There are indicators that the economy might be in for a bumpy ride for the foreseeable future. Many businesses are already starting to plan for this uncertainty, plot strategies for reduced cash flow and decreased demand, and propose operational changes to be in the best position to weather the storm.
Critical to these conversations are prioritizing areas of the business that can’t be dialed back. Security is absolutely one of them. Cyber adversaries aren’t affected by economic ebbs and flows and based on what we experienced during the pandemic years; they don’t let a good crisis to go waste. In fact, some bad actors will become more aggressive, assuming companies have let their guard down either through cost cutting measures, delaying security projects and spending or redeployment of personnel.
As IT and finance leaders consider options for a slowdown, there are three areas where managed services can help insulate your business, helping maintain a high level of security services at a lower cost basis.
- Consolidate or replace the current licenses I have
Find a managed security partner whose service portfolio includes more than one technology or tool, giving you the opportunity to consolidate the licenses you have, as well as move from a licensing model to subscription. This can dramatically lower your licensing exposure, cost, and complexity. For example, a provider whose managed services include network monitoring, endpoint security and DNS security can consolidate your licensing/subscriptions and lower costs as well as close critical visibility gaps with a unified console vs. multiple dashboards.
- Move to a more variable cost model that helps me scale up/down as needed
In economic uncertainty, you need options – this is where a CAPEX/OPEX discussion comes into play. If you need to grow or contract quickly, do you have the partners or technologies in place that allow you to do so? With the right managed security service, you can provision what you need – and only what you need. Because you aren’t investing in tools, people, etc. those fixed, CAPEX costs can be minimized or eliminated, and you gain the flexibility you need to adapt to changing conditions while maintaining the levels of security your business requires.
- Maintain consistent levels of security, operations, and support without the requisite fixed employment costs
From a security perspective, just having tools is not enough to keep your information safe. You need skilled personnel and processes to effectively monitor and correlate the alerts that come in by the thousands or millions, who are also able to escalate, respond and remediate when necessary. A managed security service that includes a Security Operations Center can expertly manage this for you. For example, one DataEndure customer received 2.7 billion alerts over the course of a year; DataEndure’s security team escalated the 93 that required attention. In another scenario, we were able to identify a malicious activity moments after it started and help thwart an attack that could have taken down the entire organization. Using the talent and resources of a managed security services provider lets you reimagine the skill set you need (or don’t) to maintain an effective security posture.
Smart financial management is crucial for a business at any time – but particularly during periods of economic uncertainty. Ultimately, organizations need to lock in on strategies and tactics that will help them get smarter with spending, while insulating their security posture. If you’d like to learn how DataEndure’s Managed Security Services might help you, contact us today for a complimentary Security Health Check.