Four Strong Reasons to Use an MSSP
Many organizations are increasingly overwhelmed by the challenges posed by cybersecurity, from rising security budgets, compliance with regulations, to the threat of attacks, which can push internal IT teams in many businesses to their limits.
The multitude of challenges to be faced is the main reason why most organizations today are turning to managed security service providers (MSSPs) to help them address these issues. The challenges of strengthening human resources, processes, and technologies as efforts to secure their intellectual property and data appropriately, while still complying with cybersecurity regulations, can be a daunting task even for well-managed IT departments. With these considerations in mind, here are four main reasons why I prefer MSSPs over in-house security.
Using MSSP Saves You Money
Building, running, and maintaining a cybersecurity ecosystem comes with significant costs. One of the reasons is that many software solutions require specialized hardware and equipment to run, and they often come with recurring licensing costs. Additionally, the salaries of cybersecurity employees and the training they need to effectively utilize new tools and technologies add to the expenses. One of the CFO's favorite aspects of using MSSP is that it can replace the capital expenditures often needed to add new tools with a large operational expenditure in the form of predictable and sustainable monthly costs. With minimal investment, businesses can leverage MSSP to provide regular security monitoring and protection (24/7), delivering immediate return on investment and allowing businesses to make informed decisions between building internal cybersecurity capabilities or outsourcing to an MSSP. A recent study reported that 46% of MSSP customers reduced their annual IT costs by 25% or more. Reducing personnel costs is one area where MSSP shines in providing staff with diverse security skills. They distribute these costs across their client base, providing shared services so that individual customers do not have to bear the expenses themselves. A recent survey showed that migrating to an MSSP provided a return on investment of up to 152%, with a total cost savings of $1.3 million over three years. MSSPs provide access to experience, technology, and expertise to businesses that would be impossible to build on their own.
MSSP Allows You to Focus on Your Business
For most organizations, security is not just a technical issue but a business matter that needs to be managed so that the business and its executives can stay focused on the organization's mission. An organization exists to serve customers and support its employees in delivering value and returns to its stakeholders. Balancing security needs with business goals is always a challenge for any organization, even for the largest ones. As the complexity of attacks continues to increase, the demands for defensive capabilities have become overwhelming for many organizations grappling with these issues. Partnering with an MSSP is a way for businesses to reduce the burden associated with maintaining cybersecurity programs, freeing them to shift their focus from cybersecurity to their core business needs. By delegating processes, human resources, and cybersecurity technologies to an MSSP, businesses can concentrate on what matters most, putting them in a better position.
MSSP Has Better Tools
Any security professional will tell you that the security tools and technologies they use generate a large number of daily actions (logins, uploads, alerts, etc.), and only a small fraction of them represent actual threats. In a recent research study, over 31% of respondents admitted to ignoring alerts because they considered them to be false positives, and over 40% felt that the alerts they received lacked actionable information. Another complex issue is that many businesses have up to 20 different cybersecurity technology solutions, with over half of those surveyed using more than six different solutions. The problem with this is that most of these tools are not integrated with each other, creating data silos that exacerbate the challenges of cybersecurity workflow sorting. However, MSSPs typically handle many aspects of tool integration over time to better serve their customers efficiently. Additionally, MSSPs incorporate high-end technologies and capabilities, ranging from machine learning to artificial intelligence and dark web threat intelligence, to enhance the efficiency of their tools. This capacity is a major driver for organizations partnering with MSSPs.
MSSP Helps You Stay Compliant
When implementing a cybersecurity program, organizations need to align it with business needs, understand their business risk tolerance, implement ISO, NIST, or CSC controls, establish organizational goals for managing controls, and find ways to improve their cybersecurity posture without excessive spending. Moreover, many organizations also face specific industry demands. Retail businesses often have to comply with Payment Card Industry Data Security Standard (PCI DSS) requirements, a complex set of security rules that cover access management, endpoint protection, and secure development. Healthcare providers must comply with the Health Insurance Portability and Accountability Act (HIPAA) Privacy and Security Regulations. Publicly traded companies must comply with the Sarbanes-Oxley (SOX) Act. The regulations and requirements mentioned are just a few of the industry-specific compliance demands. Each industry faces different risks, challenges, and threats. A good MSSP will provide guidance to help fulfill their compliance needs and tailor their cybersecurity programs to the specific risks prevalent in their industry. A good MSSP, like us, will use consultants with expertise in control implementation, risk management, and cybersecurity strategy to meet compliance requirements.
If you need assistance in reducing cybersecurity costs, improving cybersecurity processes, understanding cybersecurity technologies, complying with regulations, or simply want to talk to an experienced managed security service provider, please contact ITSEC. Our cybersecurity professionals have extensive experience in managing the security of both large and small organizations, and we always bring expertise and skills to our work. In many cases, we can help you find the information security solutions you are looking for.
