The cyber threat landscape is evolving at a rapid pace.
Whether it’s phishing, malware, ransomware, user error, or insider threats, the severity of the security breaches is proliferating.
The array of potential security risks is becoming so overwhelming that the organizations are continuously failing to manage security considerations on their own.
The 2020 Cyber Trendscape Report by FireEye reveals that 51% of the organizations are unprepared for a cyberattack. And nearly 29% of organizations with cyberattacks and breach response plans at their disposal have not tested or updated them for a year or more.
Thus, companies are turning towards outsourcing their security to third party experts, namely Managed Security Service Providers (MSSP).
A Managed Security Service Provider (MSSP) is a third-party IT service provider that offers monitoring and management of security devices and systems. The service offerings include managed firewall, intrusion detection, virtual private network, vulnerability scanning, and anti-viral services.
The convergence of factors such as evolving and increasing threat landscape, lack of core competencies, increasing mobile workforce, and high cost of security tools have fuelled the adoption of Managed Security Services (MSS).
As per the market estimates, the global Managed Security Services market size is estimated to grow from USD 31.6 billion in 2020 to USD 46.4 billion by 2025, at a CAGR of 8.0%.
Here's a list of benefits and business advantages leveraged by the organizations from partnering with an MSSP
One of the key benefits of partnering with an MSSP is that the provider will have in-depth knowledge of common and trending cybersecurity issues. MSSPs have high experience in managing network security issues for a large number of companies operating across different verticals. They are exposed to evolving security challenges, attack strategies and security architectures.
Moreover, the MSSPs mobilize highly skilled security experts by offering continuous training, challenging work environment, career advancement, and myriad other opportunities.
They maintain leading-edge, innovative security technologies that have often been tested across many organizations in diverse geographies handling a plethora of threats.
So, organizations can benefit from having access to highly trained and motivated security experts and advanced technologies.
MSSPs use specialized and multi-locational Security Operating Centers (SOCs) to ensure high levels of security for clients. With the state-of-art SOCs, the MSSP offers 24x7 support, monitoring and management of security for organizations.
They can deliver uninterrupted services and faster response to security incidents.
Increasing cybersecurity risks has led to the emergence of regulations such as HIPPA, CCPA, GDPR, and FISMA. It is very daunting for organizations to adhere to the regulatory and compliance requirements while focusing on business growth.
They have to understand the complexity of the legal requirements and then constantly tweak solutions to stay compliant.
With MSSPs, organizations can focus on business goals without worrying about risk and compliance management.
MSSPs offer comprehensive knowledge of legal requirements and industry standards and protect your assets from the latest legal threats.
One of the primary considerations for organizations hiring an MSSP is cost savings.
Adopting and maintaining the present-day cybersecurity programs is time-consuming and costly. The security tools and capabilities often require dedicated hardware or appliances to run and they come with an annual licensing cost. Moreover, recruiting professional security experts for your IT team and training them adds to the cost.
With MSSP, enterprises can save heavily on the costs mentioned above without compromising on the security.
The need for adequate cybersecurity continues to grow as the cyberthreat landscape evolves. Partnering with the best MSSP is now a necessity for organizations. Investing in such strategies to help stand against these threats is more critical than ever.