Maximise Security: 10 Essential Managed Security Services for Your Business
- October 23, 2023
- 11:59 am
Every day the world struggles with an ever-evolving array of challenges in the field of cyber security. Fresh bugs pop up unexpectedly, new malware strains are created, and some employees continue to expose confidential information which potentially leads to dire consequences to the business like the ultimate closure of the business. In such relentless chaos, how do the businesses find a way to come out of such a chaotic situation?
Should the companies outsource a cyber security expert if it is not feasible for the company to create such life-saving functions within the organization?
This article tries to understand Managed Security Services (MSS) and the advantages of the same for the companies. However, before dwelling on security services, we will try to understand what is meant by managed IT.
What Do We Mean By Managed IT?
When a company outsources information technology (IT) management and maintenance services to another company, it is referred to as managed IT. In this model, a company or an organization comes with a contract with an IT service provider, also known as a Managed Service Provider (MSP), for the management and maintenance of some of its IT services.
Managed IT solutions incorporate observing and managing networks, servers, and different IT systems, patch management, data backup and disaster recovery, cyber security services, help desk support, solutions to various cyber security threats and issues along software updates.
These services are usually remotely delivered but may also provide on-site support, depending on the contract between the organization and MSP.
This model is usually based on a subscription where the organization pays regular fees to the MSP.
Introduction to Cyber Security: What Is The Current Market Situation?
Vulnerability in cyber security has continued to see a rise through the years, and the shortage of information security professionals has also increased. During the COVID-19 pandemic, which lasted for a couple of years, there was a transition in the traditional ways of cyber security in India to introducing the concept of remote work. Furthermore, the geopolitics there has also been an increase in threats both internally as well as externally.
The understaffed security teams have also become strained due to the increase in the number of cyber security risks. According to the figures mentioned in the Cyber Crime Magazine (2021), the damage caused by cyber security attacks was $6 trillion which is estimated to increase by 50% to $10.5 trillion. In response to this, the cyber security tools market will see an increase from $173.5 billion in 2022 to $262 billion by 2027.
There are understaffed security teams globally. The United States has the largest managed security service all over the world while the Asia-Pacific region is the largest growing market globally. According to the (ISC)² Cybersecurity Workforce Study, 2022, there is an approximate vacancy of 3.4 million cyber security specialists, globally.
Different companies have different approaches to the solution to the shortage of personnel. Some give a lump sum amount to the few specialists available, while some employ students in their final college years or who have just graduated promising students. Some train their personnel.
All these professionals are expensive, time-consuming, and risky. However, the most natural and effective solution to various types of cyber security threats is managed security services (MSS) which is less costly as well. It is also essential to spread cyber security awareness, and the latest cyber security news, by providing cyber security training on cyber security topics and clearing cyber security basics by sharing cyber security definitions, advantages of cyber security, cyber security applications, and everything else about cyber security information.
From Where Did The Managed Security Service Providers Come (MSSPs)?
There has been a progressive evolution in the market of information security services. Initially, the augmentation of IT staff incorporated deploying dedicated professionals to establish purchased security solutions within the customer’s organization and configure and manage them.
The next positive progression that happened was the emergence of managed security service providers (MSSPs) Compared to the augmentation of staff, no particular employee is given work here; rather, the solution either belongs to the client or is leased.
In the traditional sense, the MSSP just monitors and manages the client’s existing information security framework. In the managed security services model, the MSSP remotely monitors and administers firewalls, intrusion prevention systems (IPS), and other firewalls to ensure maintenance throughout the day. Thus, the business owners simply give money to MSSP or the outsourcing company, and the MSSP in turn does everything to make the business secure.
Managed Detection and Response (MDR)
The emergence of the managed direction and response model is the next step in enhancing the outsourcing market security system. MDR reports about various threats to the organization’s network in detail. MDR consists of the following:
- Endpoint detection and response (EDR)- This involves the detection and response to malevolent activity at the endpoints.
- Network Detection and Response (NDR)- This involves finding and responding to malevolent elements in network traffic.
