3 benefits of using Managed Security Service Provider
A Managed Security Service Provider (MSSP) can be a life line for many small and medium businesses during the COVID19 pandemic. Many businesses are going online to enable services and solution to their customers quickly and efficiently. As small and medium businesses accelerate digital transformation, they also need to keep abreast with cyber security needed for their new digital world. Easier said than done!
There are 3 main benefits to small and medium businesses for using a Managed Security Service Provider for their digital cyber security;
Cybersecurity resource shortage
Small and Medium businesses may want to add cyber security professionals to their payroll, but this is a big challenge since there is a globally shortage of cybersecurity professionals. Here’s where a MSSP can help. MSSPs have the required cyber security professional on hand and therefore can provide cybersecurity services to their SMB customers.
Lack of in-house technical expertise
Small and medium businesses that have their own cyber security tools in place may experience an over load on existing IT teams. Cyber security operation requires staff with very specific technical expertise and on going training which can lead to further overload. We all know work overload leads to burnout and eventually problems in services and efficiency. MSSPs can step in here and offload the entire security operations of a small and medium business and alleviate the burden from the shoulders of the Small and Medium businesses. No longer do they need to stress about cyber security technical staffing, training and retention.
CAPEX and OPEX costs
In an ideal world, every business would just Do It Themselves, ie., have their own security operation centre. But that’s the ideal world.
In the real world, small and medium businesses are operating on very tight budgets. As they invest in digital adoption, they must also invest in cyber security.
Investing in cyber security will require capital expenses for procurement of security tools, and also operating expenses such as cyber security staff, tool licenses, maintenance costs and 24x7x365 security operations center. These alone can be an overwhelming cost and become a deterrent to cyber security adoption. But it doesn’t need to be.
A MSSP has the necessary technical staff and the monitoring, detection and response tools to provide 24x7x365 security operations capabilities for the small and medium business customer.
The economics are very supportive as well. Here’s a small case study to explain the cost saving realized by employing a managed security service provider;
DYI Security Operation Centre Costs:
Security Tools: average cost $200000 for SIEM tools
24x7x365 Security Staff : 6 @ $120,000 – $720,000
Security training: 6 @ $10,000 – $60,000
Annual cost – $980,000
Even though these are very high level budgetary costs, you can see that the costs balloon high when a Small and Medium business tries to setup their on Security Operations Centre (SOC).
If the small and medium business uses a MSSP to provide the same services, ie., Security Operations Centre As A Service, the costs are 1/5 as compared to DYI SOC. The moneys saved can be reinvested towards other business growth ventures.
If your business is on its way to digital transform, then you’ll need cyber security alongside. Use of a MSSP to helps small and medium businesses to accelerate the cyber security adoption. Contact us to help enabling this for your business.