Cybersecurity is a huge concern for all businesses. Companies understand that they need to prioritize their security methods in order to ensure they don’t experience major losses due to a potential data breach. Despite major headlines that have repeatedly demonstrated the impact these hacks have on companies, recent studies have found that people are still not as prepared as they need to be in order to mitigate such risks. While these companies may be confident saying that they believe in their organization’s ability to manage cybersecurity internally, according to the data, that doesn’t seem to be working (or entirely true).
Even companies who have the best IT teams and equipment understand the need for an outsourced CIO to handle cybersecurity, as well as other managed services.
Many Risks are Internal
One reason that companies are unable to mitigate all the risks is because they are simply looking in all the wrong places. Every time we learn of another major breach, it doesn’t take long to discover that it happened due to something internal. Perhaps a firewall wasn’t updated, an employee used their personal unsecured device to access work, or the network infrastructure the company is using isn’t being maintained properly, leaving gaps all over. Companies don’t want to admit that they are a risk to themselves. And, even if a breach came from elsewhere, the fact that a hacker could get in is usually the company’s fault.
To fix this, an outsourced CIO can come in, take a look at your systems from an outsider’s point of view, and do what they need to do to patch it up.
Everybody Needs to be Vetted Before Being Onboarded
If your company hires contractors, partners, or interns to work with you, they will likely be given access to the company’s network. And, the more often you’re onboarding “strangers,” the easier it is for one of these people to let in a breach. Typically, it’s unintentional, but there are times where perhaps an employee who was recently let go seeks to take some kind of revenge on the business.
However, with the right network infrastructure (these days, it’s the cloud), security is placed on identities themselves, provided for new or temporary employees. When this is set-up by a managed service provider, HR and IT follows the process and works together with the outsourced CIO to prevent any leaks from occurring. Of course, proper vetting of the individual is necessary before providing them with company access as well.
Because Your Day to Day Job Doesn’t Involve Monitoring Security Risks
In general, 70% of respondents off the Marsh-Microsoft Worldwide Cyber Perception Survey reported that their IT departments are in charge of making important decisions about the company’s network. A lot of these decisions naturally have to do with the network’s security overall. As a business leader, this definitely isn’t your department, so you’re counting on the individuals over in IT to make the right choices. But, believe it or not, IT shouldn’t really have that kind of say, either. Their job isn’t just calling the shots on security measures.
While cybersecurity is certainly a task that involves a little work from everyone in the company, it takes a little more expertise than that. An outsourced CIO can help assign appropriate roles to each employee to make sure everyone is doing their part. Additionally, companies who have moved over to a cloud infrastructure are likely to face fewer risks, too, as cloud technology manages many risks on its own.
The Costs Alone Aren’t Worth the Risk
According to Business Insurance’s breakdown of the survey, 40% of respondents who reported a data breach in the last 12 months said that the worst-case scenario lost them $50 million or more. Out of that number, only 19% revealed “they are highly confident in their organizations’ ability to mitigate and respond to a cyber attack.”
With that much money at stake, it doesn’t really seem worth it to take your chances. As a C-level leader, if you’re not totally comfortable in your company’s ability to mitigate such risks, then it’s time to find someone you can trust who can.
In the meantime, try our RiskAware™ Cyber Security Scan & Report to see where your security currently stands.
In January 2018, U.K.’s second-largest outsourcing construction company, Carillion, collapsed, leaving many people confused and others significantly out of money. When a company this large has to completely go into liquidation, projects simply cease to continue, and a lot of questions have since been raised. While the media has been discussing the issue of private contracts being combined with public services, companies who outsource services are also concerned, but for different reasons. This is making the general public a little uneasy when it comes to the idea of outsourcing overall.
However, there are lessons to be learned from a company like Carillion. And, especially if you’re a small business, you really don’t need to worry. Just check on these:
In any business, bad communication can lead to even worse problems. In order to make sure things don’t go wrong, having open communication is imperative. Unfortunately, with Carillion, communication may not have always been as clear as it could have been, and when things started to going downhill, a rescue plan was too late to execute. Of course, this can be inevitable when you’re running such a big operation.
Luckily, as a small business leader, communication between you, your CIO, and your IT team is not only easy, but it’s kind of the whole point of outsourcing to begin with. An unbiased CIO allows there to be a smooth conversation among all parties, ensuring that no one is left out of the loop, and instructions are given to the right people. It also helps to make sure businesses stay compliant, as they should be advised their own role in compliance along with the CIO and IT.
