What Is a Managed Security Services Provider? What Are the Benefits?
Cybersecurity is a high priority for today’s businesses. Between threat actors persistently pursuing illicit gains and the compliance requirements imposed on organizations, instilling strong security components can no longer be ignored or put to the wayside to deal with at a later date.
The problem is, many organizations often don’t have the ability to implement sufficient cybersecurity measures. They may lack the financial resources or don’t have the right staffing available or the necessary equipment needed to effectively handle cybersecurity. A managed security services provider (MSSP) can be the solution.
Wondering exactly what is a managed security service provider and the benefits of managed security services your business can expect to receive? Red River has you covered. In this article, we’ll provide a definition of MSSP and delve into the services you can receive, along with the key benefits of leveraging the expertise of an MSSP.
What is a Managed Security Service Provider? (MSSP)
An MSSP is a type of outsourced IT service provider that can give your business the elements of cybersecurity where there may be some deficiencies, filling any gaps. For instance, if your company is lacking in any areas of its monitoring and management of security systems, working with an MSSP is a good solution to consider because they can provide you with a cost-effective solution to enhance your cybersecurity processes.
Managed security service providers can take on all aspects of your cybersecurity needs or only some components – whatever your business needs. An MSSP’s areas of excellence include detection and response, vulnerability management and application security programs, along with all of the subcomponents accompanying these areas. MSSPs are “always on”, providing high-level cybersecurity coverage, operating in real-time to monitor and respond to cyber threats.
Your company can essentially receive any services you need to build a stronger security posture so you can rest easily knowing its data and other proprietary information is well-protected. Additionally, you’ll have no more worries about hiring, training and retaining staff. You’ll consistently have a team of experts handling your security needs for you.
How Does an MSSP Differ from a Traditional Provider or MSP?
When looking at options for outsourcing technology processes, many people wonder if MSP and MSSP are the same thing because the acronyms are so similar. While there is some overlap, there are substantial differences between the two.
A managed service provider (MSP) is an outsourced third party that offers an array of IT services. MSP service options include cybersecurity, but they also offer help desk support, servers, network infrastructure management, customer support, telecommunications and just about any other IT services an organization needs.
An MSSP is like an MSP in the fact they are also an expert third party businesses turn to for services. The main difference between the two lies within the fact that an MSSP’s entire focus is on cybersecurity, such as protecting against cyber threats, breaches and other vulnerabilities. They can also help to ensure an organization is meeting their regulatory and industry compliance requirements.
Core Services MSSPs Offer
Individuals working for MSSPs are experts in their field. This means they are up-to-date on the rapid changes occurring in the security landscape and are well-versed in the latest solutions and strategies. Core services your MSSP partner can offer include, but are not limited to, the following.
Threat detection
The MSSP you partner with can provide your business with comprehensive threat detection capabilities.
- Identifying and responding to security threats and incidents
- Installing and managing anti-malware software to protect the network from malware, phishing, ransomware, insider threats, etc.
- Employing endpoint detection and response (EDR) solutions for desktops, laptops and mobile devices
- Utilizing intrusion detection and prevention systems (IDPS) to protect from both internal and external threats
Essentially, your MSSP will implement prevention protocols to ensure a robust strategy for safeguarding your company’s digital assets.
Incident response
Managing a response to cybersecurity incidents is an area in which many organizations struggle. MSSPs are experts in this area. If a security breach or other incident occurs, they can provide rapid responses to investigate the issue by using forensic analysis and other techniques. MSSPs are also equipped to provide remediation and restoration of normal operations.
As you know, downtime is costly from both financial and reputational standpoints. Your partner will know how to reduce costs and deploy strategies to help keep you up and running, minimizing any time offline.
Vulnerability management
It can be challenging to know what cybersecurity strategies and solutions to utilize without fully understanding your company’s vulnerabilities and/or weaknesses. MSSPs routinely provide vulnerability management. This service involves:
- Running vulnerability scanning
- Providing security assessments and audits
- Identifying existing vulnerabilities in systems and applications
- Mitigating identified vulnerabilities
- Evaluating security posture
- Providing insight and suggestions for areas of improvement
Initially, your MSSP can obtain expert guidance through a robust consultation.
24/7 monitoring
After business hours, your network and digital assets still need to be protected. MSSPs offer around-the-clock services, meaning your company’s stakeholders can relax knowing its systems are being monitored 24/7. Your partner will provide real-time monitoring of your systems, network traffic and endpoints to ensure no threats are present. If any suspicious activity emerges, they’ll take rapid action to mitigate any potential problems.
Compliance support
Compliance issues present challenges to most businesses, especially as the regulatory landscape experiences consistent changes as industries and governments implement additional requirements to safeguard data. Your MSSP partner can assist you with compliance to ensure your business is up-to-date and meeting every requirement you need to adhere to.
Firewall and VPN management
Companies that do not have the personnel to handle vital technical needs can turn to an MSSP. For instance, companies without a full IT department may find their resources stretched, and they need someone to come in to install, configure and manage the business’s firewall and VPNs.
Key Benefits of Partnering with an MSSP
Due to the cybersecurity expertise an MSSP can offer, many companies find the benefits valuable. The MSSP market statistics support this as evidenced by its tangible growth. According to the numbers, in 2022, the MSSP market was at $25.9 billion. Experts predict the market will roughly triple within 10 years, anticipating it will balloon to $74.2 billion by 2032.
