Why Should You Hire a Managed Security Services Provider (MSSP)?

At the start of the year, Yum Brands, the parent company of popular fast-food chains such as KFC, Taco Bell, and Pizza Hut, suffered a major setback as it became the latest victim of a cyber attack^[i].

The attack is believed to have impacted solely the company’s corporate data, which resulted in the closure of almost 300 locations in the UK.

The fast food chains are also being cautious and notifying customers that their personal data might be breached.

Cyber attacks like these emphasize the significance of reinforcing cybersecurity measures, particularly in preventing such occurrences from happening in the future.

And given the rapidly changing digital landscape, it is crucial to understand the role of data security and managed cybersecurity services in addressing various data threats.

In this blog post, we’ll discuss in detail the importance of Managed Cyber Security Services (MCSS) and how they can help you outsource security tools, close the gaps in your security framework, and more.

Let’s begin!

How Does Managed Cybersecurity Services Work?

Managed Cyber Security Services (MCSS) refers to a set of services provided by a third party to manage an organization’s cyber security activities such as –

a. Monitoring and managing security systems
b. Detecting and responding to cyber-attacks
c. Managing security incidents
d. Performing VAPT assessments
e. Providing security consulting and advisory services

MCSS providers typically offer different levels of service, ranging from basic monitoring and incident response to more advanced threat detection and response capabilities.

These services can also be customized based on the size of the organization and the complexity of its IT environment, the level of risk they face, and its budget.

Employing MCSS can be beneficial for organizations that lack the resources or expertise to manage their own cyber security activities in-house.

Outsourcing cybersecurity activities to a specialized security provider will allow you to access advanced technologies, improve visibility, and manage control over the cyber security posture.

Decoding the Benefits of Managed Cyber Security Services

1. Availability of Specialized Skills

MCSS provides trained and skilled professionals who are well-versed in the latest security threats and technologies. These experts can help organizations identify and address vulnerabilities, implement security controls, and respond to security incidents.

In addition, managed cybersecurity service providers invest heavily in training and certifying their employees to stay up-to-date with the latest industry trends, technologies, and threats. This adds to the knowledge and skills necessary to provide effective cybersecurity services.

Moreover, advanced tools and technologies provided by these providers are also quite helpful in enhancing the capabilities of the security teams.

2. Rapid Incident Response & Damage Control

Managed Security Service Providers (MSSPs) often use advanced threat detection and monitoring tools such as Security Information and Event Management (SIEM) systems, intrusion detection and prevention systems, and threat intelligence platforms to detect and analyze threats in real-time. This allows them to identify and respond to threats faster than traditional security approaches.

MSSPs typically have a team of security experts who are available 24/7 to respond to incidents. These experts are trained to analyze and prioritize incidents, determine the scope of the attack, and take immediate action to contain and mitigate the damage.

Also, MSSPs can provide proactive security measures such as vulnerability assessments, security assessments, and security awareness training to help prevent incidents from occurring in the first place.

3. Increased Understanding of Cybersecurity

Managed cybersecurity services offer a wide range of expertise, knowledge, and experience to help organizations better understand their cybersecurity risks and implement effective security measures.

They provide regular security assessments and vulnerability scans to identify potential weaknesses in an organizational network. As a result, it helps organizations gain a better understanding of their current security posture and identify areas of improvement.

MSSPs also are instrumental in providing businesses with effective threat intelligence and analysis services, which help to identify and understand potential threats and their corresponding impacts.

Lastly, MSSPs can provide regular reports and analysis of security incidents and trends to enable a better understanding of the overall security posture.

4. Reduced Ownership Cost

Since MSSPs typically provide their own hardware and software solutions, organizations can save the upfront costs and capital expenditures to be spent on hardware, software, and other IT infrastructure.

Moreover, it helps minimize operational expenses because of the 24/7 monitoring and management of IT infrastructure.

The provision of proactive security measures helps organizations avoid the costly expenses associated with data breaches, such as legal fees, regulatory fines, and damage to the brand’s reputation. MSSPs also offer flexible pricing models that allow businesses to pay only for the services they need.

5. Improved Compliance Support

Managed cybersecurity services can also enhance compliance support by providing ongoing monitoring and reporting to ensure that organizations meet regulatory requirements and avoid non-compliance fines and penalties.

Regular vulnerability scanning is also helpful to readily identify non-compliance and take corrective action to address compliance gaps and eventually ensure that all the necessary regulations and standards are being met.

Furthermore, MSSPs provide security policies and procedures that are specifically designed to meet regulatory requirements. Also, employees can always leverage the benefits of security awareness training programs and help improve the compliance posture of the organization.

Factors To Consider When Selecting a Managed Security Services Provider (MSSP)

1. Ensure that the MSSP you are choosing provides round-the-clock security irrespective of holidays, natural calamities, or designated business hours. Also, the MSSP should be able to meet specific security needs at any hour of the day.

2. Find an MSSP that offers a rapid and frequent response to your queries. They should provide an SLA agreement with the steps to deal with a certain query.

3. Your Managed Cyber Security Services Provider should be able to provide continuous monitoring and support to resolve security issues.

4. Ensure that the MSSP you are hiring provides proactive not reactive network management. Performing security patch updates, data backups, etc. should be a protocol with the provider so that all your data and business equipment is secure.

5. Keep your budget in sight while selecting a security services provider. Comprehensive managed cybersecurity services can be a bit costly, therefore, ensure that you have a customized set of security configurations that are necessary for your business type.

6. Prefer choosing a security provider that has experience relevant to your industry. Go with a provider who has experience working with organizations from your niche.

Final Thoughts

The cybersecurity industry is going through a considerable change and the adaption of technologies and digital mediums requires reliable sources of security.

Therefore, outsourcing cybersecurity to a specialized firm helps improve the security infrastructure of your organization while enabling you to tackle the bottlenecks in your existing cybersecurity program.

Take advantage of MSSPs today and build a state-of-the-art cybersecurity framework at low costs.

Empower Business Growth With Managed Cybersecurity Services. Get Started Today!

References

^[i] High-profile Cybersecurity Data Breaches 2023