If your biggest worry about hiring an outsourced CIO is the legitimacy of the contracts and service level agreements, that’s a valid concern. A contract that’s not treated seriously or that doesn’t clearly outline what it will encompass, can potentially cause a lot of damage. Additionally, contracts should also be flexible; as a client, it’s nice to have the freedom to go back in and make changes as needed — changes that won’t put anyone at a disadvantage. Carillion didn’t really have this option, as they mainly worked with long-term contracts.
An SLA is the single most important thing you can consider before moving forward with outsourcing your CIO. But, as a small business with very specific needs, it’s likely you’ll be in good hands no matter what.
In the case of Carillion, they were managing way too many contracts at once — many of which didn’t pan out. When you’re taking on contracts to build everything from schools to roads to hospitals for the government, it can get a bit too overwhelming to keep everything in order. Any outsourced CIO may be able to relate to this to some degree. After all, a CIO who wants to provide the best support for their clients needs to be available on a regular basis, and know what to do and how to do it.
It goes without saying that if the CIO you’re looking to hire seems too busy with other clients, then a similar situation to Carillion — though, on a smaller scale — may happen. Would it affect you? Not necessarily. But, it’s still important to work with someone who isn’t stretching him or herself too thin.
Though the Carillion situation might be a bit scary when it comes to the thought of outsourcing, unfortunately, they had factors going against them that won’t be the case for small businesses. One of the reasons Carillion had a downfall was because, at the end of the day, they took on more than they could handle. This was one of the rare times where we see the potential negative side of outsourcing. That being said, even though potential customers may have some reservations, the benefits certainly outweigh those concerns by a long shot.
For businesses who don’t have the time to handle their technology needs, outsourcing to an expert CIO can make a world of difference. They do what they need to do to make sure your network runs smoothly, letting you take care of business. Of course, a good CIO will work with your IT team while still keeping you in the loop. Overall, outsourcing your CIO saves you time, money, and the stress.
Still worried? Hopefully, this made you feel a bit better about your outsourcing plan.
In the meantime, try our RiskAware™ Cyber Security Scan & Report to see where your security currently stands.
Many of us like to think of data as bits of information floating around in the cloud — after all, what other way is there to envision something that’s more or less invisible to the naked eye? Well, if that’s how you refer to the data in your network, then it’s likely you’re treating it as such, too. The problem with this is that data deserves more respect than it’s getting. When companies make big decisions based on what they consider a ‘single-entity of data,’ they might be missing a lot of worthy information and could end up making a costly choice because of that.
There are currently a lot of trends surrounding data, but sometimes it’s not about the data itself — it’s about how you’re managing it. Because data is so fundamental to business operations, it’s time that we start treating data as a valuable asset to the company. Whether you need to imagine data wearing a suit and tie to work every day or that it’s sitting in the conference room at a team meeting, that’s fine. But, if you don’t, there may as well be big consequences for your company.
Unfortunately, it’s not so easy. The problem is, data is just too big. When it comes to gaining real value from interpreting data, it’s impossible to know where to begin. This is why companies are starting to look at data lakes and other solutions to help find what’s valuable, without wasting time on shuffling through data that might not serve a purpose. While data lakes might be out of the question for your business, there is a lot you can do on your own, first.
Just as you would set certain protocols and management tasks as a company leader, data shouldn’t be left out from this. Remember, data in many ways is an enterprise. Therefore, those same protocols and principles you assign to anything else in your company should also be assigned to data. Just as you would measure an employee’s performance, calculate your sales, or monitor your network’s security, you should monetize, measure, and manage your data the same way. This way, you can be sure that the information you gain from this data is truly meaningful, without any part of it being overlooked.
How would you really internalize potentially imperative information at your company?
You would analyze it.
So, data needs to be analyzed, too, in the appropriate manner — just as you would apply analytics to any other aspect of your business. If you want real ROI, then it’s absolutely necessary to put data under the microscope. This can be hard when there is just a plethora of data out there, waiting to be sorted. Therefore, data needs to be evaluated while being combined with the analyses done on sales, marketing, and feedback.
If you’re not quite sure how to go about this, keep in mind that there are several lenses with which to look at data. According to James Burke, director at ISG, you can proceed this way:
Today, there are many resources companies can utilize to help analyze their data correctly and treat that information as an asset. When done consistently, companies will see positive results.
