What are the general benefits of engaging with a Managed Security Service Provider (MSSP), as opposed to managing your security in house?
In today’s increasingly connected world, organizations of all sizes and verticals are wondering about whether to keep security in house, outsource it or follow a hybrid model.
The inconvenient truth is that too many organizations ignore the added value that a Managed Security Service Provider can offer… until a breach has already occurred. Indeed, the IT infrastructure of organizations has entered a new era where data is highly distributed and complex. In evidence of this claim, a 2019 survey on Cloud threats, found that 93% of organizations are storing data across multiple environments, with Cloud environments holding the majority of that data.
Industry has gone through a revolution in how it creates, stores, and shares data, which, in turn, is leading to increased cybersecurity threats. In response, Global Market Insights are predicting that spending on cybersecurity is expected to reach a high of $300 billion, globally.
To manage the increasing cybersecurity spend and to ensure specialist coverage, a growing number of companies is outsourcing security projects to a Managed Security Service Provider (MSSP).
In this blog article, we look at some of the general reasons why outsourcing cybersecurity protection may be a good idea for your business.
The Benefits of Using an MSSP
The benefits of using an MSSP can be broken down into several general areas covering everything from cost effectiveness to scalability to peace of mind.
One of the main drivers when choosing to use the services of an MSSP is cost-effectiveness.
Smaller firms, especially, may struggle to move vital funds into none-core business areas, such as security. It may also come as a surprise that the average cost of a cybersecurity incident in a small organization is relatively higher than in a larger enterprise.
A 2019 report into the “cost of data breaches”, found that the cost of a breach in an organization with 500-1000 employees was $3,533 per employee. In larger organizations of 25,000+ employees, the costs were $204 per employee.
The use of an MSSP can provide a cost-effective way for SMBs to ensure they have a high level of protection against cyber-threats.
Benefit in a nutshell: Using an MSSP allows you to set a budget that works within the specific bounds of your organization, and to figure out a cost-effective solution to improving your security posture.
A firm may wish to work out the Return on Investment (ROI) when evaluating a Managed Security Service Provider.
This can be viewed in the same way you would evaluate a “build vs. buy” scenario: do you buy in the solution or build it yourself? Using a managed service that looks after your security needs replaces the requirement to provide, in-house:
- Security specialists to build a security team, the typical cost for a security analyst being $76,000 in the U.S.;
- A security operations center (SOC), providing protection for your entire infrastructure;
- Up-to-date security tools, such as web firewalls, anti-malware software, intrusion detection and prevention, threat intelligence, identity access management; and
- Ongoing network management including patch management, training, assessment, threat detection, etc.
Benefit in a nutshell: When using an MSSP, organizations get an impartial, expert view about their cybersecurity posture and should be able to prove the return on investment of their security strategy more easily to the board, the management team, shareholders etc. The following benefits then add even more reasons to choose an MSSP for your cyber-protection outsourcing.
Using the services of an MSSP takes away the need to maintain and upgrade your security systems. An MSSP should be geared up to scale with your business. MSSPs offer packages that can be tailored to your exact organizational requirements, as they grow or shrink.
The scalability offered by an MSSP tally with the cost-effective benefit of outsourcing the security of your operations. An MSSP should be able to tailor their offering to your company size, security requirements as well as data privacy and compliance needs.
Benefit in a nutshell: Partnering with an MSSP with integrated scalability can result in a hassle-free, ‘no-waste’ service that fits your needs perfectly.
Expertise at Your Fingertips
An MSSP employs security experts so you don’t have to.
Cybersecurity expertise is a specialist skill and there is currently a shortage of experienced and skilled security professionals. According to ESG and ISSA, three-quarters of companies have been impacted by a lack of in-house security skills.
The ISSA report mentioned earlier also found that 94 percent of organizations believe “the balance of power is with cyber-adversaries over cyber-defenders”. Having an MSSP on your side can change this metric.
In addition, compliance knowledge is a specialism that often needs privacy and compliance know-how as well as technical knowledge. Finding data privacy or compliance experts who understand the specifics of your industry sector can be onerous.
Benefit in a nutshell: An MSSP takes on the responsibility of employing, training and leveraging the right people. This allows your company to focus on your core business, without having to deal with the cybersecurity skills shortage yourself.
Access to State-of-the-Art Technology
The use of an MSSP gives an smaller or mid-size organization access to state-of-the-art technology that was previously only affordable by enterprise companies.
An MSSP takes on the burden of technology upgrades and license maintenance, leaving your company free to focus on its core business needs.
Benefit in a nutshell: Outsourcing your security solutions to a firm that specializes in them makes sense. An MSSP can ensure technology is correctly configured and used effectively.
Ongoing Security, 24 Hours a Day, 7 Days a Week
Cybercriminals never sleep. They can impact your IT resources at any time of day. Having access to an MSSP that works 24/7/365 gives you peace of mind, knowing that your organization is always protected.
An MSSP also has the right type of specialists to know where and how to look for cybersecurity threats. An MSSP acts as an ‘always on’ threat detection service.
Benefit in a nutshell: Always on security gives your company peace of mind to know that a specialist ‘has your back’, no matter when a security threat arises. No more paying overtime to staff to ensure they are ‘on-call’.
Do You Need an MSSP?
Would your business benefit from engaging with a Managed Security Service Provider or will you be able to handle your security and privacy needs on your own?
Making the move to an MSSP can give you a number of benefits, not least is the cost-effectiveness of outsourcing the soaring costs of security to a managed service. Keep in mind that the use of an MSSP is not just about keeping costs down. Choosing a company that specializes in a complex area like security can make sense on multiple levels.
Cybersecurity threats are an ever-changing challenge that take time, energy, and know-how to manage. To ensure that your organization does not become part of worrying cybersecurity headlines, we need to apply the best practices of the security trade, including an effective combination of people, processes and technology. An MSSP is specifically set up to offer your company the best in security services – providing the most talented security professionals and best-of-breed security tools to keep your business cybersecurity safe.