As technology advances, so do the cyber threats that come with it: cybercrime is predicted to increase $8 trillion globally in 2023. While managed service providers (MSPs) specialize in providing technological services and software for their client’s needs, cybersecurity is a complex and difficult service that requires additional special training, experience, and resources.
A managed security service provider (MSSP) is a specialized provider whose sole purpose is to provide cybersecurity services. MSSPs operate using a security operations center (SOC) which acts as the backbone of any effective cybersecurity system: it monitors networks for anomalies and malicious activity, detects intrusions and alerts IT personnel of any suspicious behavior.
Managed service providers can take advantage of SOC services to boost their security services. In this article, learn important cyber predictions, why MSPs should be outsourcing their SOC needs to a professional cybersecurity company and the benefits of doing so.
The Top Cyber Landscape Predictions for 2023
Security professionals have already made predictions about the cybersecurity landscape in 2023. Here are the top three trends to look out for.
1. Cybercriminals Will Exploit Businesses During Economic Uncertainty
A recession is approaching on the horizon in the U.S., and it will significantly influence the financial decisions businesses make this year. For instance, businesses are making cuts to their security budget.
Cybercriminals will devilishly jump at the opportunity of a security reduction and exploit this uncertainty. Managed service providers need to make sure their security posture services are strong enough to keep their clients safe. Outsourcing your MSP SOC (Security Operations Center) can be a great way to counter the predicted increase in cyber attacks.
2. Relying Solely on Cyber Insurance Is Not Enough Anymore
In the past, businesses have relied on cyber insurance as a way to protect against financial losses due to an attack. But cyber insurance is simply a layer within a multi-layer approach organizations should be taking with cybersecurity. It will not provide businesses with the foundational security controls to prevent and respond to an attack quickly. Plus, the continual increase of cyber attacks are causing insurance companies to raise their premiums, making it more difficult for companies to afford cyber insurance.
MSPs that outsource SOC can provide their clients the proactive security services businesses need to qualify for cyber insurance. And it can help businesses effectively identify and resolve issues before they become disastrous.
3. Increased Security Restrictions and Regulations Will Need to Be Implemented
Government and industry regulations are getting increasingly more strict when it comes to cybersecurity. Managed service providers need to make sure they are up-to-date with the latest security compliance requirements to help their clients avoid any potential fines or legal action.
Outsourcing your MSP SOC can make it easier for you to keep your clients compliant with their industry’s regulations—and help you avoid headaches associated with keeping up with the changing security landscape. SOC services monitor and maintain security policies, implement security protocols and controls, detect threats quickly before they become an issue, and provide regular reports of any anomalies or malicious activities.
The Costs and Cons for MSPs with an Internal SOC
Managing an MSP SOC internally can seem more cost-effective, but it comes with some cons. Here are a few to consider:
1. Expensive in the Long Run
When you’re in charge of your MSP SOC, the costs related to staffing, training, and procuring tools and equipment can be significant. These investments are necessary for delivering a successful internal SOC with meticulous oversight.
2. Maintaining Team Skills and Certification
To ensure the MSP SOC is running effectively, your team needs to have strong security skills and certifications. Maintaining these can be a full-time job in itself because compliance requirements change frequently.
3. Increased Unforeseen Risk
An MSP SOC requires experienced cybersecurity professionals and threat hunters who understand the nuances of managing a secure environment. If managed service providers don’t have the in-house resources to manage their MSP SOC properly, they may face an increased risk of threats going unnoticed or undetected.
4. Lack of Resources
Securing an effective SOC is a demanding process that can be difficult for MSPs to manage without the proper resources. If managed service providers don’t have the right resources and personnel in place to maintain their SOC, they may be unable to adequately protect their clients’ systems.
The Benefits of Outsourcing an MSSP for SOC Services
For managed service providers looking to provide safe networks and more affordable security services to their clients, outsourcing SOC is the way to go. MSSPs can supplement your MSP’s security by providing more advanced security services. Here are some of the benefits managed service providers can enjoy from outsourcing SOC:
1. Expertise & Personnel
MSSPs have a team of certified cybersecurity professionals who specialize in threat detection and response. They can provide MSPs with the expertise and personnel they need to effectively manage a secure SOC.
2. Cost Efficiency
Outsourcing SOC services can help MSPs reduce their short- and long-term costs, and make it easier for your business to offer the best security at competitive rates for clients. MSSPs can provide managed service providers with cost-effective tools and experienced personnel who are regularly trained and certified.
3. Proactive & Responsive Services
With an MSSP, managed service providers can guarantee their clients better security. MSSPs monitor networks 24/7, and can quickly detect and address security issues in real time. MSPs can rest assured that their clients’ systems are being managed by expert threat hunters who will respond quickly to any potential risks.
4. Staying Up-to-Date with Security and Compliance
An MSSP’s responsibility is to stay up-to-date with the latest security and compliance requirements. MSPs can use an MSSP’s services to ensure clients meet the necessary requirements for compliance. And, clients can receive regular reports on the status of their security.
Provide the Best Security with Breadcrumb Cybersecurity
At Breadcrumb Cybersecurity, we’re prepared for the top 2023 cyber predictions and offer managed security services for MSPs to stay ahead of cyber threats. Our team of experts, personnel, and cutting-edge tools can help your MSP ensure the protection of your client’s confidential data.
When you partner with us, you’ll be able to offer your clients the most advanced SOC services at competitive rates. Reach out to us today for more information about our services, and how we can help you provide the best security for your MSP customers.