The right data can tell us about our business. If your company is eager to find strategies to grow, then it’s worth looking at that data to see if it holds any clues. Likewise, companies don’t want to spend money on resources they don’t need, especially if that budget is needed elsewhere. When treated as an asset, data can be very valuable in terms of understanding your business because it can give companies a better visual of what’s really necessary. But, this is difficult for companies to do on their own.
Outsourcing your CIO — a professional who knows how to do all of this. They know what to look for, how to analyze it, and how to apply it to future decisions. They know what to take from a large amount of data, putting it under the microscope to find what’s valuable. They know what they are doing and how to help you. Investing in a CIO, then, will save your company a lot of time and money in the long run.
In the meantime, try our RiskAware™ Cyber Security Scan & Report to see where your security currently stands.
These days, companies need to do whatever they can to make sure their business is cyber security compliant. Being compliant means your company is following certain practices to protect your customers, your network, and most importantly, yourself.
A CIO’s main responsibility is to implement the right cyber security measures for your company. But, another part of their job is guiding you to make the right decisions for your company thereafter. So, here’s how we can all do a better job of taking cyber security just another step further:
Compliance is Important, But It’s Not the Only Factor
One of the main reasons businesses invest in the services of a CIO to begin with is because it’s imperative that they are cyber security compliant. However, many CIOs are only keeping this in mind when setting up the right security infrastructure, and unfortunately, that’s not going to help a business in the long run. All security decisions need to be made with the business mindset, because if the actual risk can’t be understood or evaluated from a business point of view, why would any company leader take interest?
Businesses Should Be Involved in Making Cyber Security Decisions from the Start
Although your CIO is the primary decision maker when it comes to cyber security, it’s likely that they are working with many businesses at once. The needs of your business may be very different from the needs of another, and you want to be absolutely sure that your needs are constantly being kept in mind. Therefore, the best way to go about this is by being involved in cyber security decisions from the start. Be proactive in keeping the conversation open and make sure you’re present when those big decisions are being made. Your CIO is allowed to guide you in making these decisions and they should. After all, one of the reasons you’re hiring them in the first place is because you’re not quite equipped to do these things on your own.
There Should Always Be Consistent Measurement and Evaluation by Businesses
Once a decision has been made, it’s important to recognize that it won’t be the last. Cyber security is an ongoing process, and it’s both your job and the CIO’s job to stay involved at all times. And, once a decision is implemented, the impact of that decision should be consistently monitored, measured, and evaluated for future purpose. This is really to say, can you be certain that your cyber security system has worked, or is it time for a new solution?
Make Sure Your CISO Has a Good Reporting Record
It goes without saying that the Chief Information Securiry Officer (CISO) that your company is working with should have a great track record. The IFS, or Information Security Forum, has reported that many of these CIOs aren’t doing their job when it comes to reporting their findings of KPIs (Key Peformance Indicators) and KRIs (Key Risk Indicators) to their clients. This goes back to a previous point: that decisions need to be made from a business — your business’ — point of view. Of all the things to consider when hiring a CIO, this is a question you don’t want to leave out.
There are many steps to making sure your business is paying the utmost attention to its security situation. Is your CIO helping you be part of the process?
Technology has taken over the business world. Ever since we’ve become more reliant on technology, we’ve been seeing new jobs added to companies to help maintain it all. And, when it comes to that technology, those who will be managing it on your company’s behalf need to have the appropriate skills and expertise to do their job correctly.
You may already have an IT team, or maybe even a CTO. But, you as the CEO need to make sure the right decisions are being made for your company at all times (and at all costs). So, isn’t it about time to outsource a chief information officer?
Why You Need a CIO
While all roles in a company are unique and important, a CIO does a number of tasks that bridge all those roles together. Ultimately, the CIO is responsible for making sure technology is properly integrated throughout the company so that operations can run smoothly. He or she has the final say on how technology is managed so that the business can keep moving forward without any hold ups.
Why Outsourcing is Important
One of the biggest questions that comes up when a company integrates technology into their everyday tasks is the issue of cyber security. Though there are many ways in which a system could potentially be hacked from outside intruders, human error is still one of the main causes of breaches that we commonly see today. Certain protocols need to be followed in order to guarantee a network’s safety. To eliminate any risks of vulnerability or conflicts among high-level decision makers, a CEO should consider outsourcing their CIO. This way, any decisions that are made are unbiased and are therefore solely for the best interest of the company.
Also, don’t forget that one of the perks of hiring any type of managed service means that you have more time to run your business. Any worries you may have will now be dealt with by that service provider.
