The perfect storm that has driven demand for managed security services
Cyberattacks are constant, thanks to the use of automation to carry out attacks in high volume. The threats themselves are increasingly sophisticated in terms of technology and the ability to convince corporate users to click links, download documents and hand over credentials. As a result, security breaches should be viewed as inevitable instead of “it will never happen to me.”
Organizations are responding to the current threat climate by devoting a significant amount of time and money to beefing up defenses. But even if your pockets are deep enough to invest in the latest security technology and add personnel, finding qualified people to manage security is proving difficult. While most corporate job openings bring applications from 60 to 250 candidates, 41 percent of IT security openings bring fewer than five applications, according to a cyber security workforce study by ISACA’s Cybersecurity Nexus.
Not enough people are applying for open IT security positions, and most of the ones who are applying lack the necessary qualifications. As a result, IT security positions can take months to fill, and many aren’t filled at all. The law of supply and demand can also mean organizations who do land qualified talent will end up paying top dollar. Meanwhile, cybercrime costs the U.S. economy about $100 billion per year, according to the Center for Strategic and International Studies.
The perfect storm caused by a complex threat climate, heavy security investments and a security skills gap has more organizations turning to managed security services. With managed security services, some or all security tasks, such as monitoring of intrusion detection systems and firewalls, managing incident response, deploying patches and performing security assessments, are outsourced to a managed security services provider (MSSP). Services are either delivered via on-premises equipment or the cloud.
Increased demand for managed security services has led to more sophisticated solutions from MSSPs, vendor consolidation, and rapid market growth. Many experts believe smaller organizations that lack the resources to purchase the latest tools and attract top IT security talent have the most to gain by partnering with an MSSP. Outsourcing provides smaller organizations with access to the same level of expertise as major enterprises that spend millions to protect their data and assets. After all, small companies face the same challenges related to business disruption, regulatory compliance and brand reputation, albeit on a smaller scale.
In fact, a report from Research and Markets found that a spike in deployments among small and midsize businesses is driving the 17.3 percent annual growth in the managed security services market, which is expected to reach $31.9 billion by 2019. A separate report from Allied Market Research forecasts the global market to experience similar growth (16.6 percent) and reach $40.97 billion by 2022.
ABOUT THE AUTHOR
Lisa Detwiler, President joined SSD Technology Partners in 2006 as Chief Marketing Officer, and in 2014 she and her two partners Woodie Bowe and Nick Ewen purchased the company. Detwiler holds an MBA in Marketing and Strategy from Carnegie Mellon University. Lisa successfully led SSD through a difficult economy in 2012, recording the company’s greatest growth record in 31 years.
Lisa believes that our foundation for success does not come from fancy business buzzwords or the latest management fads. Success comes from behaviors and commitments to basic guidelines of how we operate as individuals and as a company; do what’s best for the client, practice blameless problem solving, seek to create win/win solutions, check the ego at the door, and communicate to be understood.
Lisa serves the community as a Board Chair of both the American Red Cross and the Delaware Better Business Bureau and has been a member of Wilmington Rotary Club for 10 years.