Why Managed Security is the Future of MSPs: Trends & Solutions

In an ever-growing cybersecurity market, the demand for Managed Security is always increasing. Similarly, the roles and responsibilities of a Managed Service Provider are also evolving beyond their traditional scope. Although this has been in the works for some time now, Managed Security will become the frontrunner service for MSP’s. Meaning a transitional shift from MSP to MSSP is imminent. This article will delve into why Managed Security and Security as a Service (SaaS) is the future of MSP’s and tech more broadly. 

Prevalence and severity of cybercrime

Cybercrime is always evolving and sophisticating making traditional tools and practices obsolete. The nature and severity of modern cybercrime requires dedicated security experts and services. It is the prevalence and severity of cybercrime that is an integral reason why Managed Security will be the future of MSP’s. Here are some quick cyber security trends to be aware of: 

• Between June 2019 and June 2020, 60,000 cyber-attacks were reported across Australia. This averages to about 164 attacks a day and one every ten minutes.

• Cybercrime costs Australian businesses $29 billion annually. This includes data recovery, detection and inability to run business as normal.
• 43% of enterprise cybercrime victims recorded in 2019 were those of small businesses.

A security focused MSSP like Milnsbridge managed IT services will be the future of handling business cybercrime attacks. This is particularly important as unlike corporations, small-medium businesses may not be able to fund an entire in-house security team. However, small-medium businesses make up a substantial chunk of cybercrime victims. MSSP’s can fill this market gap by providing Managed Security solutions and top of the line tools and software without needing to commit to the expenses of an in-house team. 

What kind of services does Managed Security and MSSP’s entail?

Managed Security and a security conscious MSSP will make IT security its number one priority. Therefore, as a business you can expect comprehensive services and protocols to best protect your organisation. Milnsbridge’s Managed Security approach is all-encompassing to give you satisfaction and peace of mind, even in the case of a security breach or emergency. 

• Emergency response: In the case of an emergency, Milnsbridge will rollout immediate incidence response, remediation services to fully restore operations, forensic analysis and emergency support.
• Managed IT Security: Milnsbridge’s Managed IT Security offering moves beyond general Managed Services and offers threat intelligence tools and software, endpoint protection using next-gen antivirus, firewall protection as well as email and identity management.
• Security assessments: Whilst Security as a Service can be reactive, it should more importantly also be proactive. Part of our Managed Security offering includes security auditing, assessments of recoverable data and vulnerabilities, data loss prevention and solution design and implementation once the proactive assessing has been completed.
• Compliance and testing: A lesser acknowledged aspect of Managed Security is the compliance and testing component. In a world of GDPR and NDB laws, testing and compliance is a must. This includes patch management testing, penetration testing, user behaviour testing and training and privileged access management (PAM).

EDR and threat hunting

Trend forecasters within the MSP world have predicted that things such as EDR (endpoint detection and response) and threat hunting will be another major aspect of SaaS and Managed Security in the future. The reality is that this is already the case. Cyber Security and Threat Protection have been on the MSP horizon since 2019. Similarly, next-gen antivirus is overwhelmingly accepted and administered over traditional antivirus due to its ability to detect and respond better. 

Why do I need Security as a Service?

As a small Sydney business, security is an undeniable overhead expense. In a cost-benefit scenario, the cost of losing your data is significant. The costs mostly cover downtime, detecting the source of the breach and subsequent clean up. Similarly, the benefits of having on-call security experts that monitor your business 24×7 is also significant. Here are a few reasons why your business needs SaaS: 

• Best practices: As a business owner you may find yourself at times doing odd jobs as well as carrying the responsibility of running your business. It may not always be viable to be on the lookout for the latest and greatest tech and software security trends. However, it is more cost effective to outsource your security needs to an MSSP. This means you will have a team of dedicated experts testing and implementing the best in business practices, tools and solutions.

• Skilled team on hand: Moreover, having a skilled team on hand is not only cost effective but also advantageous to business productivity and safety. Businesses who are hit with data breaches and cyber attacks are likely to spend days and weeks recovering. This could potentially mean days and weeks of downtime while recovering. Having a team of skilled security and IT experts on hand reduces the risk of data breaches and cyber attacks.
• Confidence: As previously discussed, hundreds of thousands of cyber attacks target businesses every year. 43% of these attacks target SMB’s. When you invest in SaaS with a trusted Managed Security Services Provider you can be confident that your team are working around the clock implementing a mixture of both proactive and reactive solutions.

The future of Managed Security

Cyber security risks are constant and ever-changing. Managed Security and Security as a Service will inevitably be the future priority of our security services and businesses alike. For a confidential discussion please contact Milnsbridge on 1300 300 293 to speak to one of our friendly engineers.