The new standard for disruption is digital. Numerous businesses have experienced cyberattacks: phishing, distributed denial of service (DDoS), and ransomware are among the most widespread forms. In the 2020–21 fiscal year, reports of cybercrime including ransomware increased by 15%, according to the ACSC. This growth has been linked to criminals' increased propensity to extract money from particularly defenseless and important segments of society.
Over 67,500 reports of cybercrime were sent to the ACSC during the 2020–21 fiscal year, an increase of over 13% from the prior fiscal year. As a result of the rise in cybercrime reporting, the average time between reports of a new cyberattack is now only 8 minutes, whereas it was 10 minutes last year. Additionally, both big and small businesses now have to deal with increasingly sophisticated cyber threats such as distributed denial of service, phishing, and ransomware (DDoS).
In the current threat environment, effective defense against cyberattacks necessitates a variety of detection and response systems, efficient policies and strategies, continual security awareness training, and other factors. The market for managed security services has been expanding at double-digit rates because of the overwhelming number of requirements that can easily overwhelm enterprises with somewhat limited resources.
However, is CyberSecurity-as-a-Service sufficient or does it pose a risk of expensive compromise? In five years, 77% of enterprises expect that at least half of their cybersecurity needs will be outsourced, according to an SMB security analysis based on data gathered from 850 small and medium-sized businesses in the U.S., U.K., France, Germany, and Belgium.
Companies are now trying to find answers, with CyberSecurity-as-a-Service being one of the more well-liked alternatives (CSaaS).
CyberSecurity-as-a-Service enables you to concentrate on your business while we here at Perpetual, as your trusted partner in cybersecurity services, manage your cybersecurity needs.
The process of outsourcing cybersecurity management to a specialized supplier of information security services and managing a particular aspect of your business operations is known as CyberSecurity-as-a-Service (CSaaS). CSaaS is frequently provided in bundles that could, among other things, comprise the following services:
A single internal cybersecurity expert or even a small team of specialists may be unable to adequately guard the expanding attack surface brought on by the expansion of remote work arrangements, cloud services, BYOD rules, and other variables, which is understood by organizations banking on CSaaS.
The primary justification for outsourcing, according to the 2,800 IT decision-makers questioned for the 2020 CISO Benchmark Study, is cost-effectiveness. Purchasing CyberSecurity-as-a-Service is indeed much less expensive than developing comparable cybersecurity skills internally. Finding competent workers has become extremely difficult due to the global shortage of IT talent, and the few individuals who are available for employment expect to be paid handsomely—something that not many SMBs can afford to do. Managed security service providers (MSSPs) can provide cutting-edge security at reasonable pricing because of economies of scale. The cybersecurity as a service approach is the best since it replaces significant upfront technological investments with predictable monthly charges.
Finding the proper individuals and setting up an efficient security operations team can take a lot of effort, and scaling it up or down is an altogether separate challenge. On the other side, CyberSecurity-as-a-Service is instantaneously accessible and offers simple access to a huge team of cybersecurity professionals, the most recent tools, and more. Managed security service companies have a plethora of practical expertise to draw from when battling increasingly sophisticated thieves because they serve several clients in various industries. Additionally, they are frequently accessible around the clock, which is uncommon for small in-house security operations teams, much alone one cybersecurity specialist.
Sadly, cybersecurity breaches are increasing in frequency, and even small businesses with only a few employees are no longer immune to opportunistic cybercriminals' attention. Due to the constant strain, it is becoming increasingly difficult to keep your attention on your core business operations, which lowers productivity and negatively affects customer satisfaction. Organizations won't have to worry about network monitoring, log management, installing software updates, or any other time-consuming procedures required to fend off cyber threats while using CSaaS. Instead, they could devote their time and energy to expanding their company and delighting their clients.
The data and cybersecurity operations of organizations with in-house cybersecurity teams are completely under their control. They are free to distribute their resources as they see fit without having to discuss their needs with a third party. Additionally, internal cybersecurity professionals can be called upon to do other IT-related tasks as needed, offering more flexibility that could be useful in urgent circumstances. However, having complete control over cybersecurity is a double-edged problem because it makes it simpler to commit avoidable errors brought on by inexperience.
Each business is unique, and each should have cybersecurity measures that are tailored to their particular industry. With in-house cybersecurity professionals, this is simple to accomplish because they will already be familiar with the firm and have a thorough understanding of its regular business operations, personnel, and IT resources. Although it's conceivable for a managed security service provider to have a thorough grasp of its clients, these connections take time to develop.
We recognize that you might not have the internal resources necessary to address your cybersecurity demands. Every organization having a separate cybersecurity office may not be profitable or feasible. To ensure that your business is completely protected from cyberattacks, you will nevertheless need knowledge and resources. This is where we come in! Please get in touch with us at Perpetual for more information.
