The Elephant in The Biz: outsourcing of critical IT and cybersecurity functions risks UK economic security

Today's article comes from Medium, an online publishing platform for written content such as articles and blogs, and was written by Kevin Beaumont for Double Pulsar, a publication run by the writer and specializing in cybersecurity.

As the title suggests, according to recent developments, one of the biggest problems in the IT sector may lie precisely in the management of the latter within some of the most famous companies in the field. The current situation, in fact, sees these companies as protagonists who, in order to guarantee value to shareholders and save money, are strongly incentivized to “outsource” IT and cybersecurity functions. So who takes charge of these aspects?

Obviously, as is often the case, management is entrusted to low-cost foreign service providers. In the case of ransomware, insurance companies cover the ransom or push companies to pay criminal groups directly in order to cover their own potential losses.

However, this approach, along with several other variables, poses a number of risks. In recent months alone, three well-known British companies, including Marks and Spencer and Jaguar Land Rover, have been victims of ransomware attacks with disastrous consequences.