When is the Best Time To Hire a CIO?
Most company leaders may think it’s best to wait until a company reaches a certain level before hiring a CIO. Perhaps when a certain number of sales have been made or a certain number of followers has been reached. But, it may be that it’s time to get one sooner than later if you’re noticing some inconsistencies at your company. This could involve anything from repetitive inefficiency, seeing your network has become vulnerable to attacks, disagreements among executives, or too many tasks being handled by a small staff. Whether it’s one of these reasons, a combination of these reasons, or you just feel the need to extend such an important role to someone else, then it might be time to hire a CIO.
When it comes to cyber security, there are a lot of things one needs to know. Ultimately, business leaders choose to invest in the help of a cyber security consultant in order to make sure their network is properly managed by an expert. But, even if your consultant claims to be an ‘expert’ in cyber security, you need to ask yourself, “Do they have the right expertise?” Often times, it’s not about what this professional has on their list of credentials; it’s about what they don’t have. And, what they don’t have could prove to be very bad news for your security situation.
When you look for your cyber security consultant, it might be overwhelming to see everything they have to offer you. Just like when you buy a new TV or look through a brochure, you see all the beautiful advertising. If it’s done nicely, you would never really ask yourself, “Well, what does this not have?” or “What is it missing?”
Most cyber security professionals will have an IT background, which seems like that should be a given. However, an IT background isn’t all you should be looking for. After all, if that’s all they have, then why not just consult your IT department? Surely, they have all it takes to clean up a security problem, right?
Wrong. Most business leaders know that their IT team has other responsibilities, and not quite the right experience when it comes to specifically handling security concerns. This is why CEOs seek the help of a professional cyber security consultant in the first place.
So, what is it you want to be looking for in your cyber security professional?
While an IT background is certainly necessary, you want to make sure the consultant you’re looking into working with actually has a software development background.
The biggest reason for this is because hackers generally do their work by using scripts as their main tool to cause damage on the networks of unsuspecting targets. To even recognize something like this, a cyber security professional would have to have experience in software development. But, in addition to being able to recognize this kind of hack, you also want someone who could make sure YOUR software is protected, to begin with. They know exactly what to look out for and are read up all the different types of breaches that exist.
A person with solely IT experience probably won’t be able to see this as well as someone with a software development background.
Generally, although most cyber security consultants with software development experience also have a good IT foundation, those with solid IT experience can’t really say the same for themselves. Again, it’s not about what your potential cyber security has; it’s about what they’re perhaps lacking and how that could impact the quality of their service to you.
An avid cyber security approach is important for financial companies that collect the information of their clients or have their own data to store and protect. While there are a lot of great consultants and managed services out there, take your time choosing the one that’s best for your company. And, do yourself a favor and make sure they have experience in both software development and IT. Otherwise, you aren’t really getting what you’re paying for.
When it comes to companies protecting their network from hackers, most business leaders know what to do. Once a company has made the decision to utilize services of a third party in regard to their security, they’ve already made a move in the right direction.
But, how do you know you’re using the right cyber security service for your company? And, does the service you’re using possess the expertise, resources, and manpower to continuously monitor your network? It’s not just about outsourcing your cyber security, although that much is important. Ultimately, it’s about asking yourself whether or not there are enough eyes on your network to make sure your security situation is stable at all times.
Why You Need to Analyze Your Own Business Before Seeking Help
Just because you define your business as a small business, doesn’t mean your need for cyber-security is any less than anyone else’s. In fact, small businesses can actually be more of a target for cyber criminals, as most of the time, hackers assume you’re not taking proper precautions and your network is thus that much easier to hack.
This means that you need to up your cyber security game as much as possible. Since you can be considered the low-hanging fruit for hackers, you need to be extra cautious of your network’s security, especially when you operate in the financial industry. As a small business, you’re vulnerable in a lot of ways; one of those ways being the reputation you have amongst your customers. When you’re small or just starting out, your customers’ expectations of you are that much higher. If you have a security breach, you may find yourself back at square one with your business.
Therefore, before you seek assistance from a third party managed service provider, have a general idea of what’s important to you security-wise. Even if you don’t know a lot, knowing what your business’ demands are and the value of what you need to protect, is enough to guide you in the right direction.
One Pair of Eyes is Never Enough
Before the technology era, how did people protect their businesses? Think about it. They locked and chained their doors. They installed alarms. They added security cameras. Many hired security guards to keep watch overnight. Already, that’s a lot of eyes watching that business.
