In this fast-paced digital world, businesses have little time to react to threats before they become significant issues. As a result, companies must remain vigilant and continuously monitor their security without draining resources. Managed security services are an effective strategy for businesses that need help monitoring and defending their networks without dedicating in-house staff to it daily. The global managed security services market is projected to reach $77.01 billion by 2030, indicating its significant value to organizations. This blog post will discuss managed security services, their value, and how to choose a provider.
Managed security services provide a complete solution for companies that don’t have the time or resources to manage their security. The managed security services provider (MSSP) is responsible for all aspects of security for the customer, including:
As discussed above, the managed security services model is a highly effective strategy for businesses that need help monitoring and defending their networks without draining in-house resources. Here are a few key benefits of managed security services:
IT security is a unique expertise area that requires continuous training and education. Unfortunately, for many organizations, experienced and dedicated staff for IT security are challenging to find. However, managed security services offer a range of security experts certified and well versed in the latest threats and technologies to ensure your company is secure at all times.
Managed security services provide your organizations with a team of seasoned security experts that you can retain at a fraction of the cost of training and certifying a security team in-house. In addition, acquiring a full stack of security technologies and solutions is a very costly endeavour. For example, vulnerability and configuration management can cost between $70-105K.
Moreover, when employees worry about security, they can’t focus on the core business. By using managed security services, you can free up staff members to focus on their core roles and responsibilities.
Round-the-clock SOC is essential to an organization’s cybersecurity and risk management. Cyberattacks can occur at any time, and the longer an attacker has access to an organization’s systems, the greater the cost and potential impacts on the organization. Therefore, MSSPs do not just respond to threats as they occur. Instead, with advanced 24/7 monitoring and threat intelligence, managed security services constantly hunt for malicious activities that might attack your network in the future.
Even with robust preventative measures, you can never rule out a successful attack. That’s why it’s critical to have a solid incident response strategy. Once a threat slips through the defences, it’s a race against the clock to contain and eliminate it to minimize damages to the business. Managed security services provide a wealth of knowledge and experience in handling threats and can act fast in the event of a cyber incident. Even a few seconds between threat detection and response could make all the difference in an attack’s severity.
One of the most significant advantages of managed security services is its flexibility in adapting to the ever-evolving needs of your business. In addition, companies can quickly scale up with an already trained and knowledgeable team that can handle the dynamic volume of business.
Many industries have consistently evolving security regulations or standards. In addition, security solutions and technologies are constantly changing, creating a challenging environment for an organization to succeed. A benefit of using managed security services is having risk management and compliance experts who can implement specific security controls and ensure the organization’s compliance with regulations like PCI, HIPAA, ISO or GDPR.
When you’re comparing managed security services, it’s essential to keep a close eye on the following factors:
A good MSSP should have certified security skills beyond regular day-to-day analysis. Ensure the expertise of the MSSP is compatible with your team and that they align with your business model.
Technology is continuously evolving, which makes setting a security budget challenging. The right MSSP will discuss and provide options for your security needs alongside your own workforce and explore what yearly planning looks like for your business to save money and improve efficiency.
You want to work with an MSSP that can provide access to the best technologies available. A credible MSSP will work with a diverse ecosystem of partners with technologies and services that can support existing systems or scale and accelerate your security maturity with new technologies.
Every SLA should include specific performance metrics, like incident response times. Metrics should be realistic, easy to quantify, and relevant to the client. Avoid MSPs that use boilerplate SLAs across the clients they serve. Every client is different; some have their own incident response capabilities, security analysts, security engineers, and so on and do not require SLAs in those areas. However, they may require SLAs in other areas due to differences in industry, federal or provincial compliance.
You want to ensure the MSSP you select is credible and has a good reputation. Look at factors such as how long they have been in the business, the team’s combined experience and expertise and most importantly, client reviews.
Cybersecurity threats continue to rise. The good news is that you can secure your business against these threats with the right MSSP. Managed security services are an excellent way for organizations that don’t have the in-house resources to better plan, monitor and secure their digital estate today and for the future.