Benefits of Aligning with Third Parties for Enterprise Cybersecurity

Data protection is the central tenet of the multibillion-dollar cybersecurity industry.

Data allows customers to exchange messages, make purchases, and conduct banking transactions online. But in the hands of criminal actors, data can jeopardize the private information of millions of people and cost businesses millions of dollars in damages.

According to studies, corporate web security solutions could generate over $5 billion in revenue in 2025 ! This is because data breaches in any company can cause grave losses and potentially spell ruin. They are seen as an easy target for hackers and malware if no proper risk management systems are in place. There is a need to protect all the services and the data the organisation holds and this is where enterprise cybersecurity comes into play.

Enterprise Cybersecurity

Cyberattacks and their associated costs are only going to continue accelerating. Consider the following: Earthweb predicts that at least 30,000 websites will be victims of cyberattacks every day in 2023!

Today's businesses, regardless of size, consist of numerous digital assets that run and empower operations. Websites, information, data, and other types of online presence have become the fuel for companies and they must all be safeguarded.

The practice of protecting corporate data and resources from online threats is known as enterprise cybersecurity. It applies conventional cybersecurity techniques for local data protection and expands on that concept for data transport across networks, devices, and end users.

Enterprise cybersecurity considers how data is moved between devices and networks inside the organisation as a whole. This is in addition to dealing with standard security issues like Denial-of-Service (DoS) attacks, social engineering, and software vulnerabilities.

Why is Enterprise Cybersecurity Important

With a record high of 71% of firms being robbed by ransomware in 2022, having a dependable and effective cybersecurity policy in place may safeguard not just your organization's revenue, but also its reputation. A properly developed cybersecurity plan, as well as the implementation of protective technologies and administration, aids in the battle against cyber-attacks, data breaches, phishing attempts, malware, and other hazards.

Cyber risks and data breaches may be avoided and minimised by using appropriate corporate cybersecurity practices, such as designing and defining your security scope, analysing enterprise architecture, and employing traditional cybersecurity procedures. These strategies can help defend your company from cyber-attacks.

Benefits Of Working With Third Parties For Enterprise Cybersecurity

Since cybersecurity for enterprises is very important, many firms look to outsource this function. For this, they use third parties called Managed Security Service Providers(MSSPs).

MSSPs provide firms dealing with escalating security breaches and cyber threats with dependability, continuity, nonstop coverage, greater experience, and better access to talent.

According to a Deloitte report, 99% of firms use some degree of outsourced cybersecurity operations. Choosing whether to outsource some, most, or all enterprise security duties needs a high-level analysis of a firm's risk profile, risk tolerance, and present and future capabilities to satisfy its cybersecurity requirements. As a result, each firm must come to its own decisions about what it should outsource and what it should maintain in-house.

Outsourcing your cybersecurity is an excellent method to save time and money while also closing the cybersecurity skills gap that many firms face. You can reach out to business helpers like Growth Jockey who will help you understand your cybersecurity solution needs. In this blog, we’ll cover the top benefits of aligning your business with a third-party cybersecurity solutions provider.

Reduction In Business Costs

The main aim of any business is to reduce its costs and increase revenue. If your business decides on hiring an in-house team of cybersecurity experts, engineers and data analysts, it would surely put a strain on your financial capital. Moreover, they might not be able to handle the end-to-end security needs of your business.

MSSPs, like other managed service providers, provide economies of scale and can deliver increased security capabilities at a fraction of the cost of in-house staff. Furthermore, by outsourcing your security services, you get what you pay for, and you can scale your security processes and measures in response to changing business demands. The capacity to scale up and down in response to changing business requirements results in significant cost savings, enhancing an enterprise's bottom line.

Finally, choosing an MSSP can shift large portions of the security budget from Capex to Opex, which can provide certain accounting benefits for the firm and increase budget predictability.

