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Total Cost of Ownership vs. Managed Services for Security

Posted by Security Steve on Apr 27, 2015

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Threats to data will change with time, with bigger and more serious challenges appearing daily. So it’s no surprise that every company needs to invest in the best IT security solutions that can grow with their business, that are forward thinking and can be able to handle even the most malicious threats.  But no doubt, with tighter budgets and fewer resources, companies are in the midst of the great debate: insource or outsource?

 

Let’s first consider Total Cost of Ownership (the cost of a solution over its lifetime). Things like compliance costs, such as tracking licenses; migration expenses; and risk assessment concerning: various vulnerabilities, the availability of upgrades, future licensing policies and other similar risks.

 

According to a 451 Research report from 2013 titled The Real Cost of Security, “Given the 10 most recommended technologies and the pricing range, an organization could expect to spend anywhere from $225,000 to $1.46m in its first year, including technology and staff.” Considering the costs related to security, it’s no wonder that the CFO might struggle a bit when it comes to investing in this part of the business, despite the reality of existing threats and the need to protect the company’s assets.  

 

Running an in-house security team means hiring and paying salaries and benefits, creating office space and overall operational costs.  But the reality is that most businesses are looking to cut costs and increase returns and that’s why we believe that outsourcing security goes a long way in achieving this. By outsourcing security, you pay for services only. It’s up to the MSSP to handle their employee’s needs.  Fortunately, unlimited budgets and resources are not necessary to achieve the capabilities typically available only to large companies with expensive information security programs. What are the other key benefits?

 

Superior Technology and Expertise: When outsourcing security, you hire a company whose sole business is securing other businesses. This means, managed security service providers have the best hardware and software and skilled personnel. Buying such technology or hiring skilled personnel would be expensive and counterproductive for businesses that don’t specialize in security.

 

Support: Security is a sensitive area and so all managed security service providers offer support all-day, all year as long as the contract is valid. Your business is secured always and time it takes to resolve security issues is minimal.

 

So, when deciding about what approach meets your needs, consider how EIQ’s SOCVue Security Monitoring delivers: Assistance implementing and measuring critical security controls (as recommended by SANS); Continuous monitoring of significant events along with suggested remediation guidance for identified issues; and Support for compliance needs around PCI DSS, HIPAA, etc.

 

Request a free demo today to find out how we can help improve your security posture at a fraction of the cost of alternative solutions!

 

Request Free Demo Now! 

Tags: TCO, Situational Awareness, Managed Security Services

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