Top Managed Security Service Providers (MSSPs)

Why every organization should invest in a managed security services provider?

With the continual expansion and sophistication of cyber threats, cybersecurity has become increasingly complex. This can easily surpass the resources an average organization, especially Small-Medium Businesses (SMBs), can allocate toward securing their infrastructure. Under these circumstances, opting for a Managed Security Service Provider (MSSP) is often a more judicious decision. Collaborating with such a provider allows your organization to leverage the knowledge of seasoned experts without the necessity of employing a full-time team or buying costly software and hardware.

Main reasons why every organization should consider using a managed security provider:

• An MSSP provides 24/7 security monitoring and response capabilities, which is often far more than organizations are able to provide internally.
• Working with trained cybersecurity professionals gives organizations access to valuable expertise that they would not otherwise possess on their own.
• Managed IT security services providers offer resources and tools that organizations would otherwise have to purchase individually at greater cost and complexity.
• A qualified MSSP allows businesses to focus more of their energy on core products and services for customers rather than tedious cyber security chores that may otherwise drag down productivity levels.

Key elements of MSSP services

There are three elements that make up the security core for any organization: data, devices, and people. So your MSSP will essentially provide a range of services that cover these core elements. Some of the common provisions include:

• Network security monitoring and management.
• Threat intelligence and response capabilities.
• Security testing consists of penetration tests and vulnerability assessments.
• User authentication and access control.
• Identity and access management (IAM) solutions.
• Compliance assessments and training.
• Risk analysis.
• Data loss prevention (DLP).
• Patch management.

How to optimize your investment in managed security service provider?

• Ensure that the MSSP offers top-tier technology tailored to your business size, needs, and budget.
• The MSSP should have flexible offerings so you can add or remove services as your needs change over time.
• Review the MSSP agreement regularly to ensure cost optimization and efficiency.
• Factor in the MSSP’s ability to provide ongoing support and maintenance.

This step can take some research, but the effort can pay off in the form of increased security and more efficient use of resources.

Crucial questions to ask before you start working with an MSSP

It's essential that you do your due diligence before engaging an MSSP partner. Ask these questions:

• What cybersecurity packages do they provide?
• What is their track record like and do they have a trusted, proven history of successful deployments?
• How much experience do they have dealing with threats specific to your industry?
• What are their rates and billing structure?
• Is there any room for customization in order to meet your company's unique needs?
• How quickly can they respond to requests or incidents?

How much can your organization save by engaging managed security services provider

Well, let's say you're a small business and you opt to hire two or three security experts instead of going for a provider - that could cost you between $300 to $400K or more a year. That's how expensive it is to hire in-house pros. Even just one cyber security engineer could cost between $100k to $200k annually, based on current market rates for the highest paid cyber security experts.

On the other hand, a Managed Security Service Provider (MSSP) can deliver expansive security coverage  – on average, a mere $50K per year for small businesses. Even when faced with complex security needs demanding a potentially higher investment, the overall expense is still substantially lower compared to the cost of setting up and maintaining a dedicated in-house team. This financial advantage becomes even more pronounced when considering larger corporations with substantial operations, numerous employees, and a vast customer base. The bottom line, therefore, is that choosing an MSSP offers a cost-effective solution, providing substantial savings while ensuring robust security.