Managed Security Services - Part 2: Risks and Best Practices

Managed Services - Outsourcing

In deciding to retain a managed security service provider, an organization needs to treat the potential action as a risk mitigation sharing decision. When weighing the risks, financial institutions need to consider issues such as trust, dependence, and ownership.

Establishing a good working relationship and building trust between a client and service provider is critical in deciding whether to outsource security services. Any service provider has access to sensitive client information and details about the client's security posture and vulnerabilities. The intentional or inadvertent public release of such information can be extremely damaging to the client. A signed confidentiality agreement enacted in the later stages of contract negotiations can help mitigate this risk.

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