- Extended Detection and Response (XDR)- This involves both (EDR) and (NDR).
- Endpoint Protection Platform (EPP)- This is a comprehensive solution to endpoint security.
Security Information and Event Management (SIEM)- This involves the solution for gathering and automated analysis of information on events based on security.
There has been a rapid development of the SECaaS (Security-as-a-Service) delivery format in recent years. In this model, the customer is provided the information security tool on a subscription-based model and then the management of the tools is left to the customer. The client can either administer the tool on its own or hire an MSSP for it. MSSP services and SECaaS go hand in hand.
What is the Work of MSSPs?
MSSPAlert.com is a website to track and study the managed security service industry. According to this website, the growth of MSS market development can be clearly understood by its ratings.
In 2017 and 2018, only the top 10 MSSPs were ranked on the website, however, by 2019, there was an increment in the list to over 200 MSS providers. During the years 2020 and 2021, the ratings involved 250 MSS providers. The listed companies engaged themselves in the following pursuits related to security:
- Consultation: MSSPs can help in discovering risks, determining what security products your organization needs, and getting them ready and running.
- Maintenance of Network Perimeter: This involves a range of services. For instance, an MSSP will implement a firewall with a VPN, set up and regularly update, as well as manage emails. It may also install software to detect an unauthorized intrusion inside the network perimeter.
- Monitoring of Security: MSSP monitors the client’s system daily even for simple aberrations to deny unauthorized system intrusion and services.
- Assessment of Vulnerability and Pentesting: You pay a company to hack or scan your system to understand the problems. Rather than losing your money, you find out the existing problem why and how that occurs and what can you do to fill that loophole.
- Monitoring of Security Policy Compliance: This service helps you understand whether someone is violating internal security policy. For example, if an imposter is imitating an employee and using a wide range of rights.
It is important for any business that believes that its information security vulnerability should be looked after but lacks proper resources to do so on its own should have managed security services. Even if the resources are available it is beneficial to have MSS for the development and delegate the solution of security issues to experienced professionals. However, only 1 in 5 customers opt for SECaaS because they need compliance and GDPR.
What are the Advantages of Hiring Managed Security Services?
As the products and services today become more and more digital, safeguarding them from cyber attacks is getting difficult. With this rise of ethical hacking and cyber security, it has become crucial to introduce a cyber security policy along with a cyber security risk management system. One also has the option to outsource cyber security software from top cyber security companies in India which provide the best cyber security solutions and help you to meet cyber security standards by following cyber security fundamentals and offering a huge list of benefits of cyber security. However, organizations face the challenge of cyber security shortage, although cyber security management is necessary, cyber security can be expensive and not simple. For such challenges, if any business can not afford such costly expenditures, MSS is a solution for them. The following are the major advantages of Managed Security Services:
1. No Security Service Experts Have To Be Hired:
This saves time as it eliminates the need for candidate interviews and the evaluation of their skills. Choosing an MSSP who has an excellent record in your field and good recognition is a straightforward choice.
Even when a specialist is unable to continue the work for various reasons like quitting the job or getting unwell, you will not have to struggle, which saves a lot of resources ultimately.
2. You Can Receive A Spectrum Of Services Immediately:
You can, for instance, request services such as Pentest or security verifications of your system and ask the MSSP to recover from the problems found. MSSPs can focus on the system throughout the day, however, a specialist will need a break or might focus on other things.
3. MSS Will Cost Less Rather Than Hiring Specialists Or Providing Your Security:
Buying products that can make the business environment safer is not the only task, however, they need to be configured and make sure that everything is following the local legislation in the field of information security. MSSPs already have a team who understand their jobs and know what to do and in what manner.
4. Focus Can Be Maintained On Real Business Activities:
Change is always constant in the IT industry. There are new vulnerabilities, software updates, and regulations that you should keep track of. MSSps have a designated team for this job who keep a tab of these changes and quickly adapt to them.
