The last 14 months have only reiterated that cybersecurity is not an issue we can ignore and, as it is constantly evolving, it is certainly not an area in which companies can afford to escape. Cybercrime has not disappeared in this time of adversity, but hackers are thriving because of the scattered workforce, overly complex networks, and increased vulnerabilities caused by the increase in personal, unprotected end devices that they are used to work. A Zero Trust survey conducted by Gigamon found that 84% of EMEA companies experienced an increase in cybercrime over the past year, with 41% of UK respondents stating that they have been primarily subject to an increase in cyber crime. fishing schemes. In addition, the possible consequences of cybercrime are becoming more serious, for example the series of attacks on bodies involved in the deployment of the COVID-19 vaccine, including pharmaceutical companies, the cold storage supply chain that carries the vaccine and the European Medicines Agency.
The current climate has led many business leaders to recognize the need to change their cyber strategy to maintain security. According to a PwC report, 50% of British companies agree that cybersecurity must now be taken into account in all business decisions. However, for many industries, it is not easy to find the experience needed to keep a company protected from ever-evolving threats.
An extension to the computer to fix the skills gap
As cybercrime becomes increasingly complex and sophisticated, it is impossible for SecOps ’internal teams to leverage a high enough level of expertise to sufficiently strengthen their company’s defenses; although the gap in cyber-skills is narrowing, employment in this field has yet to grow by 89% globally. SecOps computers need an extremely high level of expertise and resources to protect a business from phishing, malware, ransomware, piracy, DDoS attacks, and the various IT vulnerabilities that continue to arise. Hiring people with this depth of knowledge at home is not feasible, given the lack of skills, and available resources have been forced to combine roles to support the remote pandemic-driven work environment. Therefore, outsourcing cybersecurity not only seems like a smart decision for businesses, but can also become an essential consideration in an environment that lacks cyber skills, but is saturated with cybercrime.
Moving from reactive response to proactive mitigation
Cybersecurity outsourcing not only addresses any resource management issues, but transforms your reactive response security strategy to proactive mitigation. Hammersmith Medicines Research (HMR) was the victim of a high-profile security breach by the MAZE group at the height of the COVID-19 outbreak, which encouraged them to outsource their cybersecurity solutions. After extensive penetration testing and threat analysis, HMR made the decision to implement a dedicated SOC: an outsourced solution that constantly monitors activity on its network, identifies vulnerabilities in real time, and works to improve proactive security. Although initially these measures were a reactive response to a cyberattack, their infrastructure is now better protected in the long run against future attacks, while MTTD is significantly reduced and risks can be mitigated before serious problems become.
Balance benefit against cost
As the constraints of social distancing are reduced and the economy enters its recovery phase, the board of any organization faces difficult decisions about which disciplines and technology to invest in and which will get a tangible return for its business. But when it comes to cybersecurity, the question is: can you afford not to invest in safeguarding your organization? The cost of investing in cybersecurity is much lower than the cost of a security data breach. For example, the average cost of an infringement for a British organization is between £ 600,000 and £ 1.15 million, not to mention the significant cost to a company arising from any reputational damage. Also, many organizations will simply not survive a security breach after the financial struggles of the last twelve months.
So, if a 24/7 SOC is the ideal cyber solution, why don’t companies implement them internally? The simple answer is that an internal SOC will return an average of £ 500,000 to a company and is even unlikely to be monitored 24 hours a day, which is when mistakes are made and hackers are taken advantage of. . If this service is outsourced, with experts tracking any suspicious activity even while an organization is asleep, it becomes a much cheaper and effective defense solution for businesses.
In addition, investing in an external SOC will ultimately benefit an organization’s internal NetOps and SecOps teams. Instead of overly stretched and overworked IT teams juggling digital transformation initiatives and cybersecurity monitoring, they can be freed from the need to protect and monitor their networks. Instead, outsourced cybersecurity teams will take responsibility for threat detection, allowing the organization’s people to improve and move forward with improved internal processes and growth in business capabilities.
Unfortunately, cybercriminals are becoming increasingly sophisticated. According to Deloitte, the attackers use COVID-19 as bait to impersonate various deceptive companies and employees, which ultimately translates into more infected devices and opportunities to spread ransomware software. Therefore, it is imperative that organizations prioritize their digital advocacy strategy. By outsourcing their security to experts, business leaders can finally gain the necessary trust that their networks are protected.