With a major shortage of skilled resources in today’s cyber security market, more and more organisations are opting to outsource key security monitoring services to a managed security service provider (MSSP). But why? Bindu Sundaresan, director at AT&T Cybersecurity, explains.
The need for increased connectivity, an added reliance on the cloud and the journey to digitalisation has led to changing practices and technology used by organisations today.
The goal: to help improve efficiency and productivity. This holistic approach, coined ‘digital transformation’, incorporates all of these factors but, unfortunately, it has presented businesses with serious cyber concerns like increased exposure points and a widened attack surface.
With organisations moving forward with investments into cloud and IoT technologies, the C-Suite must remain mindful that these initiatives will increase risks to the business.
As it stands, global spending on cyber security will exceed $1 trillion cumulatively from 2017 to 2021, according to Cybersecurity Ventures research, which also predicts cybercrime damages will cost $6 trillion annually by 2021 — double the cost from 2015.
It is no wonder then the rise of digitalisation has led to increased cyberattacks. Dispersed networks, an explosion of data, disparate technologies and complex security operations have presented cybercriminals with the gaps - or “seams” - within an organisation’s security posture to exploit.
Technology approaches to solving this problem have largely stayed the same, relying on reactive policy management, point solutions and complex workflows.
The mismatch between changes in the sophistication of cybercrime and the relative stagnation in cyber security approaches is apparent as organisations continue to suffer data breaches.
Fighting this requires a collaborative approach that efficiently orchestrates people, process and technology through Unified Security Management.
With this approach, companies can identify their assets, drill down into what threats are exploitable, fix weaknesses, and have ongoing threat detection and response capabilities that are enhanced by reliable threat intelligence.
Perks of outsourcing
With a major shortage of skilled resources in today’s cybersecurity market, more and more organisations are opting to outsource key security monitoring services to a managed security service provider (MSSP).
Whether for log management, managed detection and response (MDR), SIEM-as-a-service, or compliance management, businesses large and small are turning to MSSPs to deliver these solutions quickly and cost-effectively.
Organisations across all industry verticals and sizes need to address cybersecurity, so based on the skills shortage and competing priorities, they all could benefit from working with an MSSP.
An outsourced Security Operations Centre (SOC), for example, offers the benefit of organisations being able to access a robust security solution that’s running at full speed with a dedicated team of security experts.
This could include important facets of security such as incident analysis and response processes with the ability to correlate and analyse data by threat researchers providing intelligence on an on-going basis.
MSSPs that utilize a unified approach can also aggregate technology to reduce the amounts of seams that can be exploited by cyber attackers while streamlining and optimising it for the highest levels of efficiency – all with 24x7 support.
Furthermore, an outsourced SOC solution can help businesses meet certain compliance mandates, if the organisation has any specific compliance requirements.
Partnering with an outsourced SOC means businesses can be up and running with a reduction in the response time depending on the size of the environment - and that includes implementation, integration, project management and tuning.
Lastly, a cost-benefit analysis will reveal that an outsourced SOC offers significant cost advantages due to economies of scale.
MSSP and long-term growth
In the current digital business environment, IT budgets are being squeezed and leaders are often asked to deliver more with less.
They often lack sufficient resources to research and prepare for the specific types of threats they face, whether it’s in the financial, retail, healthcare or energy sectors.
Simply adding more security solutions isn’t the answer.
Moreover, a lack of integration between various security solutions can pose significant barriers and there is the added issue of competing products from different vendors potentially not working well together.
There are even scenarios where different products from the same vendor lack smooth integration and require significant IT time and resources to configure.
Lastly, the lack of standardised, scalable security offerings can pose real limitations for many organisations.
Given this challenging situation, with multiple security point products and integration challenges, as well as a need to integrate threat intelligence, MSSPs using integrated solutions are ideally positioned.
Effective MSSPs provide the capabilities to adapt to a multitude of threat scenarios by mapping into customer needs and offering the ability to scale as needed.
MSSPs are an ideal solution for many customers, given the complexity of security technologies as well as the need to integrate threat intelligence in solutions.