The demand for Managed Security Services Providers is gaining traction in today’s digitalized world - Rahul S Kurkure, Founder and Director, Cloud.in

The use of digital technologies and solutions in today’s digitalization era comes with numerous business benefits to organizations across industry verticals.  Unfortunately, as the workforce and individuals started to get comfortable interacting digitally, the activities of cybercriminals also started to skyrocket.  These attackers began to get more malicious and sophisticated in acquiring personal credentials, including user names and passwords, and other financial documents before sharing them on the dark web.

According to Cybersecurity Ventures, the global annual cost of cybercrime is predicted to reach USD 8 trillion in 2023.  Compounding this is the rising cost of damages resulting from cybercrime which is expected to reach USD 10.5 trillion by 2025.  In today’s evolving threat landscape where time is equal to dollars, it still takes an average of 277 days which is around 9 months to identify and contain a breach.

Furthermore, the threat landscape is also evolving so rapidly with new threats emerging every single day causing losses to organizations on all fronts.  Any successful attack on the organization can lead to financial, and reputation damage in addition to customer churn.  As such a situation is prevalent, companies want to do all they can to protect themselves from threat actors by implementing robust cyber security measures.

In-house SOC versus MSSP

With cyber threats looming large, organizations are compelled to remain vigilant 24X7X365 days and the cybersecurity teams have to update themselves constantly with the latest techniques to combat them.  Knowing that cyberattacks are evolving, it is crucial for the organization to have innovative cybersecurity measures in place. As these attacks are global in nature and can happen at any time, the IT team has to provide 24X7 network defense instead of serving customers which is their core objective, or opt for external support.

The management has to decide between leveraging an in-house Security Operation Center (SOC) or an external Managed Security Service Provider (MSSP).  For an in-house SOC, the organization has to hire experienced and skilled professionals, besides investing heavily in the infrastructure, tools, and technologies.  On the other hand, by engaging an MSSP through a subscription-based model, the organization can enjoy a significant reduction in cost.  The external partner will also deliver software upgrades, where the level of protection is higher but the investment is much lower. 

Today, it is more challenging to detect cyber threats like ransomware, malware, DDoS, or Phishing attacks as cybercriminals are also leveraging advanced technologies for their attacks.  MSSPs help to monitor the organization’s infrastructure with the help of the latest robust analytics and machine learning technologies to detect potential security threats.  MSSPs ensure the organization’s IT infrastructure is updated and secured through regular scanning for vulnerabilities, patch management, and other solutions.  They also confirm the organization is compliant with all relevant regulations.  In case of an attack, MSSPs respond immediately to address it and limit its impact on the partner organization.  They also offer scalable solutions that fit the requirement of the organization.  MSSPs are very advantageous to small and medium enterprises which have limited in-house expertise and other resource constraints as well as businesses with multifaceted tech stacks.  By outsourcing functions such as security operations, risk mitigation, and detection of threats to MSSPs, organizations can certainly bring in efficient operations leading to an increase in revenues.

More and more businesses engage MSSPs

Cyber-attacks are making media headlines in India too as in the rest of the world.  Organizations are under immense pressure to deploy preventive measures against potential threats and increasingly opting to partner MSSPs.  As per the findings from IDC’s recent Future of Trust India Survey, almost 67% of Indian enterprises said they are looking at outsourcing key areas of their security landscape to MSSPs in the next three years.  According to GreyViews, the MSSP market size in the country which was valued at USD 0.78 billion in 2021 is expected to reach USD 0.86 billion by 2029 growing at a CAGR of 13% from 2022 to 2029.

Due to their 24X7 monitoring of assets and network, high expertise levels, and cost-effectiveness, the MSSP industry is witnessing growth across the world too. Markets and Markets predicts the global MSSP market which was worth approximately USD 27.7 billion in 2022 is poised to generate revenue of around 49.6 billion by the end of 2027, projecting a CAGR of 12.3%.  It is quite evident, more and more organizations are partnering MSSPs to safeguard their assets, data reputation, and more.  MSSPs create customized solutions based on the organization’s functionality and security.

Choosing the right MSSP partner

The earlier wave of MSSPs was focusing on ensuring the tools were in perfect condition and upgrading them whenever necessary.  They also placed importance on maintenance as well as ongoing training in cybersecurity techniques and technology.  In the current digitalized era with the threat landscape expanding and threats evolving, the MSSPs should have the capability to continuously update themselves on threats too.  Organizations should look for MSSPs with rich experience and a proven record of success to partner with.  MSSPs should be able to leverage relevant and advanced technologies and tools to deliver effective solutions for security while confirming competitive pricing.  Organizations must ensure the MSSP adheres to industry compliance regulations relevant to their business. Service Level Agreements and metrics must be well articulated.

MSSP services no doubt help businesses to become aware of the fast-evolving threats and take necessary preventive measures to combat potential ones by providing access to a team of experts.  With this businesses achieve peace of mind and strengthen their overall security posture, as they lead their organizations to further success.