Cyberattacks and hacking techniques evolve with the times, and keeping up with their demands, having robust security measures that protect your business data from unauthorized access and theft. However, not all companies, especially SMBS, have the resources to implement such a defense. They operate on a limited budget and lack the necessary security personnel and expertise.
You can enhance the safety of your business data by investing in managed security solutions.
Marketers and Market published a report titled, “Managed Security Services Market,” which estimated a rise in managed security services from $31.6 billion to $46.5 billion from 2020 t0 2025, respectively, at an 8% CAGR. It is projected growth that businesses will realize if they adopt essential steps in advancing the security protocols to ensure they have a better defensive posture.
What Is Managed Security Services?
Today, businesses are switching to cloud technology for managing their sensitive data, and it is a move that also faces significant safety risks hence requiring round-the-clock system monitoring. Managed Cloud Security Solutions offered by third-party security service providers are the best investments for companies that need cyber risk management support.
Managed Security Service Providers or MSSPs are quickly becoming a mainstay for different enterprises that want to make their mark and peg their stake on the diverse e-commerce market space. But it is a move necessitated by the lack of resources and expertise needed for consistent and robust security monitoring and management. Some companies hire MSSPs to handle their cybersecurity audits, being tasked with duties such as:
- Security and compliance audits
- Intrusion detection
- Security event correlation
- Next Generation web application firewall Routine security management
- Susceptibility evaluation and system monitoring
- Patch management
- Infiltration testing
- Threat intelligence, incident response, alerting, and other functions
Is There A Difference Between MSP And MSSP?
MSP (Managed Service Provider) and MSSP (Managed Security Services Providers) are two terms you will encounter when searching for professionals to help with your company’s security system requirements. Both might have some similarities, but you can identify the blurred lines and distinguish the two.
MSPs focus on managed telecommunication platforms and IT support & services like Saas (Software as a Service). MSSPs focus on providing security management services like incident response and 24/7 security monitoring.
Benefits Of Hiring Managed Security Services
Extensive Knowledge And Experience About Cybersecurity
MSSPs have vast knowledge about many of the cybersecurity issues companies face. Many of these service providers have gained extra experience from dealing with different cybersecurity problems for various businesses in different industries. As such, they are adaptable, adequately prepared to deliver this essential service. Moreover, you stand to gain some knowledge and experience as you interact with the MSSPs, which you can apply on certain occasions.
Taking Advantage Of Leading And Advanced Technology
Even the best technologies that businesses have implemented to enhance their security measures tend to have some loopholes that hackers can exploit. That is why these companies should outsource their cybersecurity management from professionals that offer a solid, failproof, bulletproof solution.
MSSPs will rely on more than their technology solutions to bolster your company’s security. They will search for reports and different data for various sources, compiling them into something they can use proactively to identify and eliminate all threats. They also have the resources and expertise needed to evaluate your company’s security posture, critical threats, system controls, and report gap scrutiny, among other elements cyber attackers use to intrude on businesses.
Real-Time Monitoring And Prompt Incident Response
Organizations that handle massive amounts of sensitive, proprietary data should have measures to ensure they detect a potential breach not after the incident has happened. Reacting to the fact can be detrimental to the business. MSSPs offer spot consistent, dependable spot inspections. It means your company has continuous systems monitoring that ensure threats or disturbances are spotted before they take root. The service providers will test your firewall strength by doing automated and manual testing.
They provide constant observations, check for hacker and malware activities, gain potentially valuable information and insights from unsuccessful breaches to develop better defense solutions that secure your system’s vulnerable parts. They also can respond to intrusions and help recover and secure stolen data.
Less Alert Fatigue
Having zero false positives is one of the most notable benefits of managed security services. Many companies have a plethora of security tools within their systems that issue countless cybersecurity alters every day, which can be overwhelming for their security team. Some of the alerts offer nothing feasible, lacking sufficient information that can be used to formulate an action plan. Such false positives increase the likelihood of actual threats going unnoticed.
However, a notification from your managed cloud security provider is hardly redundant. Therefore, the managed security services providers eliminate instances where you get endless alerts and increase the threat response efficiency.
Properly Meet Compliance Requirements
Consumer privacy laws and regulatory protocols keep changing, and this, coupled with the evolving security measures, means enterprises operate in an environment that makes it hard to succeed. Hence, every business must monitor its compliance levels to ensure it meets the regulatory requirements across GLBA, ISO, DSS, HIPAA, SOX, FISMA, PCI, etc.
Working with MSSPs means you will have professionals that have extensive knowledge in compliance programs and cyber risk management. They will provide on-demand cyber audits and ensure your business is abreast with current and emerging privacy laws. They also can offer proactive tips on how to achieve compliance fast.
Key Trends In MSSP
A rise in pure MSSP players is highly possible and is one of the chief trends taking shape in 2021 and is quickly becoming a must-have for most businesses.
Product vendors will expect product-specific managed services, transitioning from the previously provided by pure-play managed security services providers.
The services are regarded as an essential component in overall security management aside from offering feature capabilities.
It is a trend occasioned by the unique expertise required for security management coupled with specific management capabilities that OEM vendors must provide. Pure-play MSSP plays a vital part in providing overall managed security services for different products/services, which require more managed components of the OEM vendor’s managed services.
With IT security threats evolving and increasing by the day, robust security solutions to protect your company’s data assets become an essential investment. MSSPs can offer you the security services you need, and you stand to enjoy other benefits when you partner with these professionals.