5. New Resources For Business Development Can Be Achieved:
Business resources tend to diminish when it comes to the maintenance of an IT department and the introduction of new IT products. Therefore, outsourcing cyber security, allows the company to reduce the number of staff for business development. It also helps in building a network of cyber security and introduces a vast scope of cyber security practices by referring to a huge cyber security tools list and mitigating risk in cyber security by penetration testing in cyber security.
The MSSP takes care of the IT department, while the specialist can focus on the core business.
When a business needs internal modification like implementing new cyber security processes and technologies, scaling, and launching new products, the cyber security department may need some modifications by the company. Therefore, new employees and services might be required. If the company takes a long time, it can affect the company’s overall security and competitiveness.
Imposing and modifying cyber security processes is easier with managed security services. MSSPs can reduce both time and cost for companies required to reduce research and development costs and increase cyber security services and solutions respectively. It also gives access to new cybersecurity applications, products, and emerging technologies.
Investing in new cyber security areas becomes easier as the company makes fewer mistakes in its beginning stages when they introduce innovations and quickly introduce new technology that maximizes the benefits.
6. Risk Can Be Reduced:
When a cyber security team works with thorough cyber security concepts, it has to alter the organizing disaster recovery of the infrastructure, keep important data secure, and provide 24/7 monitoring of critical services.
In the MSS model, the MSSP takes all the risks stated in the SLA. The MSSP is responsible on a financial basis for outages and failures of the infrastructure beyond the level stated in the agreement.
MSS provides continuous operation necessary at minimal costs. It provides monitoring of IT systems throughout the day which helps to predict any unforeseen scenario.
7. You Can Get SIEM And The Insights Of Log Management:
Your company can generate security data from numerous sources. You can access your data from one place if using MSS. Thus, the patterns and tendencies can be effortlessly recognized.
The primary task of a Security Information and Event Management System (SIEM) is data collection and analysis.
Managed Security Service Providers make use of SIEM so that they can organize logs and other documents that concern your security from one single platform. MSSPs can use this information to connect your data with a database of threat intelligence feeds and eagerly recognize any malicious activity.
8. Rapid Incident Responses And Event Investigations:
MSSPs oversee and document all the security incidents that prevent further harm to the company from isolated breaches and company-wide issues.
The team of experts of MSSP evaluate the incident, identify possible risks, and suggest some preventive measures.
9. Security Asset Management Can Be Reassured:
Companies usually buy the latest security solutions but are unable to use them to their full potential. However, MSSPs can do this task most efficiently as they are talented and have the required resources for the same. MSSPs also have an overall understanding of how to incorporate these new solutions along with the latest patches, configuration changes, and security policy changes.
10. High-Intelligence Can Be Achieved:
MSSPs are equipped with robust threat intelligence, which they can use for accurate recognition of advanced malware attacks, constant threats, and malicious attacks. However, not all MSSPs provide this service.
Only the top Managed Security Service Providers have laboratories for multiple research and development so that they can research advanced threats.
A Managed Security Service Should Be Hired By Your Business?
Should your company outsource security? You are the only one who understands your company the best and knows what is best for it and what you should not do for it. Thus, this decision should be made entirely by you.
There can be two approaches to this. On one end, Managed Security Systems can be a good choice as they make the work efficient, less costly, convenient, and easy to use. On the other hand, hiring in-house security service professionals is classic and it is proved that all the information remains in the company.
The growth and evolution of Managed Security Services is inevitable. There will be a surge in the share of data protection tools used in companies based on the MSS mode.
Due to the shortage of people, the need to investigate training the employees, and the need to solve as many solutions as possible throughout the day, MSS is reaching great heights of success.
When you are choosing an MSSP, you need to understand the technology the provider is based on. You should also have an insight into the server’s experience in the market and a document about all the solutions that the provider can provide you with. Feedback from other clients and independent certification if available can be used in additional arguments in the favour of the provider which will help the provider to make you its client.
There are various uses of cyber security in today’s world. Cybersecurity plays a vital role in all organizations. It can make your business either successful or can lead you to failure. Thus, it is time to bring in big guns now.