The global shortage of skilled cybersecurity professionals combined with a high demand for robust security will drive major growth in the managed security services provider (MSSP) market over the next three years, according to the latest Frost & Sullivan predictions. The research company estimates a compound annual growth rate (CAGR) of some 11.87% in North and South America by 2024, nearing $18.81 billion from just $12.01 billion in 2020.
“With customers requesting more proactive security measures to defend against evolving cyber threats, MSS/PSS providers must adopt more advanced security analytics platforms to detect and anticipate the potential threats more effectively,” said in a prepared statement Mauricio Chede, Information and Communication Technologies Research Analyst at Frost & Sullivan. “These new security analytics platforms should feature advanced functionalities, such as forensics and incident response, across the entire systems in different environments, be it on-premises or for cloud-based services.”
To succeed in this cramped market, MSS providers will have to tap into other services and expand their product offering to ensure they remain competitive and revenue is not flat. What else can they add to their tech services besides firewalls and MDR (managed detection and response) for a reactive approach?
Integrated Solutions for Threat Management
To drive growth opportunities, Frost & Sullivan predicts managed security services will have to help clients in their digital transformation journey by focusing more on advanced threats and risk tolerance related to critical data losses such as financial information.
Digital risk protection (DRP) is one of the services that can provide additional value and a recurring revenue stream through advanced analytics. Once integrated, MSS providers can use the technology for continuous monitoring and to conduct external leak assessments by evaluating the network and digital footprint. A tool with real-time technical data leakage detection can help prioritize and contextualize leads, and proactively reduce digital risks.
Deployment is seamless and frictionless, and does not require additional integration. A managed SOC (security operations center), for instance, that already provides 24×7 monitoring can enhance its service with automated real-time visibility of technical data leaks. Digital risk protection technology helps identify source code, API keys, and other technical leaks on public code repositories, online hacking forums or paste sites.
Unfortunately, companies that lack the necessary tools and resources are not aware that a technical leak may go undetected for months. This often results in financial loss, confidential information leaks, and data integrity compromise. Digital risk protection (DRP) can not only reduce the mean-time-to-detect (MTTD) and mean-time-to-remediate (MTTR), but also enhance threat hunting effectiveness.
Digital Risk Protection platforms provide MSSPs with an interesting opportunity: provide customers with instant value without requiring complex integrations, such as providing a managed SIEM or managed EDR. Since DRP focuses on existing public data, that information is readily available. Customers can receive a valuable report either before a contract is formalized, or as an early step once the managed service is launched.
As companies get more excited about embracing cloud, data analytics, and IoT devices, some forget they do not have the in-house expertise to implement a suitable cybersecurity strategy. Since from a cost perspective it may be more convenient to outsource cybersecurity, it will be critical for their Managed Security Services (MSS) to stay competitive by providing advanced detection and threat intelligence with a large search coverage to find lost data.