What could your business get out of managed security services

Is your business still counting on your general IT team to handle an entire spectrum of cybersecurity issues? If you do, it might be time for a change.

If lack of budget is one of the top reasons your business is in status quo despite the danger of security breaches, the more you may need to consider getting on board a managed security service provider (MSSP).

What exactly is a managed security service provider (MSSP)?

Today, companies of all sizes go to a managed service provider or MSP for extra hands to support different business areas, such as payroll and HR. This is the usual route taken by businesses in the midst of growth where systems have to be implemented quickly but internal resources and expertise are lacking. With information security becoming a growing concern, services now also include management of IT services and infrastructure. In other words, an MSP is a third party for businesses maintenance services.

A managed security service provider (MSSP) is of a different breed because it focuses on cybersecurity. The first job of an MSSP is to help with the process of keeping a company's critical systems and highly sensitive information secure while understanding the client's concerns and showing them how to overcome it. Large organizations with diverse in-house staff of IT experts but need specialized help with a whole range of cybersecurity outsource an MSSP.

For companies requiring round-the-clock monitoring, an MSSP is a suitable alternative to a security operation center (SOC), which requires at least nine people to operate 24/7. An MSSP is designed to reduce the number of operational security personnel that an enterprise needs to hire, train, and retain.

In a post-pandemic environment, planning for contingencies and considering the uncertainties of the future are what will ultimately spell the difference between surviving and thriving among businesses.

Gartner projected that by 2023, the widespread adoption of advanced technologies will see a jump from less than 15% today to 75% of organizations restructuring their risk and security governance.

To understand how organizations have responded to their pandemic-related challenges so far, Kaspersky has surveyed businesses of different sizes in 26 countries in September 2022.

Results of the survey are collected in the latest Kaspersky IT Security Economics Report where respondents in Southeast Asia shared their current setup when it comes to managing the IT security of their organizations.

In using MSSPs to fulfill their IT security needs, SEA businesses admitted to be enjoying the following benefits:

1. IT teams doing more with less. SEA companies appear to be placing a premium on getting access to extensive knowledge and resources from outsider-cybersecurity technology pros.

Some 55.8% of these companies said MSSPs provide special expertise, 54.7% are helping them meet compliance requirements and reduce regulatory risks for them, and 50.4% realized that MSSPs are taking the complexity out of business processes. They believe that partnering with MSSPs is a shot in the arm for their internal IT crews with all the resources and skills they bring to the table.

2. Cutting costs. This is one of the biggest benefits of MSSPs for 49.4% of companies in the region. Keeping a roster of highly specialized cybersecurity experts in-house is expensive for every company of every type and size. Engaging an MSSP could reduce HR expenses and up-front IT security costs such as huge spending on full-time staff, rigorous protection measures as well as staff training and awareness.

Businesses are now beginning to look at security as an operational expense, taking into account the cost of suffering a breach such as a hacked database, costly downtime, customer losses, and reputational damage that could seriously hurt the bottom line.

3. Scalability. SEA respondents (48.5%) have found that working with MSSPs is helping their organization become flexible in terms of changing requirements. They can add resources in increments or only for a certain period of time.

"Recall how the usual ways of doing business were impacted during the pandemic years. We have seen how physical offices and stores shut down, employees suddenly dispersed to work remotely, and customers forced to transact everything online. We were also witnesses to how cybercriminals took advantage of the unprepared world, unleashing a surge of cyber attacks of various kinds," says Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

"From their pandemic experience, decision makers of thriving businesses have learned to adapt to the new normal to stay in the game and be on the frontline for when opportunities arise. There is no other way but to grow and expand only if we change our mindset and shift our priorities," he said.

Kaspersky's partner-MSSPs across Southeast Asia are at the disposal of companies that are considering turning to MSSPs to gain access to Kaspersky's wealth of experience, expertise and comprehensive portfolio of cybersecurity services and solutions, including threat intelligence, incident response, threat detection, malware research, and reverse engineering and digital forensics.

To know more about Kaspersky’s Managed Service Provider Partnership, interested vendors can contact www.kaspersky.com/partners/managed-service-provider.

The full report Kaspersky IT Security Economics Report 2022 is available for download here.