More than half of UK organisations meet growing cyber threat challenges with cyber security outsourcing
August 2020 by Skurio
More than 50% of UK businesses are turning to outsourced partners for cyber security services according to research commissioned by Skurio, a provider of Digital Risk Protection solutions. This comes at a time when skills shortages continue to affect a large number of organisations [i], and there are rising wages for in-demand security specialists[ii].
According to Skurio’s own research, lack of in-house expertise is a key issue for organisations, in particular when it comes to digital risk protection - the ability to monitor risks, threats and breaches outside their network, with 80% of respondents stating that their teams lack skills and knowledge in this area.
The importance of outsourcing for protecting customer data as digital ecosystems - and threat vectors - expand was also highlighted. More than half, 52%, of all respondents named meeting the data security needs and expectations of their external clients as the most important factor for outsourcing protection against cyber threats. This was followed by reducing loss of customers due to data breaches and reducing lost revenue due to business interruption, or delays in trading.
The research also reveals that IT and security professionals differ in their opinions on the benefits of outsourced digital risk protection services. 50% of security professionals prioritise its importance in reducing lost revenue due to business interruption or delays in trading, compared to just 28% of IT staff. Its importance for avoiding fines was a key factor for 31% of security staff, compared with just 17% of IT staff.
When it comes to selecting which new technologies to adopt, there is an appetite for innovation amongst security professionals. In fact, security decision makers are twice as likely to choose to work with a disruptive start up cyber security company than their IT counterparts, with 31% and 16% respectively.
When asked about their own digital risk protection strategies, there were mixed levels of confidence: just 12% of companies with less than 250 customers rated these as either good or very good, compared with 46% of organisations with 250 to 4,999 customers. Yet, across the board, the overwhelming majority of all respondents, 83%, are aware of its importance for customer trust and loyalty.
Commenting on the findings, Jeremy Hendy, CEO of Skurio, said: “We’re facing exceptional circumstances in terms of working practices and how we need to manage cyber threats, and this is placing significant pressures on businesses of all sizes. We know that the luxury of in-house security teams, on call 24/7 to monitor for external threats, is simply out of reach for many organisations. The research highlights the importance of outsourcing to providers who make cybersecurity their business.”
He continues: “It’s encouraging that organisations not only recognise the importance of protecting their customer data, but that there’s also an appetite for innovative and disruptive technologies to protect against new threats. As organisations manage more digital channels, and use more third-party suppliers, their threat vectors are rising exponentially. Understanding your digital risk – all those threats on the deep and dark parts of the web – is a great first step in protecting against them. Businesses are much better prepared to mitigate an attack if they see it coming.”
[ii] https://eandt.theiet.org/content/articles/2020/01/cyber-security-salaries-soar-as-firms-scrabble-to-lock-down-data/ : Cyber Security Salaries Soar.