Cyberattacks are growing in frequency, severity, and complexity. Moreover, cybercriminals are using technologies such as AI and machine learning to launch increasingly sophisticated attacks. In fact, according to the University of North Georgia, 64% of companies worldwide have experienced at least one cyberattack, and this number is rising. As a result, finding dynamic security solutions is becoming a top priority for businesses everywhere.
Although it is essential that organizations have an adequate security strategy in place, many security strategies fail as organizations struggle with obtaining the skills, manpower, and funding necessary to support an in-house cybersecurity team. In order to combat these challenges, organizations are turning to MSSPs to bolster their overall security posture.
Why do people turn to MSSPs, or more importantly, why is it that many security strategies fail?
1. Missing Support and 24/7 Coverage: Businesses are subject to the whams of their IT teams day-in and day-out. However, the average working day is an 8-hour span that does not cover 24/7 security monitoring. Plus, most employees are already occupied with important responsibilities.
According to an FBI report, there were 847,376 reported cybercrimes in 2021. These security breaches can corrupt your company and consumer data – all under the radar. Additionally, Check Point Research has found that companies are seeing a 50% rise in cyberattacks each week. Moreover, 42% of businesses report feeling the need to add additional software for security measures. Missing support for security and a lack of 24/7 coverage were often causes of blame for business and consumer security needs.
2. Not the Right Security Tools or Deployment: There are some great security tools out there for your company, yet they are difficult to deploy without experience. Also, they require frequent monitoring around the clock, which can be very difficult for businesses.
There are a lot of moving pieces involved in every security tool, and missing one piece can result in a data breach or stolen information. With the growth of technology and remote work during the COVID-19 pandemic, cybercrime has risen to 600%. That means there is a big chance your organization’s data is corrupted if your security tools aren’t properly deployed.
3. Lack of Bandwidth and Funding: Cybersecurity breaches and changing security measures can cost your business upwards of thousands of dollars. On the other hand, not having the bandwidth or funding for your own in-house security team can also make it difficult to have an effective security strategy, if not impossible.
There is often concern for businesses about the cost of new security, even when many security breaches cost significantly more. According to a UpGuard, $4.35 million is the average cost of a security data breach this year. When remote work is a factor, the average yearly security data breach is almost $1 million more than it is for those in office. Expanding your security monitoring and protection across larger bands can help save money in the long run.
Due to the many challenges businesses face that cause their security strategies to fail, many organizations are turning to MSSPs to secure their business.
In fact, according to Market and Markets, the Managed Security Services market is expected to grow from $22.8 billion to $43.7 billion between 2021 and 2026. Adding to that, Marconet has found that 45% of businesses plan to utilize a MSSP and 59% of IT services have moved away from the traditional break-fix model and towards a managed service contract model.
Managed Security Service Providers can assist your business and security beyond common security practices. Plus, you’ll create an environment where your business can thrive and be stress-free from security compromises. If you are currently dealing with any of these issues and are interested in learning more about managed security, then be sure to watch the replay of our Managed Security discovery webinar.