In today’s fast-paced and ever-evolving cyber landscape, organizations worldwide are grappling with a multitude of challenges. From a high demand for cybersecurity resources to the frequent turnover of cybersecurity leadership, and the emergence of complex compliance issues, the digital world presents a series of hurdles for businesses. In response to these challenges, a growing number of organizations are turning to experienced outsourcing solutions to secure their digital frontiers effectively.

Key Areas of Focus and Today’s Cybersecurity Challenges:

  1. High Demand for Cybersecurity Resources: As cyber threats become increasingly sophisticated, there is a rising demand for skilled cybersecurity professionals. This demand often outstrips supply, leaving organizations vulnerable and in need of reliable solutions.
  2. Frequent Turnover in Cybersecurity Leadership: The cybersecurity sector sees significant turnover, especially in pivotal roles such as Chief Security Officers (CSOs). This turnover can lead to inconsistencies in cybersecurity strategies and vulnerabilities in organizational security.
  3. Emerging Compliance Issues: With regulations evolving rapidly, organizations struggle to keep up with compliance demands, as they often lack the expertise and resources required to stay ahead of legal and regulatory changes.
  4. The Need for Real-Time Status and Dashboard Reporting: Stakeholders, including boards and investors, increasingly require up-to-date information on an organization’s cybersecurity posture. This need for real-time data and reporting is becoming a critical aspect of organizational transparency and trust.
  5. Single Point of Failure in Cybersecurity Leadership: The reliance on individual CSOs or cybersecurity leaders often creates a “single point of failure” in an organization’s cybersecurity strategy. This dependence can pose significant risks if not adequately addressed.

In light of these challenges, Van Steel, Shareholder at LBMC Cybersecurity, emphasizes the advantages of outsourced cybersecurity solutions. “Boards, investors, business partners, and other stakeholders often ask about an organization’s cybersecurity posture or strategy, and being able to answer this question with real-time status and dashboard reporting is an incredible luxury. Cybersecurity resources are in high demand, and the average tenure of a Chief Security Officer is under three years. Each CSO comes with their own strategic vision and tactical plan, which is inextricably bound to that individual, creating a potential ‘single point of failure.’ While the concept of a single point of failure is well known in cybersecurity, it’s rarely focused on the leadership and strategy of the cybersecurity program. By supplementing an individual with a third-party comprehensive cybersecurity program, companies can significantly reduce the risk of a single point of failure, which is a game-changer for organizations,” says Steel.

Outsourcing cybersecurity functions can offer a myriad of benefits. It provides access to a team of experts with diverse and specialized skill sets, ensures continuity in cybersecurity strategies despite changes in leadership, and helps in navigating the complex landscape of compliance issues. Moreover, it addresses the single point of failure issue by distributing the responsibility across a team rather than an individual, enhancing the overall security posture of the organization.

As the digital world continues to evolve, the move towards outsourced cybersecurity solutions is not just a trend, but a strategic necessity for organizations aiming to stay resilient and secure in the face of growing cyber threats.

For more information about LBMC Cyber Core and how it can transform your organization’s approach to cybersecurity, reach out to Van Steel, van.steel@lbmc.com, or Adam Nunn, adam.nunn@lbmc.com.

About LBMC

LBMC is a 2024 USA Today Top Recommended Firm, one of the Southeast’s largest accounting and business consulting firms, and an Accounting Today Top Firm in the Nation serving approximately 11,000 clients with diverse needs across a spectrum of industries. Primary client groups include privately-owned middle market companies in the healthcare, manufacturing, technology, and private equity space. LBMC has more than 900 team members, with offices in Nashville, Chattanooga, and Knoxville, Tennessee; Louisville, Kentucky; and Charlotte, North Carolina. A four-time national certified Great Place to Work, LBMC was also named 2023 Best Workplace in Consulting & Professional Services. Founded in 1984 as a traditional accounting firm, LBMC today is an industry leader in financial, human resources, technology, cybersecurity, and wealth advisory services for businesses and individuals. For more information on LBMC’s experts and comprehensive services, visit our website or call 615.377.4600. LBMC is growing, and job opportunities can be found on our careers page.