The world is continually expanding digitally, and businesses are becoming more interconnected than ever. Consequently, ever the opportunists, cyberattacks criminals continue to take advantage of the chaos and, in turn, target organizations with ransomware. According to a Cybersecurity Perspectives 2021 survey, phishing and other cyber-attacks exploiting cloud services weaknesses and targeting unsecured home networks have increased.

Therefore, there’s undoubtedly an urgent need for businesses to reinforce their cyber risk management services. But, the big question lies in whether DIY is effective or engaging a managed third-party cyber risk management service is the better option. To find out the risks of doing cyber risk management on your own, the benefits of outsourcing, and more, keep on reading!

Wasted Time and Value

Cyber risk management is not a once-off project since it requires planning, implementation, and continuous monitoring and maintenance. To DIY, you need to review existing processes, identify key problematic areas, develop an improvement plan, and continuously monitor the risks. This whole process can averagely take about six to 12 months since your IT staff have other routine and special projects to focus on. That’s why DIY cyber risk management solutions tend to exceed planned timelines and estimated budgets.

On the other hand, engaging a third-party cyber risk management services provider speeds up the process since the service providers specifically focus on cyber security. This, in turn, enables them to accelerate deployment and identify risks quickly as their services can be integrated in days. More so, the service providers quickly review the vendor profiles and report the threats to your organization’s executive. Besides, they continually monitor vendor security postures based on the set security standards to mitigate the vulnerability of your sensitive data.

Defective Service Execution

Effective DIY cyber risk management involves continuously monitoring vendor risks, sending notifications when problems arise, triaging reports, and interacting with vendors. In addition, you need to ensure that your enterprise’s security standards are met while continuously sending important information to the executives. Thus, doing this process yourself can be a daunting task, especially if you aren’t a cybersecurity expert.

Outsourcing cyber risk management services helps you mitigate cyberattacks risks by continuously monitoring third-party vendors to meet your organization’s security standards. Besides, your clients are taken through the onboarding process once they sign up, which entails setting up vendor parameters and filling out their security profiles. Consequently, vendors are ranked, scored, and onboarded while experts triage new alerts and initial assessments. Therefore, you can easily review your data in real-time and download expert reports.

Lack of Access to Knowledge and Expertise

Since hackers are always trying to find new techniques for getting into your company’s system, it’s essential to have a solid cybersecurity program in place. Cyber risk management experts need to develop new skills to mitigate future cyberattacks challenges. Even if you have a security expert within your IT staff, the chances are that their knowledge of cloud infrastructure vulnerabilities and the corresponding security measures is wanting. Thus, doing cyber risk management in-house is not only dangerous but overwhelming and costly since hiring and retaining the right cybersecurity talent involves huge sums of cash.

On their part, most third-party cyber risk management services are built on their core capabilities and possess business line expertise. Thus, outsourcing cyber risk management services is a prudent and cost-efficient strategy since it allows you to access a wide pool of cybersecurity experts to review and evaluate findings and recommend proven and tested solutions. In addition, these cyber risk management services providers use the knowledge and expertise they have gained over the years to offer feasible solutions.

Hard to Scale Up

In today’s tech-oriented world, it’s extremely hard to enforce your cybersecurity controls while keeping up with your other day-to-day responsibilities. Worrying about which vendor alerts to investigate and how to handle new compliance requirements and new vendors can be overwhelming. To efficiently DIY, you need to build a good, technological, and expertise foundation program to adapt to the changing cybersecurity landscape, making scaling up a hard nut to crack.

Luckily, third-party cyber risk management services help you tackle cyberattacks with ease and maintain your threat posture. Cyber risk management service providers invest their time and resources to find new and innovative data sources to empower their products, services, and experts. Thus, outsourcing third-party cyber risk management services enable your business to scale up as your cyberattack risks change.

Wrapping Up

As you’ll have noted by now, cybersecurity is one of the top IT responsibilities and business imperative that you have to manage for your business to grow. However, taking the DIY approach when addressing the cyber risk of your business is a dangerous proposition. Working with a top third-party cyber risk management services provider gives you direct access to the resources, tools, talent, and full security coverage that your business needs.