Unlock Access To A Higher Level Of Expertise

To explain this point, let us put forth a question. What would you rather do: buy flour from an established dealer, who has years of experience and a good reputation, or hire millers and pay them to grind your flour? The answer is easy. We always choose convenience and expertise in things that matter!

By aligning with a third-party security service provider, you are choosing the best for your company. This means years of industry expertise, detailed knowledge, and a broad collection of technological tools to monitor security threats. They keep the systems updated regularly, and minimise risks at a low cost. Outsourcing your cybersecurity efforts allows you to benefit from expert security services such as DNS security, software patching, anti-malware, firewalls, and password managers, and lowering the danger of exposing critical data to unauthorised users.

To conclude, years of experience result in a third-party cyber protection agency doing a more sophisticated job of converting an alert into an actionable proposal! You can connect with Growth Jockey and we’ll help you level up your business by connecting you with the resources you need.

Improve Cyber Risk Detection And Response Times

If you've ever been the victim of a cyberattack, you know how important it is to respond quickly to avoid more harm. This means, making your IT team work around the clock to decrease the chances of a major breach. This is extremely important because recovering resources that are lost during cyber attacks takes time (sometimes months or years).

To avoid this, you can align your cybersecurity needs with a third-party service provider. Outsourced cybersecurity businesses constantly monitor your systems and notify you of any security incidents. This additional layer of protection relieves your IT personnel and provides management with peace of mind that your company's data is secure.

This assistance by third parties dramatically minimises the likelihood of security breaches. Cybersecurity solution providers assist you in developing customised risk management procedures that are appropriate for your business's needs and model. MSSPs assess all risk areas and develop a security strategic plan to be implemented in the case of a breach. This review and strategy significantly decrease downtime and expenses.

Outsourcing service providers assist you in focusing on regular maintenance and backups to minimise data loss and in implementing security best practices to suit changing company demands. This way, you can improve the detection of future risks and also manage them in the least possible time.

Cybersecurity For Remote Employees

In this day and age where remote working is the norm, it becomes increasingly difficult to manage cybersecurity risks in-house. This is because it adds a layer of complexity to a firm’s already sophisticated security needs.

Another thing to note is that these employees will be working on their private systems, which might be a cause for concern. Creating and enforcing BYOD (Bring Your Own Device) rules is critical for adhering to relevant security standards.

As businesses adopt new methods of working, the accompanying changes in their cybersecurity risk profiles must be reviewed and monitored regularly so that they may be actively managed, prioritised, and mitigated. Outsourced cybersecurity professionals may concentrate on remote workers' requirements, providing direction and assistance through COVID-19 and beyond.

Growth Jockey can help you connect with the perfect third-party cybersecurity solutions provider. They will come up with the perfect strategy for your business to stay safe in the online world and away from cyber risks.

Updating The Status Of Security Standards And Knowledge Of Regulatory Requirements

Nowadays, cyber threats are becoming more evolved and businesses have to stay on top of their game to fend off attacks. Shadow IT and application sprawl are common challenges that can harm your organisation if proper controls are not enforced. Thus, security policies should never be set in stone and must be regularly updated. They must be continuously updated to fend off new concerns, keeping your systems protected and compliant.

Also, aligning with a third-party cyber protection agency has another advantage. These agencies assist your company in remaining in compliance with industry norms and standards. Service providers can provide the security measures required to satisfy regulatory requirements and secure your organisation.

Final Thoughts

Cybersecurity is of paramount importance for a business. A data breach can have devastating effects and cause major losses. By assigning your digital security to a team of experts, you are choosing to protect your business better.

These third-party agencies understand the security compliance needs of growing organisations and provide proactive and continuous network security monitoring, intrusion detection, and sophisticated threat management.

At Growth Jockey, we are fully committed to providing tailored solutions that effectively tackle the crucial challenges in cloud and cyber security faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now leverage the advantages of advanced technologies in cloud and cyber security.

Take the decisive step towards unlocking the next level of growth and protecting your brand by contacting us today!