Commercial real estate organizations are tasked with managing large amounts of sensitive data related to their properties, tenants, and finances which means they need expert-level individuals operating as their Chief Information Officers and Chief Information Security Officers. However, many small to midsize CRE organizations may not have the resources or expertise to hire a full-time CIO or CISO. This is where utilizing a company that provides fractional CIO and CISO level leadership can provide significant cost savings and benefits.
Fractional CIO and CISO leadership is a flexible and cost-effective solution that enables businesses to leverage the expertise of experienced technology and cyber security professionals without incurring the high costs associated with full-time employment. These professionals can work on a part-time basis, providing guidance and support to the company's existing IT staff and addressing any cyber security concerns that arise.
Here are some of the ways in which utilizing a fractional CIO or CISO can provide cost-savings for commercial real estate companies:
Reduced Overhead Costs
Hiring a full-time CIO or CISO can be expensive, especially for smaller companies with limited budgets. By utilizing a fractional CIO or CISO, companies can significantly reduce their overhead costs. Fractional leadership providers typically charge an hourly rate or a monthly retainer fee, which is much more cost-effective than the salary and benefits of a full-time employee. Additionally, there is extra cost-savings with a lack of turnover since the provider incurs the costs of hiring a new team member in the event someone leaves the organization.
Fractional CIO and CISO leadership can help improve productivity by ensuring that the company's technology infrastructure is running smoothly and securely. By identifying areas where improvements can be made and implementing solutions, a fractional CIO or CISO can help streamline operations and reduce downtime.
This is especially true if the fractional CIO/CISO works within the same company as your MSP or cyber security provider. With increased access to team members and streamlined communication, your CIO/CISO can act faster when solving problems when they go directly to their own team member rather than another vendor.
Expertise and Experience
Fractional CIO and CISO leadership providers are typically experienced professionals with a deep understanding of technology and cyber security best practices. By leveraging their expertise, companies can benefit from the latest trends and developments in these fields, without the need to invest in expensive training or education. They are also able to lean on other team members within their organization, providing you with decades of combined experience that would not be as accessible with a single, full-time employee.
Another benefit to fractional leadership is the custom scalability allowing you to increase or decrease the time needed from your CIO/CISO as needed. As the business grows and evolves, the fractional leadership provider can adjust their services, accordingly, ensuring that the company always has the right level of support and guidance.
Cyber security threats are an ever-present risk for commercial real estate companies, and the consequences of a data breach can be devastating. By working with a fractional CISO, companies can mitigate their risk by implementing robust security protocols and best practices. In the event of a security incident, the fractional CISO can provide guidance and support to help the company quickly recover and get back on track.
To reiterate, if your fractional CIO/CISO comes from the same company providing your cyber security services, incidents can be remedied much faster thanks to streamlined communication, processes, and procedures.
Utilizing a company that provides fractional CIO and CISO level leadership can provide significant cost savings for commercial real estate companies. By leveraging the expertise of experienced professionals, companies can increase productivity, reduce overhead costs, mitigate risk, and benefit from scalable solutions that can be tailored to their specific needs. With the right fractional leadership provider, commercial real estate companies can take advantage of the latest trends and developments in technology and cyber security, without breaking the bank.
To learn more about how 5Q can provide a fractional CIO or CISO to your team, visit 5qcloud.com/5q-leadre or if you’d like to speak directly with one of our team members, fill out the contact us form here and we will reach out to you!