You are aware of the risks posed by cyber threats to your business. You know the potential devastation a cyber attack can cause. You’re convinced that cyber security measures can protect you against cyber threats. But how do you know it’s working?
Let’s delve into the tangible benefits of managed security services (MSS), demystify the return on investment (ROI) calculation, and guide you toward making informed choices for your cyber security strategy.
Ready? Click any topic below or simply read on:
- Understanding the Cost of Cyber Attacks
- Calculating the ROI
- Your Gains from Investment: The Hidden Savings
- Quantifiable Metrics for ROI Evaluation
- Selecting Your MSS Provider
- Managed Security Services: An Investment, Not an Expense
Understanding the Cost of Cyber Attacks
Before we explore the ROI, let’s tackle the cost of cyber-attacks. Beyond the immediate financial hit, cyber incidents disrupt operations, erode customer trust, and tarnish reputations.
From legal fees and regulatory fines to lost productivity and brand damage, the impact is far-reaching. But what if there were a way to mitigate these risks and turn the tide in your favour?
Calculating the ROI
ROI is the litmus test for any business investment. The simple financial equation is:
ROI = (Gain from investment – Cost of investment) / Cost of investment
Gains from investment includes cost savings from avoided breaches, reduced downtime, and streamlined operations, while Cost of Investment is the price of your MSS solution.
Your Gains from Investment: The Hidden Savings
When evaluating your ROI, you need to consider the following scenarios.
Avoided Breaches
Every thwarted cyber-attack translates to saved dollars. In Australia the cost of a data breach has significantly grown since 2018, now reaching AUD $4.03 million according to IBM’s report.
MSS providers fortify your defences, minimising the chances of a breach. Imagine the financial relief when you sidestep a costly incident.
Reduced Downtime
Downtime is the nemesis of productivity. With MSS, rapid incident response and proactive threat hunting keep your systems running. The longer your business stays operational, the greater the ROI.
Staffing Cost Savings
Outsourcing security tasks to a third-party provider trims your payroll. Instead of maintaining an in-house security team, you can redirect those funds to growth initiatives.
Enhanced Productivity and Business Continuity
Your staff can channel their energy into strategic endeavours rather than firefighting and monitoring. The ripple effect? Enhanced productivity and a smoother operational flow.
A Managed Security Provider can also help to ensure your business stays compliant with laws and regulations. Reducing your risks of attacks and hefty fines.
Peace of Mind
It could prove difficult to pin a price on this one. When your systems are secure, your team can focus on what matters — innovation, client service, and growth. Imagine the peace of mind knowing that your data is shielded, your operations are resilient, and your reputation remains intact.
Quantifiable Metrics for ROI Evaluation
How do you measure the success of your investment? To gauge the effectiveness of your MSS investment, you can track the key metrics below.
Incident Response Time
How swiftly does your provider react to threats? A rapid response is critical to minimising the impact of security incidents. The shorter the response time, the faster threats can be contained and mitigated.
Metrics to track:
- Time to Detection: How quickly the MSS detects an incident after it occurs.
- Time to Notification: The time taken to notify your organisation about the incident.
- Time to Containment: The duration from detection to isolating or stopping the threat.
You could compare your provider’s response time against industry standards or best practices.
Dwell Time
How long do threats linger undetected? Longer dwell times increase the risk of data breaches and allow attackers to move laterally within your network.
Metrics to monitor:
- Average Dwell Time: Calculate the average time threats persist before detection.
- Maximum Dwell Time: Identify the longest duration a threat remained undetected.
You can implement proactive monitoring and threat hunting to reduce dwell time.
Mean Time to Recovery (MTTR)
How quickly can you bounce back from a cyber incident? Reducing MTTR minimises business disruption and financial losses.
Recovery components:
- Detection to Recovery: The time from identifying an incident to restoring normal operations.
- Investigation and Remediation: The duration spent investigating, analysing, and applying fixes.
You can benchmark your MTTR against industry averages or your own historical data.
The above metrics provide a tangible yardstick for evaluating ROI. Remember, it’s not just about dollars saved; it’s about resilience gained.
Selecting Your MSS Provider
Selecting the right MSS partner is critical, whether you’re in Queensland or elsewhere in Australia. Overall, you must look for:
- Local Expertise: Cyber security services in Brisbane and Townsville should understand the unique challenges faced by Queensland organisations.
- Custom Solutions: One size doesn’t fit all. Seek providers who tailor their offerings to your specific needs and industry.
- Proven Track Record: Investigate their success stories. Have they safeguarded businesses like yours?
Managed Security Services: An Investment, Not an Expense
When you consider cyber security solutions, keep in mind that MSS isn’t an expense but an investment. For every investment, boards and business officials need to consider a variety of factors. This is what we go through during our half-day training session.
Board members and executives can feel empower to protect their organisation effectively with this tailored training program aiming at:
- Understanding the gap between current efforts and where your organisation needs to be
- Discharging your responsibility
- Knowing how to grow a cyber skilled workforce
- Meeting current and future regulation and legislation
Register today for our Board & Executive level Cyber Security training. Let’s turn the tables on cyber threats and build a resilient future together!