Benefits of Hiring a Managed Security Service Provider(MSSP)
The past few years have witnessed a significant increase in security breaches across industries worldwide. While modeling the business towards digital transformation the top management faces the compelling challenge of ensuring unintended breaches/ attacks do not interfere with the smooth functional delivery.
Benefits of hiring an MSS provider include:
1. Advanced protection in niche a service:
On many occasions, we find that organizations have more than 20 different cybersecurity tools deployed however just about half use more than 6 of these at a time. A lot of these tools work in silos and integration complexities make them harder to manage and mostly inefficient. It is worthwhile to take the help of an able MSSP to maintain and upgrade these solutions.
Other services offered by an MSSP`s continue to evolve and include security operations center, end-point protection services, vulnerability scans, web application vulnerability monitoring, firewall management, logging and monitoring, and configuration management.
2. Reducing Blind corners:
An MSSP provides a holistic view of the cybersecurity landscape and assists the business in doing what they are good at. Large enterprises find themselves dealing with rapid business expansions and increased vulnerabilities such as bad actors and system threats, API integrations, shared connections, IP and critical customer data all become increasingly large to handle and may give rise to serious risks due to non-detection. It is worthwhile to leave the security operations to the security experts.
a) Personnel shortage: the cybersecurity industry worldwide is facing a dearth of quality manpower to carry out the specialized security operations independently and responsibly. Looking for and hiring this talent yourself leads to increased expenses for the organization and is a better practice to outsource the same.
b) Better planning of resources and time: A provider will plan and roll out a cybersecurity strategy affordably and efficiently. And can offer access to data and information that is outside of a client’s networks. Overall, they can provide a bigger view of the digital landscape to help you be better prepared on all fronts.
(Source: The Future of Agility in Business Study Series: Agility Foundations, 2016.)
c) Custom made and budgeted services: MSS providers who can take a consultative approach can suggest the right requirements for your business by understating your business not only from the business perspective but also from the network and devices perspective. Services may include:
- Security architecture and implementation
- Vulnerability assessment and penetration testing
- Security strategy and transformation
- Security advisory and consulting
- Industrial control systems Security (SCADA Security)
- Enterprise risk and compliance:
Depending on the industry the business belongs to, solutions can be tailor-made and hence budgeted.
4. Audit and Cyber preparedness support:
Regulatory requirements and compliance guidelines can be advised, supported and executed by an MSSP without much intervention or assistance rendered.
Risk management and governance support will help in documenting and better preparing and mitigating inevitable breach scenarios.
Cyber-criminals are going to create 3.5 million new, unfilled jobs by 2021, this is an alarming 350% growth within 5 years.
5. Trust as a callout for your customers:
Consumers want to control their data but do not know how to and would like to assume that the vendors they deal with are doing the job for them. For any organization catering to support using critical third-party data, the promise of safe and secure usage of information is as critical as protecting it.
Organizations dealing with personal data such as hospitals or airlines and financial data such and NBFC`s, FI`s and insurance companies rank the highest when it comes to consumer trust in data security. The implications of losing that trust are very serious and alleviating the effects of those instances would include providing monetary compensation to the consumers, salvaging reputational losses, providing proof that systems are now safe, offering complimentary security services, etc.
According to the PwC US Protect.me report, 2017, startups, companies offering professional services, and emerging technologies such as AI, Chatbots, digital payments are considered risky by the common consumer. Organizations must put cybersecurity and data privacy at the forefront of their organizational goals as well as consumer-facing communication to maintain trust and build a successful enterprise.
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