As technology continues to evolve, so too do the cyber threats that businesses face. According to Gartner, worldwide spending on information security and risk management technology and services will reach over $215 billion in 2024. More businesses recognize that while they may have an IT team, not all of them possess the specialist knowledge required to handle the complex cybersecurity landscape. This realization has led to the birth and growing prominence of the Managed Security Service Provider (MSSP).
The Cybersecurity Landscape and Birth of the Managed Security Service Provider
Today, companies are racing to digitize and bring their business processes online. This transformation brings both increased productivity, reach, and convenience, as well as an expanded surface area for potential attacks. The cyber threatscape isn’t what it used to be. It’s no longer just about viruses or simple phishing scams. We’re dealing with sophisticated attacks, ransomware, and multi-pronged approaches to breach security.
In this scenario, is your IT team capable of handling all threats? Another question to consider is determining if outsourcing to an MSSP is necessary. Here are three signs to look for.
Current IT Team Lacks Knowledge Regarding Cybersecurity
For most organizations, their IT team is equipped to handle common issues and support tasks. However, cybersecurity is a specialized field. Threat actors are continuously evolving, employing newer techniques, and finding novel vulnerabilities. It’s unrealistic to expect the typical IT staff to stay on top of these developments while also managing their daily tasks. This mismatch can leave your organization vulnerable.
Here’s an interesting fact: according to the 2023 Cost of a Data Breach Report by IBM, the average total cost of a data breach is $4.45 million, a 15% increase over the last three years. MSSPs bring that specialized knowledge and expertise to the table, ensuring that your cybersecurity posture is not just reactive but proactive.
Compliance is a Major Concern
Regulatory compliance is no longer optional. Industries, especially those dealing with sensitive information, face strict regulations to protect user and corporate data. But there’s a catch – you can’t audit yourself. For valid, unbiased assessments, a third-party evaluation is required.
Managed Security Service Providers not only bring the tools and knowledge to ensure that your business adheres to all regulations but also provide that essential third-party perspective to ensure you meet and stay compliant.
Failing compliance not only risks financial penalties, but it can also cause irreparable damage to your brand’s reputation.
MSP is Not an MSSP
Many companies need to avoid assuming that their current Managed Service Provider (MSP) is equipped to handle security at the level an Managed Security Service Provider (MSSP) can. While an MSP might leverage the latest in security tools, it doesn’t automatically make them an MSSP. Being an MSSP requires specific expertise, tools, and approaches. And it’s crucial to note that an IT service provider cannot be both an MSP and an MSSP.
They serve distinct roles and often operate as separate entities. One focuses on IT support, while the other focuses exclusively on security.
Stepping Towards a Safer Future
Tomorrow presents both incredible opportunities and significant threats. As you navigate this evolving landscape, ensuring your business remains resilient against cyber threats is mission-critical. Here at GB Tech, we have a comprehensive understanding of the complexities and challenges involved in maintaining a business’s cybersecurity posture.
Protect, thrive, and grow. The future awaits; remember, you’re always one step ahead with the right partner.