As I covered in Part 1, middle market businesses have a unique conundrum when it comes to cybersecurity. If you have not had the opportunity, I encourage you to read it. In the second part on this subject, I am going to cover some real world experiences that led BAMCIS Cyber to shift the way we deliver services for our target customer base. It has been an interesting experience and I hope that you will find some pearls of wisdom that will help guide you on your organization’s cybersecurity journey.
There are multiple factors that impact how a middle market company approaches cybersecurity. I will cover a few of the most impactful. First and foremost is the cybersecurity talent shortage. Regardless of the perceived overall cause, it will well-accepted that there is a shortage of cybersecurity talent in our country and across the world. This is particularly impactful for middle market companies. Mid-size companies must rely on subject matter generalists across their workforce. This can be a extremely risky and fraught with challenges in the area of cybersecurity. As a resource’s experience increases, so does their expected salary, many times pricing them out of the reach of middle market companies. Business leaders are then forced to hire a less experienced candidate to meet these cost pressures. That is, if they even hire someone at all.
A trend that I have noticed in the middle market is the complete absence of cybersecurity professionals in subject organizations. Whether it be the IT team performing the cybersecurity function as a collateral duty or the function simply missing, mid-size companies find themselves in a challenging position. You can hire someone for cybersecurity and subsequently watch them leave in 6 months due to better offers that you cannot match. The other option is to not hire someone and maintain the status quo. Besides, what bad guys would target a middle size company that does what you do? There are many. Why? Because middle market companies, as opposed to other size companies, pay the ransom.
Where do you go from here? How can you extract your organization from the current proverbial rock and a hard place? The good news is that there is a new approach to cybersecurity for the middle market. Cybersecurity-as-a-Service (CaaS). CaaS is an approach born out of the challenges faced by mid-sized businesses. Generally, CaaS is a full set of cybersecurity services, provided on a fractional basis, that address not only the cybersecurity skills gap, but also rapidly elevates the cybersecurity maturity in any organization in which it is deployed. In my market research, I have found some of the big cybersecurity players have CaaS offerings, as well as several small to medium sized companies. Each approach the problem differently and with varied potential outcomes. Here at BAMCIS Cybersecurity, we categorize our CaaS offering into four distinct modules: Leadership, Governance, Operations, Tools. We find that these discrete areas address the cybersecurity issues of the middle market business, all while maintaining cost efficiency on behalf of the customer. Additionally, you gain access to a wide range of cybersecurity expertise that doesn’t break the bank. Cybersecurity-as-a-Service is the future of risk reduction for the middle market. If you are a mid-size business leader and fear the cybersecurity unknown, I encourage you to look into CaaS.
-David Malicoat Founder, BAMCIS Cyber