As cybercrime rapidly grows in number, sophistication and scope, businesses all over the world struggle with keeping their systems, infrastructure and data secure. No one is really safe these days: even large companies with their own security teams need a hand keeping an eye on everything at all times and reducing their exposure surface. Small and medium-sized companies, on the other hand, need help improving their overall cybersecurity posture to avoid becoming easy targets.


Since investing in complete cybersecurity solutions and training in-house staff on constantly evolving security matters is expensive and time-consuming, Managed Security Services (MSS) have become the most efficient and easier to implement solution for all types of companies.


Let’s understand what MSS really are, why they are beneficial for businesses and how they are expected to evolve in the future.

 

 

Understanding key concepts

Managed Security Services are security solutions provided by third-party providers that monitor and manage an organisation’s security system, infrastructure, network, and devices, protecting them from all sorts of cyber threats.


MSS represent a flexible approach to cybersecurity since businesses can choose to outsource specific services according to their security needs. Those services may be Managed SOC, Managed EDR, Managed NDR, Security Incident Response, Vulnerability Management, among other key solutions that complement each other. We’ll get into each one of them further ahead in this article.


Those who provide MSS are Managed Security Service Providers (MSSP), and usually operate 24/7 from their own Security Operation Center (SOC).

 

 

Types of Managed Security Services

Among the most popular MSS are:

  • Managed SOC
    A complete security incident detection and response solution that provides 24/7 protection from all kinds of cyberattacks. It can be fully outsourced (SOC-as-a-Service) or serve as an expansion of an already existing SOC team.

  • Managed EDR
    A cybersecurity service specialised in protecting endpoints / devices (laptops, desktops, smartphones, or servers) on a network from advanced and sophisticated cyber threats (creation of EDR rule, management of endpoint etc.).

  • Managed NDR
    A security service based on network traffic analysis in real-time, which protects corporate networks from advanced cyberattacks, data breaches and lateral movements.

  • Security Incident Response
    Usually provided by a Computer Security Incident Response Team (CSIRT) or a Computer Emergency Response Team (CERT), this service encompasses the processes and tools used by organisations to effectively handle and respond to cybersecurity breaches, threats, or attacks. 

  • Vulnerability Management
    The process of identifying, analysing, prioritising, remediating, and reporting on security vulnerabilities across corporate endpoints, networks and systems. Cyber threats can only have an impact when a vulnerability can be exploited, so this service is key for organisations looking to implement a preventive approach.

 

 

7 reasons why your business needs Managed Security Services

Two things are certain by now: (1) no company is safe from cyberattacks, no matter how big or small it is, and (2) improving cybersecurity posture without having to invest in an in-house team is possible thanks to Managed Security Services.


So, here are the top reasons why your organisation can only benefit from MSS:

  1. Fight increasingly sophisticated threats
    According to the World Economic Forum’s Global Risks Report 2023, “malicious activity in cyberspace is growing, with more aggressive and sophisticated attacks taking advantage of more widespread exposure”. This is why cybercrime and cyber insecurity are now in the top 10 of the most severe risks over the next decade. There is probably no better reason than this to start strengthening your business’s defenses. With Managed Security Services, you get access to the best experts in the field and the latest technologies and tools to fight these emerging threats.

  2. Get the most cost-effective solutions
    Global cybercrime costs are expected to hit $10.5 trillion by 2025 and $23 trillion by 2027, up from $8.4 trillion in 2022. One way to make sure your company does not take part in these statistics is to improve your cybersecurity posture now, integrating the security services that best fit your needs. Financially speaking, it is easier and more effective to outsource a specialised team of experts already carrying the knowledge and tools to deal with such threats, than to hire and continuously train an in-house team.

  3. Enjoy a 360º security coverage
    Since there is a wide range of Managed Security Services available, with different scopes and objectives (targeting network security, endpoint security, cloud security, application security, and so on), companies can significantly reduce their exposure surface, ensure better infrastructure and data protection, and focus on core business activities while MSSP take care of all security aspects. Plus, each security service in itself involves a 360º approach comprising the following phases: monitor, detect, investigate, threat hunt, and respond.

  4. Achieve better reputation and trustworthiness
    Put yourself in clients’ shoes: when choosing a new partner or service provider, would you rather go with an organisation prepared to protect their clients’ data, or with a competitor with no security measures in place? No need to say that a data breach can have a massive financial and reputational impact, given the effort needed to recover from it – according to IBM’s Cost of a Data Breach Report 2023, it takes an average of 277 days for security teams to identify and contain a data breach. Having one of these on your record will not only impact the trust of potential clients, but also that of potential employees.

  5. Focus on core business operations
    Managed Security Services will give you the necessary peace of mind and take the burden off your shoulders when it comes to implementing a robust and complete security strategy. Then, by not having to worry about any cybersecurity-related issue, you and your employees can concentrate on main business objectives.

  6. Comply with major regulations
    While cyberattacks grow in number and complexity, so do cybersecurity regulations that aim to contain these threats. It is challenging for companies to constantly keep up with the requirements of data protection regulations like the General Data Protection Regulation (GDPR) or the NIS 2 Directive, so an MSSP can provide that compliance support continuously.

  7. Stay ahead of emerging trends
    The Managed Security Services market will continue to rise in the upcoming years: it is currently (in 2024) worth $34.61 billion and is expected to reach $61.64 billion by 2029, at a compound annual growth rate of 12,24%. The flexibility and extensiveness provided by MSS means that this is the future of fighting cybercrime for small, medium and large businesses.

 

 

How will Managed Security Services evolve?

Just like any other technology field out there, MSS are increasingly embracing Artificial Intelligence (AI) and Machine Learning (ML) to automate processes, improve efficiency, productivity and speed. AI and ML tools can specifically help with:

  • Advanced threat detection.
  • In-depth investigation of anomalous situations.
  • Rapid and automated incident response.
  • Proactive threat hunting and mitigation.
  • Continuously learning about new and emerging threats.

 

All these capabilities are being enhanced as we speak, which means AI will keep playing a critical role in the SOCs of the future, helping security teams improve their own detection, investigation, and response skills.


Another trend to keep an eye on is cloud-based security services. With organisations increasingly turning to cloud (and multi-cloud) strategies to host their infrastructure, Managed Security Service Providers will have to keep up and focus on providing cloud-based security solutions.


When it comes to the type of business looking to invest in a Managed Security Service, we will likely see an increase in demand from small and medium-sized companies, in the upcoming years. This has to do with the overwhelming increase in the number and sophistication of cyber threats, all over the world, leaving no company safe.


Alter Solutions is prepared to help navigate these future trends and challenges with a multidisciplinary cybersecurity team integrated into worldwide expert communities. Our consultants are certified and we work with a wide range of technologies and platforms, which we adapt to every client’s security needs.
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