highest standard themselves for complete peace of mind. Ensuring you are compliant and meet regulations, not only provides stakeholder confidence, but it can also increase return on investment due to the ability to tender for more work.
How does the right cyber security partner positively benefit the business itself?
Your provider must be equipped to help you to:
- Avoid damage to your company’s reputation. You work hard to establish your brand and build a reputable, customer-centric business. The last thing you need is to have your reputation tarnished by a security breach
- Avoid weakened stakeholder trust. A data breach and loss of information can weaken the relationship with clients and any potential new customers
- Avoid legal ramifications. Data breaches must be reported, and customers must be notified of details related to the security breach, including if their information has been compromised
By partnering with the right cyber security service provider, companies can avoid the time, cost and reputational damage associated with a data breach. For an in-depth look into how you can choose the right cyber security provider for your business, download the ebook.