5 Benefits of an MSSP
With the almost constant onslaught of massive data breaches and devastating security compromises, it’s no wonder company executives and leaders are quickly becoming overwhelmed with the worry that they will be next.
As much as organizations would like to deny it, regardless of their size or resources the ever-evolving threats from cyber criminals can evade even the seemingly best protected infrastructures. And if for those who think the rate of compromises is going to decrease in upcoming years, the trend is not in their favor.
According to a report released from Juniper Research, cybercrime alone will cost an estimated $2.1 trillion by 2019, almost four times as much as breaches in 2015. As these crimes become more sophisticated, and cyber criminals resort more to ransomware and crippling malware, businesses literally cannot afford to have subpar security.
MSSP vs. In-House Security Team
To avoid these potential disasters, many organizations feel compelled to hire and train their own in-house security team with around-the-clock monitoring and protection. This quickly adds up to ballooning expenses that simply aren’t in the budget, so the only option is to have inadequate cybersecurity.
However, in-house cyber security teams may not be feasible for some businesses.
The option that many organizations have chosen is to partner with a trusted Managed Security Service Provider (MSSP). An MSSP provides oversight of a company’s security systems and processes and may even be conducted remotely over the cloud. The menu of services that an MSSP usually offer include setting up security on the infrastructure, ensuring regulatory compliance, monitoring all threats 24/7, and maintaining strong data protection.
While the idea of an MSSP may already seem appealing, we have put together the top five benefits of an MSSP to help you see how it could work for your specific organization, whether you are a small business or a global enterprise.
One of the most significant benefits that MSSPs offer is their superior protection. MSSPs typically have advanced solutions that utilize well-tested and leading-edge technologies including artificial intelligence, machine learning, and threat intelligence.
Given their wide reach, MSSPs have unique insights into the global landscape as well as the latest cybersecurity threats. As threats and criminals evolve, it is also beneficial that MSSPs offer their services around-the-clock, with continuous monitoring of all security systems and internal infrastructures.
A managed security service provider saves organizations significant upfront investments in technology as well as predictable costs monthly.
Saving on Salaries
Many small businesses that assess staffing in-house InfoSec professionals would likely be looking at minimum of three employees to handle the technology, patching, monitoring and assessments. Given the fact that the average salary for a qualified InfoSec worker in the $100,000 range, these small businesses would need to budget upwards of $300,000 a year on salaries alone; this figure obviously does not include costs for office space, trainings, and benefits.
Saving on Technology
Unlike companies that have independent cybersecurity experts, MSSPs are able to spread the fixed cost of their total technology investment across a large customer base, passing that savings onto the customer. In fact, a report from the International Data Corporation (IDC) found that companies who switched to managed security providers reduced the costs of IT infrastructures by 24%.
Moving past the savings companies can see from not having their own cybersecurity staff, some of the most significant cost savings MSSPs offer is associated with technology investments. As mentioned, MSSPs are able to constantly stay updated with the latest and greatest technologies, protecting against whatever new global threat criminals come up with next. Not only is investing in this technology expensive for individual companies, but also the price of licensing and trainings must be considered, as well. MSSPs allow both small businesses and large enterprises to replace unpredictable capital expenditures with predictable operational costs.
Saving on Data Breach Costs
A final point is that MSSPs help organizations avoid the often-devastating costs, both financially and a from a brand perspective, that come from security breaches. For instance, Target’s data breach in 2013 resulted in more than 40 million credit and debit cards having their information stolen, and cost the company over $200 million. The 2014 Sony hack ended up costing the company over $40 million in damages, not including the additional amounts that still stem from IT repairs, litigations, and investigations. Also, the 2017 Equifax breach exposed Social Security numbers and driver’s license numbers of more than 140 million Americans, with their own damages estimated in the $300 millions.
Although these may seem like extreme scenarios, they are becoming increasingly common, causing major losses to large enterprises and completely shutting down small businesses. MSSPs help you save your business and your reputation by finding and fighting breaches such as these.
For a majority of cases, the experts that provide managed security support services are more effective with advanced security measures than in-house teams may be. These professionals are specialists in their field and have expertise in managing risk, implementing controls, and developing customized security strategies for each individual company. The amount of training and education these workers have would be financially impossible for most companies, further underscoring why an MSSP offers unique benefits.
Along with this, MSSPs have dedicated staff to provide personalized cybersecurity services to each business, ensuring they meet all regulatory and compliance needs as well as mitigating all of the top risks. By tailoring a program specifically for each company’s unique needs, MSSPs are able to maximize return on investment while still addressing the most vital priorities.
Another critical advantage that MSSPs offer is their access and use of the technology they leverage to protect their clients. While many companies have revolutionary technology systems, not one of them is the silver bullet that will prevent cybercrime.
MSSPs not only have operated and tried out a majority of the technologies for themselves, but also have the ability to build solutions organically based on the individual needs of each client. Their global span allows them to be familiar with a huge variety of industries, as well as the best way for their technologies to defend against threats in those different fields. This experience provides ongoing analytics and data, further helping MSSPs evolve and change with the landscape.
With the growing pressure on executives to perform as well as defend, it’s no wonder that a majority of CEOs push the issue of security down to their CISO or even general IT security managers. However, in light of all of the recent major data breaches, shareholders and other decision makers are beginning to demand that detailed security plans be shared, putting more onto the already toppling pile of responsibilities. Although these requests are extremely valid, they can quickly distract from the core missions and goals that executives have worked so hard to put into place.
By partnering with an MSSP, organizations can reduce the requirements associated with maintaining a cyber security program and get back to focusing on what they do best. With risks and monitoring being handled, executives are able to serve customers, engage employees, deliver value to shareholders, and further the company’s mission.
Cybercrime is evolving at an alarming pace, with even the largest organizations facing gaps in their security systems. Without the necessary protections in place, these revolving threats could quickly destroy a business, costing millions of dollars in the process. Managed security service providers are able to mitigate and manage these cybersecurity threats, providing numerous advantages over an in-house security team. Whether it be unrivaled protection, cost savings, security experts, advanced technology, or reliable support, the benefits of MSSPs are clear.