Every business across the globe is has one thing in common in today’s business environment: the threat and concern of cybersecurity. Financial institutions and banks are no different—and may even feel they have a larger target on their back given the sensitive nature of their work.
Ensuring your bank has updated cybersecurity is a no-brainer today, but in-house cybersecurity costs a pretty penny, and will eat into budgets some institutions just don’t have. To answer this dilemma, some organizations are looking to outsourcing bank’s IT security to certified and professional consultants.
If your organization isn’t yet up to speed on the latest cyber defenses to stay away from financially debilitating attacks, or is looking to switch from an expensive in-house team to outsourced, there are a few factors you need to consider before you secure your IT security with an outsourced security consultant.
Saving time and money
Outsourcing your bank’s IT security has a lot of benefits, but none more prevalent than the time and money you’ll save. Staffing an in-house team of cybersecurity experts gets expensive. And since there’s no end in sight to hacking efforts across the globe, it means that cost isn’t going to go away anytime soon, which guarantees it’s going to eventually cut into your bottom line. Especially for smaller institutions without massive budgets set aside for security, outsourcing IT security is a cost-effect measure for banks trying to improve their cybersecurity.
The second most important aspect is the time outsourcing will save you. If you hire an in-house team, it means you’ll need to spend the time and money to manage this team, as well as follow up with the latest trends and technologies to stay ahead of the game. When you outsource your bank’s IT security, you’re taking one more thing off your plate and freeing up more time to focus on the issues that deserve your undivided attention.
It’s also about the talent gap
Another top reasons financial institutions look to outsourcing their IT security is the lack of in-house talent. That’s not to say your in-house IT team isn’t talented, but that they might not have the expertise in cybersecurity your institution needs.
Keeping up with the latest cyber threat topics and best practices is a full-time job in and of itself, and expecting an in-house team that’s already spending most of their time running your IT to also take on security is putting your organization at risk. Cybersecurity specialists are paid well because they do their jobs well—and their full-time job is to ensure their clients are as safe as possible when the next wave of cyberattacks is bound to come in.
Preparation for the worst
Disaster recovery is an important aspect of proper cybersecurity, and when you outsource your IT security that’s something you’re able to rely on your IT vendor for. If your servers are compromised during an attack and they access your backups, you’re out of luck. When you work with an IT security firm, they have backups of your backups, meaning your information will remain safe and available to you no matter how awful a hack may be.
Outsourcing IT security is a team effort
If it’s time to outsource your bank’s IT security, there’s one last thing to consider—choosing a vendor.
Finding the right partnership for your IT security needs is a critical aspect of ensuring your bank’s cybersecurity safety. If the vendor isn’t top-tier, or doesn’t place your business at a high priority, you may end up more vulnerable to attacks than if you had your in-house team take over security.
Working with a local, trusted IT consultant is the best way to ensure a seamless security partnership with your bank. At NENs, we take pride in our work and partnerships, and are ready to make your bank’s cyber security our priority.