In the Internet age, the concept is much the same. However, hackers don’t have to dress up in black and plan a heist to break in; it’s often much easier to breach your network. And, since a lot of security breaches can happen because of human error, it’s so important you have enough people looking out for you.
When someone writes a book, they have editors read over their work again and again. Don’t you want your network treated better than a bestseller? We think so. That alone is enough incentive to make sure there are enough eyes on your network. Therefore, when you seek out a company to take care of your cyber-security, figure out what their staff numbers look like and how many people will be on your case.
But, It’s Not Just About Eyes
When you’re working in the financial industry, you have a lot of responsibility when it comes to your customers. If you’re collecting sensitive information from your clients, such as credit card numbers, SSNs and home addresses, the stakes are higher for you than other companies. That means it’s not just about HOW MANY people are monitoring your network, but HOW they are monitoring it (and how often).
Before you buy the services of a third party provider, read their testimonials. See what they offer, what their guarantees are, and read up to make sure they haven’t made headlines for anything negative.
This is YOUR company and it’s your priority. Is your managed service provider making your security their priority? You better hope so.
Up until now, when auditors and regulators of cyber-security came to companies, most of the time they would just ask to see whether an assessment was done. It was even less likely that they would have asked the details of that assessment. But, now, that’s starting to change.
Some companies these days have gotten into trouble with auditors and regulators because even though they had done an assessment, the assessment was either not as comprehensive as it should have been or the company didn’t act on the risks that the assessment reported.
If you want to make sure your risk assessment is done correctly, then you must make sure it falls under one of these three categories:
There are many different kinds of risk assessments out there, and what you use will depend on a lot of factors. First of all, it depends on what kind of business you’re in and how much a hack could affect the lives of your customers and employees. Of course, there are some businesses that are held up to higher standards than others when it comes to an auditor’s discretion. That being said, you should always set the security bar high for yourself no matter what, this way you know you’ll be safe.
Whatever route you decide to go with your risk assessment, you should ask the organization that’s doing it whether or not the test they choose to perform is standardized; meaning if the test were repeated again at your business or another, it would produce (more or less) the same results. At the very least, the assessment should yield the same, specific kind of information across the board.
As mentioned before, a test that’s done for one company may not work for another. If your third-party is running the same assessment on your small e-commerce site that’s it’s doing on a multi-million dollar health insurance company, that could very well be a red flag.
Some of the assessments you may have heard of include, but are not limited to, FAIR, OCTAVE, FMEA, etc. Some fall into the category of qualitative assessments, while others fall into the category of quantitative. This means that some assessments will look at data and other factors over a long period of time, while others are simply based on an expert’s opinion. The results of these assessments can be expressed in different ways, usually referring to the various direct or indirect costs.
When the assessment is done, it should be able to answer key questions that are relative to your business. What vulnerabilities do you have in your system? What could be causing the threat? What kind of damage are you looking at if these threats take hold? And, of course, how to fix it.
So, if auditors and regulators are starting to ask more questions, don’t you want to be ready with more answers? If you happen to have an auditor come knocking on your door that wants to know much more than whether or not you’ve simply done on an assessment, then you need to be prepared. What we’re trying to say is, your assessment shouldn’t merely report the date you had it done, when you’re due for a next one, and by whom was it administered.
Instead, your assessment needs to have explicit information and data on it that will be satisfactory to the potential auditor. If you want to get a heads up about what an auditor might look for, speak to the organization that will be conducting your assessment.
Remember, even if you go through all this work to have the right assessment done for your company in the eyes of the auditors, it won’t mean much if you’ve left that assessment report in a pile of papers on your desk. In addition to making sure your assessment falls into one of these three categories, you also need to address anything that assessment uncovers; immediately. Also, make sure you continue to get assessments done regularly in order to stay on top of your security.
For company leaders that are already investing in cyber security, you don’t need a reminder of why it’s so important. You’re probably well aware of the seriousness and frequencies of data breaches these days, and you, therefore, want to make sure you’re protected at all costs. But, for those who still haven’t taken that budget leap, know that a cyber insurance plan can help offset major costs associated with any type of data breach.
Is that still not enough of a reason to allocate your budget to insurance? Then consider this. What if you could save money on your cyber insurance premium, just by being proactive? Would that be enough to push you to make the right decision for your company?
