Almost every day, it seems, some form of cyber security threat is in the news. Day in and day out companies large and small battle this modern-day digital scourge.
Just last month, blood testing group Quest Diagnostics reported that the personal information of 11.9 million patients had been compromised. Meanwhile, according to IBM’s 2018 Ponemon Institute study, close to 60% of small businesses in the U.S. have been hit with some cyberattack as well.
The Under-Reported Cybersecurity Threat Harming Your Organization Right Now
But there’s another security threat gaining momentum, and it’s a threat that’s been largely under-reported by most major news outlets: the lack of cybersecurity professionals versus increasing demand. More than data breaches themselves, the shortage of trained personnel to tackle the problem is also a reason why hacking schemes have become increasingly commonplace – and thriving.
Today, according to a recent study by the Global Information Security Workforce, roughly 20,000 U.S. organizations are unable to secure cybersecurity staff. Furthermore, the projected gap nationwide is expected to skyrocket to 1.8 million by 2022.
The gaping hole left by cybersecurity job vacancies should come as no surprise to industry insiders. As early as 2013, reports circulated from numerous outlets over the massive shortages in critical infrastructure sectors including manufacturing plants, utilities, rail systems, and the Department of Defense.
The question is: how can companies best deal with this shortage? The answer: hire third-party cybersecurity professionals and companies. Only by going this route will companies deal successfully with the growing cybersecurity threats they face.
Why The Third-Party Cyber Security Approach is a First-Rate Success
Companies that shift their focus from hiring in-house to managed security services have several advantages compared to their competitors. Primarily this advantage comes in the services – and the quality of that service – they provide. They include multi-layer cyber security protections such as:
- 24/7 network monitoring and analysis
- Policy creation and enforcement
- Prevention strategies
- Penetration testing
- Endpoint protection
- Disaster response strategies
- And, dozens of other tools for protecting companies from cyber attacks.
Additionally, many of these tools are offered inside an affordable package that won’t kill a company’s budget. That means businesses can save thousands of dollars each year by hiring third-party IT and cybersecurity professionals.
It also means no longer having to incur costs such as salaries, benefits, furniture, and facilities. Not to mention, organizations can avoid needless budget requests to justify keeping their in-house IT department busy every day. And, perhaps most importantly, managed IT and cyber security services can back up all your data to a safe, remote, cloud platform, making it far more difficult to hack than an in-house server while fully managing all data, hardware, software, and equipment.
If businesses want the most talented specialists in the industry, then they need to look no further than third-party managed cyber security services. Many of the top specialists now work for IT companies or start a business that specializes in IT and cybersecurity.
The Rise of Managed Cyber Security Services
The rise of managed services stems from two key tributaries: the need to pool top quality staff, and also an industry grappling with the reality that IT education, which includes cyber security, can no longer keep up with today’s diverse and increasingly creative security threats.
As a result of these twin challenges, the managed services provider (MSP) industry has jumped in value from $453 billion in 2018 to $512 billion in 2019, a 13 percent increase. This impressive growth has been attributed to several sub-variables, including:
- The shift to cloud computing
- The need for better disaster recovery plans
- The cost of downtime
- The unprecedented threat of cyber attacks
- Ongoing digital transformations
And, not to be underscored, managed services offer a 60 percent reduction in company expenses versus hiring in-house staff.
Plus, managed services have created a mecca of sorts for professionals eager to work in an ideal tech-filled environment instead of being relegated to a tiny department in a corporate setting. Managed services companies scoop up all the talent because they foster an environment where experts already feel comfortable working. Thus, they create a gap for companies who would still instead hire in-house.
But it’s more than that.
Keeping Up With The Joneses’ Security
So severe has the global cyber security threat grown and so ingenuity-filled have its perpetrators become, schools that teach this material can’t keep up.
Most cybersecurity issues that affect businesses today include network security, endpoint security, malware detection and analysis, and encryption/decryption. New trends in cyber threat hunting and incident response (IR) have also emerged, as well as network traffic analysis, malware reverse engineering, and endpoint detection.
This fast-paced flux of IT-related issues and trends in information technology has made it difficult for academia to keep pace. Few colleges and universities in the U.S. — other than Harvard, MIT, or Rutgers — have education programs that can prepare graduates to take on the highest levels of cybersecurity.
As a result, many students are exploring alternative routes for learning cyber security, such as online courses, two-year tech schools, and on-the-job training. While these non-traditional routes may provide a more efficient means for learning, they still do not produce enough experts to meet the job demand.
Confronting Immediate Cyber Threats Starts Here
Thus, for the foreseeable future, contracted cybersecurity services are the best way to go. Managed solution providers ensure that your business remains cutting edge when it comes to confronting the latest digital threats.
In the recent Quest Diagnostics breaking news, the company issued the following statement: We are “committed to keeping our patients, health care providers, and all relevant parties informed as we learn more.” Quest Diagnostics also added that the company “is taking this matter very seriously and is committed to the privacy and security of our patients’ personal information.”
These are important words. And, at Sentribit, a cyber security leader with decades of experience in information technology, we stand by their commitment and support ongoing efforts at resolving this latest data breach.
But we can be equally confident that the company’s executive management and corporate higher-ups are wishing this week that they didn’t have to issue this statement. It’s a statement (or variations of it) no company wants to deliver.
While cybersecurity threats aren’t going away any time soon, the best companies can do is hire the expert team they need to lessen the chance of a data breach and limit its impact if one does occur.
If you are a company looking for smart cybersecurity solutions for your brand, then contact Sentribit. Our comprehensive managed cybersecurity services, highlighted by our security operations center are designed for all types of companies across all industries. To discover more about assessing the gaps in your cyber security posture and our 24/7/365 threat monitoring and remediation , call us at (908) 232-2060.