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Managed Security Services (MSS) remain a significant challenge for organizations seeking its benefits. Most organizations recognize the urgency of addressing this issue, but it bears emphasizing. By leveraging MSS, organizations of all sizes can effortlessly meet security and compliance requirements. The increasing adoption of MSS indicates that more organizations rely on it to access expert security knowledge and alleviate the burden on their in-house security teams.

Unfortunately, human error remains a leading cause of data breaches year after year. Although there are cases where employees and users intentionally engage in malicious actions, most human error incidents occur because of good old-fashioned negligence. For instance, an employee might inadvertently click on a malicious link within a phishing email, leading to a breach that impacts your enterprise.

According to the latest research, the global managed security services market was estimated at USD $3,6130M, and it’s anticipated to reach USD $70,008M in 2028. This outlines the need for it – Managed Security Services provide valuable support for organizations facing challenges with their IT team. Whether it’s due to a smaller group or a lack of local talent, these services can help fill the gaps. Moreover, managed security services assist organizations in managing the ever-expanding threat landscape.

What are Managed Security Services?

Third-party providers offer comprehensive managed security services to effectively oversee and administer a company’s security processes. These services, provided by Managed Security Service Providers (MSSPs), can be conducted either in-house or remotely, utilizing the power of cloud technology. MSSPs offer a diverse array of security services, encompassing everything from initial infrastructure setup. to ongoing security management and incident response. Some MSSPs specialize in specific areas of expertise, while others offer complete outsourcing or augmentation solutions for an enterprise’s information security program.

Organizations opt to partner with MSSPs for various reasons. This choice is frequently motivated by a shortage of internal resources or expertise in specific areas of security, as well as the requirement for security monitoring and management beyond regular operating hours. Additionally, organizations may engage MSSPs to perform security audits or handle incident response and investigation.

5 Benefits of Managed Security Services for Businesses

 1.   Advanced Threat Detection and Response

Managed security services benefits businesses by being able to detect and respond to threats in a proactive manner. MSSPs employ advanced security tools and technologies, such as intrusion detection systems, behavior analytics, and threat intelligence platforms, all to monitor networks and identify potential vulnerabilities or suspicious activities.

By leveraging these tools, MSSPs can detect threats in real time, preventing potential breaches before they occur. In the event of an actual attack, managed security services offer prompt incident response and mitigation. MSSPs have established processes and procedures in place to handle security incidents efficiently. Their experienced teams can investigate the incident, contain the breach, and restore systems and data, minimizing the impact on the business.

 2.    Outsourcing/Augmenting Core Business Functions

Modern businesses are increasingly turning to managed security services for their cybersecurity needs because they recognize that it directly translates to business success. One of the critical reasons for this shift is the ability to focus on core business functions. By outsourcing (or augmenting) their security needs to a trusted provider, businesses can free up valuable time and resources that would otherwise be spent on managing and maintaining their security infrastructure. It allows them to redirect their efforts towards strategic initiatives and revenue-generating activities, ultimately driving growth and profitability.

Additionally, top managed security service providers typically have access to cutting-edge technologies and expertise that may not be available in-house, further enhancing a company’s overall security posture.

3.   Freeing Up Internal Staff

One of the primary reasons that modern businesses opt for managed security services is to free up internal IT team members. By relying on an external team, the internal IT team can redirect their efforts towards tasks that directly contribute to business goals. Instead of continuously monitoring SIEM data dashboards, threat intelligence feeds, and software developer update notifications, the internal IT team can now support the entire organization, helping achieve overarching business objectives. This reallocation of their time is particularly valuable, especially when cybersecurity isn’t their primary focus.

Partnering with managed security services companies can help businesses reduce the burden of maintaining a security program. Cybersecurity incident response planning protects companies from breaches. This relieves pressure on your team and creates more room for innovation.

4.   Increasing Efficiency

Efficiency may seem like a no-brainer when it comes to partnering with a managed security service provider, but it is a rather important element. Implementing integrated security functions eliminates storage area in an organization, leading to faster response times, improved communication channels between departments, and a reduced possibility of human error.

Automation is a vital component in the operations of an MSSP service, which directly boosts efficiency. As cyber criminals increasingly rely on automation to exploit emerging vulnerabilities in businesses, it has become imperative for cybersecurity experts to leverage automated technology and machine learning to safeguard against these threats.

5.   Compliance and Regulatory Requirements

Compliance with regulatory requirements is a crucial aspect of any modern business as they become more and more prevalent.  Managed security services can play a vital role in helping organizations meet these obligations. With the ever-increasing number of regulations and data protection laws, it can be challenging for businesses to keep up with the constantly evolving landscape.

MSSPs have the expertise and knowledge to ensure businesses comply with industry-specific regulations, such as HIPAA. Companies can offload the burden of compliance management and focus on their core operations, knowing that their security measures meet the requirements.

The Bottom Line

Cybercrime is rapidly evolving, posing a significant threat to even the largest international companies. Identifying vulnerable points in their security systems, and protecting sensitive data, profitability, and reputations in today’s threat landscape has become crucial. However, tracking these threats requires extensive time, energy, and resources. Hiring qualified in-house IT specialists can be costly regarding workforce and salaries. To effectively combat cyber threats, proper protection is essential.

IT security is a continuous effort that requires a deep understanding of how users, customers, and applications access data and the configuration of devices. By partnering with an MSSP, you can ensure comprehensive protection for your organization while benefiting from regular cyber security assessments.

Engage with New Charter’s Managed IT Services Company to scale your IT business infrastructure.