Cybersecurity is a crucial part of today's business landscape. In fact, a recent survey shows that 10% of breached small businesses shut down in 2019, while data breaches exposed 4.1 billion records in the first half of 2019 according to cybersecurity statistics from the NIST.
Because of this, investing in cyber liability insurance for your business in addition to managed security services can provide you with data protection in the event of a security breach. Although an in-house cybersecurity team might not be feasible for many businesses, security service providers have the necessary expertise to monitor your network and counter the latest malware threats.
Managed Security Services address an organization's security needs, by protecting their website, internal systems, and firewalls. This can be done in-house or outsourced to a managed security service provider to oversee their network.
Some of their roles and responsibilities include security solutions such as 24/7 monitoring, overseeing patch installations and upgrades and, performing security assessments, and providing recommendations. One of the most significant benefits that security services providers offer is their experience in cutting-edge technologies in threat intelligence and machine learning.
Continuous vulnerability scans of your IT security can lead to overall cost savings. A key benefit of working with MSS companies is that they provide automated internal and external scans that can detect vulnerabilities and reduce a company’s resource needs.
MSSPs are a cost-effective business solution to protect your data and network. They can perform the following functions:
Although large businesses are the most likely to benefit from investing in the security resources of MSSPs, smaller businesses can also benefit from investing in managed security services in the face of developing threats. Globally, the demand for MSSPs is on the rise as the managed security services market is forecasted to reach $46.4 billion by 2025, according to a Markets & Markets report.
A Managed Service Provider (MSP) typically provides network security services to small and medium-sized businesses. They fix usability and performance issues while managing their overall IT security on a basic level. Some common services include things like help desk support, onsite technical assistance, data storage, and backup, and remote management and monitoring.
However, companies looking for more specialized cybersecurity support tend to seek the support of MSSPs, or managed security service providers. They provide greater security measures including comprehensive protection from cyber threats like malware, insider attacks, and phishing, addressing data loss and other security events.
As a general rule, managed security services are able to provide a much higher level of security compared to MSPs in terms of implementing security procedures and delivering customized recommendations. With 24/7 monitoring, they can immediately address any cyber threats and file an incident response as they occur.
For businesses with a more complex IT infrastructure, MSSPS can close any security loopholes and prevent any vulnerabilities from being exploited.
Some of the most common security services used by MSSP companies include the installation, configuration, and management of the following technologies:
An MSP, or Managed Service Provider, is an experienced service provider with expertise in the IT industry. They usually work with small to medium-sized organizations in monitoring and managing their overall infrastructure, while addressing any performance issues.
An MSP in cloud computing is responsible for the management and monitoring of any suspicious activity related to a company's servers, storage, databases, networking, software, and analytics. Companies that store their data on the cloud can save money by investing in an MSP's services to avoid unplanned maintenance and repairs.
The costs of an MSSP depend on a variety of factors. In terms of handling cybersecurity and IT concerns, factors like your industry and the number of employees can impact the total figure. On average, you can expect to pay between $99 dollars per month to $250 dollars per month.
When it comes to choosing the right MSSP for your business, you'll need to find a company that has a detailed understanding of your cybersecurity requirements and goals. This way, they can provide security incident solutions that can address these areas. Taking the steps to manage your security today can give you the peace of mind you need against ever-developing cybersecurity threats.
Lastly, investing in managed security services can help limit the cost of your legal liability and lead to a reduction in cyber insurance costs for your business. For more information on compliance management and choosing the best security programs for your company, contact us at Assured Standard for expert guidance.