Enterprise organisations today are embarking on digital transformation projects at an ever increasing pace.
As businesses leverage digital technologies such as cloud, data analytics and the Internet of Things (IoT) among others, the need for cyber security becomes increasingly crucial to protect proprietary IP and private customer data.
However, enterprises lack the in-house expertise to adequately manage cyber security while dealing in an increasingly advanced threat landscape, all while given less resources by management.
This lack of talent and the constant push to meet regulatory compliance is driving the adoption of managed security services (MSS) solutions. Traditional security monitoring is no longer sufficient because of limited log collection and rule-based analysis.
As requirements mature, the limited log collection and rule-based analysis of traditional security monitoring is creating an urgent need for next-generation security solutions.
In response, managed security service providers (MSSPs) have been introducing solutions that enable advanced detection, faster incident mitigation, global threat intelligence and deep threat analytics.
This shift in enterprise focus from device management to threat management is expected to drive the MSS market from US$1.97 billion in 2017 towards US$4.34 billion in 2022, at a compound annual growth rate (CAGR) of 17.1 per cent.
Furthermore, MSSPs are investing in technologies such as anti-distributed denial of service (DDoS), advanced malware analysis and advanced endpoint protection to deliver cloud-based security services.
They are positioning themselves to deal with the shift in demand from point to integrated solutions, as the latter can provide comprehensive security and protect against multiple vulnerabilities.
Successful vendors are expected to make the most of the additional growth opportunities by adopting a series of measures such as:
- Designing solutions that offer better security protection and risk management, with improved threat detection, response, and management
- Presenting a more holistic cyber security posture through MSSP advisory
- Focusing on SMEs and enterprises with less-critical infrastructure and business services, as they are more likely to adopt HSS
- Fostering an operating environment that will support the unique hybrid requirements of large, mature customers
- Expanding their portfolio to include advanced security services such as incident response, managed endpoint detection and response, management advanced threat detection, and user and entity behaviour analytics (UEBA)