As we continue to be dependent on technology for work, school, and commerce, the demand for internet security is also ever-increasing. Organizations depend on important and sensitive data to run themselves, and it is important for them to keep it safe for their clients and stakeholders.

What are MSPs and MSSPs?

           An MSP (Managed Service Provider) ensures IT systems are operational, but a Managed Security Service Provider (MSSP) offers security as a service, ensuring that each user in an organization and its systems are safe, operational and optimal. In general, an MSSP’s job is to prevent, detect, and respond to threats across an organization’s infrastructure, network, and applications. An MSSP can also handle system changes, modifications, and upgrades.

           Organizations can choose to outsource all or some aspects of their IT security to MSSPs – these services could include continuous security monitoring, vulnerability risk assessment, threat intelligence and intrusion management. MSSPs offer services in different industries, might it be healthcare, education, law, and accounting. As security threats evolve, MSSPs are also providing managed security offering to small and medium businesses as well.

The situation of small and medium businesses

           Small and medium-sized businesses (SMB) should also think about their security, considering that they are the easiest targets. In the U.S. alone, a report showed that 43% of all data breaches target SMBs. Losses from a cyber attack can cost up to millions of dollars, factoring in the cost of the data that may be lost, system outages, downtime, legal fees, and many more.

           A report by the Keeper Security/Ponemon Institute on SMBs says that 54% of SMBs think that their companies are too small to be targets of ransomware attacks. It is also not surprising that most SMBs lack the in-house skills to handle their own cybersecurity. Some don’t even have cybersecurity experts within their staff. Consequently, a report by Continuum in 2019 says that nearly 80% of small businesses believe that their cybersecurity will be outsourced within five years.

           With increasing demand and overwhelming support for cybersecurity, it is important to know about one’s cybersecurity options and the upsides of using an MSSP.

An MSSP can save you time and money.

          Simply put, the time and dedication needed to maintain an organization’s cyber security is precious time that should be allotted to other matters that employees can focus on instead. In an IT survey, it was reported that businesses dedicate 20-60 hours a week in managing their security. Medium businesses spend at least $178,000 annually, yet most still don’t feel secure and still feel susceptible to attacks.

          SMBs can feel helpless against increasing attacks, security and compliance requirements, and the costs of these measures. With the world turning towards everything digital, the increase of crime also seems inevitable. Another major problem is that not much time is allotted in a company to create, innovate, and modernize security technology – most of the focus is turned towards internal maintenance and paperwork.

          Time is one of the biggest reasons why many organizations are turning towards MSSP programs. In most situations, an IT department just can’t handle the incoming new and costly innovations of cybersecurity.

The Web is getting more unpredictable and unsafe.

            The internet has always been in favor of the more technically advanced since the beginning of its creation. With constant innovation comes rules and regulations that always change and evolve. This means that the government and private sector are on constant alert, and your IT department might not be able to keep up. With the undeniable risk in cybercrime, all companies, big or small, are exposed to the risks that could cost millions of dollars.

MSSPs are equipped with the technology you need.

           To protect themselves, companies are turning to MSSP programs because they are more effective, efficient, and have access to data protection technology that only a few firms utilize, namely cyber threat operations, machine learning, artificial intelligence, and dark web cyber threat intelligence.

It takes a high price to be more secure – but it pays off.

           Having an MSSP program is more economical than in-house cybersecurity, even if they are more expensive. This is because MSSPs already have a system ready, and their job is to make sure they find solutions that are right for your company. Proper resources and a singular dedicated goal mean that there are no frills – an MSSP’s only job is to keep data secure 24/7, which eases the burden on in-house cybersecurity. This means that your employees can focus on other major responsibilities that can improve the growth and development of the business.

           Cloud computing allows around the clock monitoring to happen. It also enables companies to design, evaluate and monitor your cybersecurity around the clock. For an MSSP, 24-hour security is given, and can save you from the unnecessary costs of paying for single security. MSSPs are already equipped with the personnel and technology that cover all the basics of cybersecurity. MSSPs and their staff have the experience of training in security and awareness to find solutions that fit your business.

An MSSP can help you focus on your core business.

            By outsourcing your security needs to a reliable MSSP, a business can concentrate on their core operations, which decides the level of productivity and dictates the long-term outlook of the company. MSSPs can also ease the worries of investors who demand transparency – if they know your company has a detailed security plan, it will erase their concerns of potential data breaches.

            Knowing the potential damage hackers can do, the cost of quality security pales in comparison. Data breaches are a giant issue that needs a lot of attention, and it will take a toll on company productivity if it needs to be addressed daily. The business industry is already competitive enough, so there’s no need for more complications and security risks.

The final thoughts on MSSPs.

            Overall, an MSSP is a company that can provide cybersecurity services alongside basic IT needs. This type of service is growing in popularity due to its many benefits. Any business, from SMBs to large corporations, can benefit from the innovation of cloud computing that allows these services to monitor your systems remotely for all the hours of the day.

            An MSSP offers professional services that are cost-efficient and more effective than an in-house IT security team. Clients and investors will trust a business more knowing that their data is safe. Therefore, an organization can then focus on its core business to reach its goals faster.

Sources:
https://www.controlscan.com/msp-versus-mssp-infographic/
https://searchitchannel.techtarget.com/definition/MSSP
https://blog.rsisecurity.com/what-role-does-a-managed-security-service-provider-play-in-your-company/