If you are concerned about cyber attacks against your organization, you’re in good company.
63% of executives surveyed feel they are at risk for a ransomware attack in 2023
The reality is that protecting your business against cyber threats is an enormous strain on your in-house security and IT teams. For many middle-market companies, a managed security services solution can provide more advanced tools and resources for safeguarding your data and your business.
To help you determine whether your cybersecurity program is better handled in-house or by a third-party provider, consider some common challenges companies face before and after outsourcing digital security management.
68%
of executives surveyed expect a breach attempt in the next year.
24/7
Before/In-house:
In-house staff monitoring defenses and assessing vulnerabilities may not be on hand for after-hours emergencies. Cyber attacks go undetected for hours, and team members on call to cover security 24/7 can easily burn out, leading to costly turnover.
After/Outsourced:
With a managed security service provider (MSSP) like RSM, a dedicated team of security professionals identifies threats, processes events and blocks attacks around the clock. Your in-house staff can spend time on other tasks and require less rigorous training.
Number of respondents who know someone whose firm was the target of a ransomware attack:
45%
in 2023
41%
in 2022
42%
in 2021
With the low level of expertise necessary, the amount of exploitable information at the disposal of attackers and constant technological advances, business takeover threats will continue to be a primary threat to middle market organizations.
Help wanted
Before/In-house:
The tight labor market often leads to frequent in-house turnover of IT personnel. For many middle market organizations, it’s a nonstop revolving door. Not only is this expensive, but the lack of continuity can also open your business up to more vulnerabilities.
After/Outsourced:
Quality managed security services providers (MSSPs) employ experienced staff and conduct ongoing training. Because they have visibility across many clients, it can be easier for them to spot trends, identify suspicious activity and apply solutions that have proven successful with others.
58%
said outside parties attempted to manipulate employees by pretending to be trusted third parties or executives
45%
said the same in 2022
76%
feel they are at risk of an attack by manipulating employees in the coming year
The demand for experienced IT resources to manage and protect proprietary information has created a more dynamic IT workforce and has pushed costs up.
Updating…
Before/In-house:
Building the internal capabilities to operate a 24/7/365 security operations center is time-consuming and very costly. Limited budgets often force organizations to pick and choose where to focus resources, which can increase the chance of an expensive breach.
After/Outsourced:
The best outsourced managed security teams benefit from economies of scale, providing high value at an attractive cost point. MSSPs can support and protect you with more extensive and updated technological defenses and also provide data-driven insights for process improvement.
Companies that said they implemented new hardware:
56%
of companies said they implemented new hardware this year
40%
said they did so last year
The increase is even more pronounced at larger middle market companies:
63%
making new hardware purchases this year
36%
did so in 2022
On your own
Before/In-house:
Typically, your in-house team learns about new cyber threats through software alerts, online sites and news stories, then it scrambles to assess your vulnerability and shore up defenses. Even worse, your team may first learn about a threat when an attack is discovered.
After/Outsourced:
In addition to being fully focused on cybersecurity trends, a managed security services team learns from the vast experiences of its different clients and training with various cybersecurity solutions. All of these inputs mean you benefits from the knowledge and experiences of organization like your own.
20%
of respondents said their company experienced a breach last year.
It’s different now. In the past, when big entities were hacked, it was front-page news for days. Now, entire cities are hit with ransomware, and it barely registers as a blip on the news. As a result of the reduced stigma surrounding companies becoming ransomware victims, there has been an increased willingness to report cyber attacks to law enforcement.
Sean Renshaw, senior director and national leader of cyber response practice, RSM US LLP
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Before/In-house:
From staff turnover to updating software, many unexpected expenses can affect security. Businesses with fixed budgets may have to wait a quarter before they can authorize a new hire or new technology. And that gap can create a window of vulnerability.
After/Outsourced:
Your managed security services provider is incentivized to invest in the technology and staff that can best service their customers. With a high-quality, reputable vendor, you should get consistency, cost control and predictability.
RSM Defense, our managed security operations center (SOC), can function as your around-the-clock vigilant observer and react to threats in near real time. Our XDR platform and services cover your entire computing infrastructure, from ingesting telemetry from your PCs and mobile devices to monitoring your on-premises data center and cloud computing environments.
Many activities have gotten pretty sophisticated, and there is not always a human behind attacks. Many programs now are automated and running constantly in search of security gaps to exploit.
Tauseef Ghazi, principal and national leader of security and privacy services, RSM US LLP
These are just a few examples of how managed security services—and RSM Defense, in particular—could transform your cybersecurity efforts. If you are like the majority of middle market executives surveyed by RSM this year and are worried about a cyber attack on your business in the near term, don't wait to reach out.
Note: All statistics in this article came from the 2023 RSM US MMBI Cybersecurity Special Report.
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