The COVID-19 pandemic has introduced an abundance of new security concerns for companies both large and small. But a robust understanding of cyber vulnerabilities in network infrastructure is crucial in protecting against a sophisticated cyberattack.
While cybercrime has always been a top concern for companies from a risk management perspective, the pandemic has dramatically increased the number of attacks. The FBI recently reported that the number of cyberattacks reported to their Cyber Division is over 4,000 daily. This figure is a 400% increase from what was experienced before the pandemic.
For many companies, staying ahead of the threat is nearly impossible. Finding and training staff with the right expertise is difficult to manage internally, especially for small- and mid-sized companies with limited resources and budget constraints. And even companies with larger budgets may struggle in the current climate since over 60% of businesses reported a general decrease in revenue in 2020.
And since the pandemic has forced many businesses to rethink their fundamental processes, product delivery methods, and staffing solutions, it makes sense that many are also rethinking their strategy for managing IT services. Managed Security Service Providers (MSSPs) are an attractive alternative for in-house security expertise for many companies. The global demand for these services was $36 billion in 2020. But the industry has a CAGR of 8.0%, and it is anticipated to be valued at $46.6 billion by 2025.
Factors that Determine Whether an MSSP is Right for Your Company
With many companies moving their security services to a managed model, it’s tempting to think that it is a one-size-fits-all approach, but the reality is that every business is unique. And unique entities demand unique solutions. For some companies, this could mean partnering with an MMSP for an end-to-end experience. For others, a hybrid solution may be better.
There are several factors that should be considered to help you make a decision about whether to partner with an MSSP and how to best structure the relationship.
Determine In-House Capacity
With the pandemic’s changing working patterns in early 2020, many companies significantly increased their infrastructure and communication platforms. To match the rate of these deployments, most companies also enhanced their security information management tools. But the capabilities of these tools span the spectrum; some have very distinct strengths and deficiencies. It’s a great idea to take stock of what you have and what you still need in terms of security equipment.
It’s also a good idea to consider whether you have the right team in place to operate, upgrade, and maintain security infrastructure correctly. It’s not good enough to simply implement a security solution; you also need someone with the right skills to operate it and respond to network changes. If you don’t have the personnel who can do this competently, recognize that these individuals are in high demand, now more than ever before. They can be hired, but it may be costly. You can also train current staff, but that also usually comes with a high price tag.
Identify Service Gaps
Once you have a strong understanding of your current equipment and personnel resources, it becomes much easier to get a good picture of security measures are still needed at your company. Fortunately, MSSPs are often very flexible in their service offerings. Companies can opt from several common partnership arrangements tailored to meet their needs, from on-demand services to complete outsourcing of security management.
Who Should Partner with MSSPs
Each business’s needs are unique, and there are certainly companies of all sizes and structures that could benefit from partnering with an MSSP. But there are some that can disproportionately benefit from such an arrangement. Amid the massive workplace changes that are undergoing across the globe, the following types of businesses may want to consider partnering with an MSSP.
Small- and mid-sized businesses: Smaller companies don’t have the same resources as larger ones, which makes it much harder to afford in-house security staff and infrastructure. But they are no less susceptible to cybercrime. Economies of scale allow MSSPs to service many small businesses with the same level of protection that enterprises offer at an affordable cost.
Those who cannot afford risk: The average cost of a major corporation’s data breach can exceed millions. For small businesses, the cost is usually much smaller – between $36,000 and $50,000. But small businesses are often much less able to absorb this cost than their larger counterparts. A data breach can be devastating. The cost of partnering with an managed IT service provider is often a fraction of the cost of even one data breach for a small company.
When 24/7 Support is Required: Maintaining qualified security experts in-house is expensive. Doing it around the clock is even more so. MSSPs can offer around-the-clock support to ensure that threats are responded to quickly and effectively.
And even if your company doesn’t fit into the above categories, it still may be a good idea to consider partnering with an MSSP. Many benefits can come from these partnerships.
- Cost Savings: Even some large organizations and enterprises can experience cost savings using an MSSP when compared to in-house staff and purchasing infrastructure.
- Expertise: With an MSSP, you don’t have to worry whether a few employees have the incredibly broad range of knowledge necessary to address existing and emerging threats. They have enough staff to cover all aspects of cybersecurity.
- Planning: MSSPs aren’t simply responsive agencies. They can also help your organization plan and design a network to maximize protection, both now and for the future.
It’s important to realize that the IT landscape is changing rapidly. Security breaches and cyberattacks are becoming more frequent than ever before. Protecting data is now a core business function because it is simply too expensive for most companies to suffer the financial hardships brought on after an attack.
MSSPs may not be the right solution for some companies – but they are for many. These partnerships can protect your data, lower your costs, and ensure your business’s long-term success.
Sagacent Technologies offers technology management and support, including proactive/preventative maintenance, onsite and offsite data back-ups, network and security audits, mobility solutions, disaster planning, and emergency business resumption services. The company serves clients of 10 to 150 employees within the Silicon Valley region.