We’ll tell you more:
Cyber insurance isn’t cheap per se, but it can be affordable. And, when you consider how much it would cost to make “repairs” after a data breach, (often thousands upon thousands of dollars, depending on the size of your company and the extent of the damage) it’s definitely worth the price.
Like any other type of insurance, you pay a premium every month, and you can be covered for A LOT. This can be anything from privacy liability to lawyers, plaintiff lawsuits, forensic investigations, PR, penalties and fines, etc. Does that sound expensive already? We’re only scratching the surface. But, what if you could clear all the anxiety about the “what ifs” just by paying a premium every month?
Cyber insurance policies can be customized to your needs. You can go based on the size of your company, what industry you’re in, and ultimately what the stakes would be. No two policies are the same. Some premiums can be as low as $1,000 per year, while others can be as high as $50,000. But, don’t worry. It’s typical that the premium you pay is relative to what your company earns.
This is usually the biggest factor that deters people from taking out cyber insurance in the first place. They just don’t see that it makes sense to add something onto the budget that hasn’t even happened yet.
IT companies who specialize in cyber security understand this. So, we’ll let you in on a little secret. One that only professionals know about.
You can actually save a huge amount of money on your policy premium if you just take a few steps, first. We’re talking around 60%. Here’s how:
For company leaders like you who understand the importance of cyber security, but still want to save, there’s a way to have the best of both worlds.
All you have to do is be proactive. How do you do that? It’s easy. Get yourself a network assessment from an unbiased third-party. These professionals will analyze and evaluate your system for any vulnerabilities. If they find something that makes your security weaker than it should be, they’ll let you know and fix it up for you. Then, they’ll issue you a document proving you’ve done the assessment. This document will say that you’ve taken all the precautions you can on your end to make sure your system is as secure as possible.
Of course, even if you take those steps, hackers can still find a way in. That’s why it’s important to have cyber insurance, so you’re covered no matter what. However, we can understand how frustrating it can be to spend money on an assessment that’s supposed to clear you, but then having to spend more money on insurance, anyway.
So, here’s how you save. Just bring that assessment to wherever you’re purchasing your cyber insurance plan from. Show them the measures you’ve taken (again, all explained in that assessment overview). More often than not, you can get a huge discount on your policy premium just with that paper. If they’re not eager to offer you that discount, then tell them what you now know!
After all, the law favors those who make an effort from the get go. Also, the more you do now will be less for the insurance provider to have to worry about when they cover you.
We want to help you save money on your cyber insurance premium. To get you started, take our RiskAware™ Cyber Security Scan & Report.
When it comes to contracts in the digital world, there are none quite as important as service level agreements, or SLAs. Service level agreements are the agreements outlined between a service provider and the user. It discusses what the user expects to receive from the service provider, and in turn, what the service provider will provide to the user. A strong SLA should erase any gray areas between the user and the service provider, clearly outlining what the relationship entails.
You do have a say in your SLA
Though the service provider should be the one to present the service level agreement, as the user, you do have a say in what you want it to include. If there’s an aspect of the job that you want to be covered but the service provider didn’t mention in the SLA, you can have them add it in. An SLA is certainly not one-sided.
An SLA provides targets for measuring performance
Whichever sector the service provider is in will determine the type of contractual agreements that are laid out in the SLA. Whether a service provider is providing an internet service, managed services, cyber security, of a combination of these services, the service level agreement should have observable and measurable objectives that are obtainable. If you, as the user, want to be clear about what you’re paying your service provider for, take a look at that SLA.
It explicitly outlines the “what happens when…?”
A good SLA should answer all the questions you didn’t know you had or perhaps the ones you don’t want to ask. Even if we trust our service providers to give us what they say they will, we still want to know “what happens when…” The SLA makes things more transparent, so you can be confident in your decision.
An SLA encourages responsibility and protection for both parties
Anytime we invest money as a user, we need to make sure we’re protected. Likewise, a service provider needs to look out for themselves, too. So, while an SLA can protect you from losing any money, it also protects the service provider from being held responsible for something that may not be their fault. Why would either party want to take a risk?
They can be continuously reviewed and updated
As technology continues to grow and more companies are moving over to the cloud, there’s no predicting what the cyber world holds for us in five years, or even one year, from now. The good news is, an SLA isn’t technically set in stone. While nothing should be changed without both parties’ consent, there is always the opportunity to sit down together and adjust the terms as things may change.
Discover how much risk you’re exposed to and get a complimentary RiskAware™ Cyber Security Scan & Report today!