The benefits of managed security services providers are vast. Let’s take a look at some of the top advantages your company can receive.
Access to expert cybersecurity talent
MSSP companies hire security experts with deep skills in the cybersecurity field. These experts stay up to date on threats, know the latest security tools (and have access to them), can identify evolving vulnerabilities and can deploy security technologies.
It can be difficult for companies to hire individuals who can provide all of this while staying on top of other duties. With an MSSP, the people managing your security will be 100% focused on cybersecurity tasks with access to everything your business needs.
Enjoy cost-effective protection
Staffing
MSSPs can help businesses decrease their recruiting, hiring and retention expenses while enjoying the ability to maintain a full-time, dedicated cybersecurity team. The MSSP will supply key personnel and all staffing relating to security tasks. They’ll also absorb the costs associated with training and education regarding the latest threats.
Equipment
Today’s technology tends to quickly become outdated or even obsolete. Investing in the services of an MSSP means that costly security infrastructure, including any necessary hardware or software, will be supplied by your partner.
Subscription-based fees
It can be difficult for some organizations to maintain infrastructure because technology is typically in a consistent state of flux. Between patches, updates and new products, it can be difficult for businesses to spend significant portions of their budgets on cybersecurity, only to need to update shortly afterward. MSSPs offer subscription-based pricing, allowing you to purchase what you need, when you need.
Ease of scalability
Speaking of buying what you need when you need it, partnering with an MSSP means you can scale your services up or down as you need to meet your changing needs. Your subscription is highly customizable, which means you won’t have to buy services you do not need. Furthermore, the predictability of your subscription fee will help you better allocate your company’s financial resources.
Receive continuous monitoring/faster response times
Since MSSPs are dedicated solely to cybersecurity services, they can effectively provide continuous monitoring. In the event a threat appears, they have the capacity to respond rapidly and mitigate any issues that emerge.
Feel confident in meeting compliance requirements
Compliance is a consistent issue for many organizations, especially as lawmakers pass new regulations or industries change their standards. MSSPs can help organizations adhere to compliance with HIPAA, PCI DSS, GDPR and other rules.
Alleviate burdens of internal IT teams
In the organizational setting, many IT team members must wear a number of different hats for the many responsibilities they are typically tasked to manage. Removing the cybersecurity components of their jobs alleviates their burdens and gives them the ability to refocus on other important tasks.
Enjoy access to advanced technologies
The majority of MSSPs invest in the latest, state-of-the-art security equipment. This goes hand-in-hand with cost-savings measures because the MSSP will supply equipment and next-gen tools to combat threat actors. If running cybersecurity completely in-house, it might be difficult to gain access to advanced technologies.
If your company’s security posture keeps you up at night, researching the possibilities of what an MSSP can offer could not just resolve your problems but also give you a competitive advantage. Aside from having peace of mind knowing your organization’s digital assets are safeguarded, you can then turn your attention to your core competencies to better build your business.
Who Should Use an MSSP?
Many different kinds of organizations can benefit from partnering with an MSSP. Since they are prepared to offer a variety of custom-made solutions, anyone can theoretically benefit from hiring one. However, the ones most positioned to benefit from working with an MSSP are the following.
Small to mid-sized businesses
It is rare for small and mid-sized companies to have the resources to build and maintain an internal cybersecurity team. Most also can’t afford the equipment and technologies they need to effectively secure their networks and other digital assets.
Growing companies
In a scenario where a company experiences sudden or unexpected growth, they may not have the capacity to adequately protect themselves. The flexibility and scalability an MSSP offers can easily resolve any cybersecurity issues that emerge due to growth.
Organizations with limited in-house security resources
Some companies may have limited in-house resources and simply lack the personnel they need to perform vital cybersecurity tasks. Even companies with sufficient in-house resources may still struggle due to a persistent talent gap in the cybersecurity field.
Finding and retaining knowledgeable cybersecurity employees can be a difficult task; statistics indicate there is a 4 million+ shortage of working individuals in the field, and 67% of organizations say they see a “moderate-to-critical skills gap” when hiring for these roles.
Organizations looking for cost-effective solutions
In some cases, businesses may want to realign their budgets but still need to ensure cybersecurity needs are met. Companies seeking cost-effective solutions can hire an MSSP, get the expertise they need and operate on a set budget through their subscription fee.
Summary
Organizations are increasingly turning to MSSPs to bolster their security posture and gain access to the resources necessary to effectively combat cyber threats. Partnering with an MSSP means you’ll enjoy modern tools and working with expert security professionals, which can be likened to enjoying a full-time in-house cybersecurity team. Companies can instead reallocate their personnel and financial resources to other important aspects of the business.
Ready to Explore MSSP Options? Red River Is Here to Help
As cyber threats increase and the regulatory landscape gets more complex, many businesses are turning to third parties to help them fill these gaps. Partnering with an MSSP can help companies fulfill the security needs they lack while empowering their IT staff to focus efforts on essential core competencies.
Red River possesses the expertise you’re seeking. Our team of professionals understands the vital need to develop a comprehensive cybersecurity plan and have the ability to execute it. Ready to get the conversation started? Contact Red River today.
