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Outsourcing Cybersecurity: Pros and Cons of Hiring a Managed Service Provider
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Praise Iwuh
June 23, 2023
Cyber Attackers have been devising new ways to cause havoc and harm to businesses and take as much information as possible. From as little as phishing to advanced threats, these attacks can negatively cause a huge impact on the business.
Due to this reason, cyber security has been on the increase to protect sensitive information and build a strong and safe security plan. As your business enlarges, there is a need to hire third-party service providers with excellent skills to manage your security.
In a recent survey, the cost of data breaches has steadily increased, costing businesses over 4.35 million dollars in loss.
This article discusses the pros and cons of hiring a managed service provider.
What you'll learn
- What are managed service providers?
- Why do businesses need these people?
- How does outsourcing work?
- Pros of managed service providers
- Cons of managed service providers
- Examples of managed service providers
Managed Service Providers(MSPs)
They are companies(usually third-party companies) that manage a business network and provide IT service and support to their clients. They help to detect any problems that may arise and amend them before they cause harm to a business's service.
In addition to MSPs providing IT services, they also manage a business's customer management and auditing, educate the business staff on how to reach the company's goal and help these businesses meet their objectives.
Managed Service Providers can help improve businesses of all types from small sized to medium and large businesses. You also have access to the latest technologies with less cost.
Why do businesses need these people?
Most organizations usually have IT service support in their team to help with security and protect their data. However, as these organisations grow, there is a need for tighter security.
Managed service providers provide expert services for complex organisations and outsourced management of security devices and systems. When an organisation hires a managed service provider, they are expected to fill in the gaps in the IT System.
There is access to specialized skills
MSPs have professional skills that set them apart from regular IT personnel. They have the required skills that give them access to leverage maximum security in your organization and prevent any looming attacks.
Organisations enjoy rapid response to any incident.
Cover criminals monitor an organisation's system before launching an attack. They do this to access sensitive information and cause irreversible damage. Managed service providers immediately identify the attack launched and prevent further damage that might cause the organisation to fail. They look into the problems and recommend special actions like digital forensics.
Manage risks properly
They have expertise in risk management and compliance. They constantly subject your networks to internal and external scans to prevent attacks. They ensure that your assets are protected at all times.
They give room for businesses to focus on their major activity.
Since the MSPs already provide strong security, these businesses have the time to focus more on their major function without worrying about threats and attacks. MSPs are specialists; thus, they ensure that all threats are well managed before comprising business data.
There are other benefits of employing a managed service provider. You can read more about it.
Pros of hiring a managed service provider
Many benefits come with hiring a service provider. They come with their risks also, but let's see what they offer first!
Technical expertise
The main advantage of outsourcing cybersecurity is that you have access to a team of professionals with expertise in the field of security. You can be assured that you'll get quality service and access to tools that help your business address cyber threats. MSPs ensure maximum security no matter what is happening in your organisation's IT teams. They help you have an edge and retain your service to your clients.
All day support
Many of these providers offer 24-hour support every day of the week to an organisation. They ensure that they are constantly working to detect any threat that might want to occur. This gives an edge over having an IT support team because they oversee what is going on even after the close of work hours. They help to reduce security issues that might occur and harm the organization.
Access to the latest technology
Outsourcing cybersecurity helps a business keep us with the latest technology, and because of this, there is maximum security. Due to the constantly evolving technology in cyberspace, cyber attackers have their games up to find more ways to attack organisations.
MSPs use these technologies to protect against cyber threats and allow businesses access to these tools.
Handle attacks and security breaches
Cyber attacks have become a major problem in the technology world. Attacks such as malware attacks, phishing and ransomware attacks have become prevalent. Managed service providers provide maximum security against data breaches by providing security solutions that are updated regularly.
Managed service providers are important in any organisation. If you're ever going to fully maximise your company's goal, there is a great need to invest in a service provider.
Read : Cloud Security and Its Importance to Businesses
Cons of hiring a service provider
Everything that has an advantage always comes with a disadvantage. The cons of hiring a managed service provider include the following;
Here are some more details and points about the cons of hiring a service provider, specifically a managed service provider (MSP):
Absence of physical presence
MSPs are typically remote service providers, meaning that they do not have a physical presence on your premises. This can be a disadvantage if you need on-site support for critical IT issues. For example, if your server goes down, you may have to wait for an MSP technician to travel to your location to resolve the issue.
Lack of a dedicated IT team
MSPs typically have a team of generalists who provide IT support to a variety of clients. This means that they may not have the same level of expertise in your specific industry or technology stack as a dedicated IT team. This can make it difficult for them to resolve complex IT issues or provide proactive support.
Access to security
When you hire an MSP, you are essentially giving them access to your IT infrastructure and data. This raises security concerns, especially if the MSP does not have strong security measures in place. It is important to carefully vet any MSP before hiring them to ensure that they have a good track record of security and compliance.
Cost
MSPs can be expensive, especially for small businesses. This is because they need to cover the costs of their own infrastructure and staff, as well as the costs of providing support to their clients. Some MSPs charge a monthly fee per user, while others charge a flat fee per month. Ensure to also compare the pricing of different MSPs before making a decision.
Vendor lock-in
MSP contracts can be difficult and expensive to terminate. This is because MSPs typically require clients to sign long-term contracts. If you terminate your contract early, you may have to pay a termination fee. It is important to read the MSP's contract carefully before signing it to make sure that you understand the terms of termination.
Loss of control
When you hire an MSP, you are outsourcing some or all of your IT management responsibilities to a third party. This can make it difficult to maintain control over your IT environment and make changes as needed. For example, if you need to make a change to your firewall, you may need to get approval from the MSP. You need to discuss your level of control with the MSP before signing a contract.
Communication challenges
It can be difficult to communicate effectively with an MSP, especially if they are located in a different time zone or have a different culture. This can lead to misunderstandings and delays in resolving IT issues. It is important to choose an MSP that has a good reputation for communication and support.
Hidden fees
MSPs may charge hidden fees for additional services or support. For example, you may be charged extra for on-site support, emergency support, or after-hours support. It is important to ask the MSP about any potential hidden fees before signing a contract.
Compliance risks
If your business is subject to industry regulations, you need to make sure that the MSP can help you comply with those regulations. For example, if you are in the healthcare industry, you need to make sure that the MSP complies with HIPAA regulations. You need to ask the MSP about their compliance policies and procedures before signing a contract.
Top-managed service providers
There are various lists of vendors offering these services. They include;
- Security joes
- Foresite
- Wipro
- TrustWave
- Cipher
- Verizon
- Science soft
To learn more about the details of what they offer, read here.
Conclusion
Managed service providers provide security to a wide range of businesses, giving these organisations maximum security from cyber attacks. They help businesses focus on their major activity and worry less about being attacked. However, some risks come with hiring a managed service provider. By weighing the pros and cons, you should know if an outsourced cybersecurity or your business IT security team is best.
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