Cybersecurity is one of the most important issues facing businesses today. According to a study by PWC, 62 percent of companies reported experiencing a cyberattack in the past year.
More and more businesses are moving their operations online, which increases the risk of cybercrime as well.
Managed security services provide round-the-clock monitoring and protection of your company's networks and data from potential cyber threats. They can help to safeguard your systems against attacks, breaches, or other malicious activity, and can also help to improve your overall security.
There are a number of benefits that come with using managed security services, but not all managed security service providers are created equal.
In this article, we'll take a look at what managed security services are and some of the benefits they offer. We'll also provide some tips on how to select the best-managed security service provider for your business.
Table Of Contents:
What Are Managed Security Services?
What Are The Benefits of Managed Security Services?
What Does A Managed Security Provider Do?
How To Choose The Best Managed Security Provider For Your Business
Questions To Ask Managed Security Providers Before Signing Up
How Much Does A Managed Services Provider Cost?
How To Get Started With Managed Security Services
What Are Managed Security Services?
Managed security services provide round-the-clock monitoring and protection of your company's networks and data from potential cyber threats. They can help to safeguard your systems against attacks, breaches, or other malicious activity. Additionally, they can also help improve your overall security posture.
A Managed Security Service Provider is an extension of your IT services or IT department that focuses solely on the security of your company.
The services that a Managed Security Service Provider provides range on the network security management spectrum from virus and spam blocking, to intrusion detection, firewalls, and virtual private network (VPN) management.
Additionally, some Managed Security Service Providers offer other features such as system changes, modifications, and upgrades.
When your company’s security is on the line, it is incredibly important to fully evaluate your options for Managed Security Service Provider.
What Are The Benefits of Managed Security Services?
There are many benefits to using a managed security service provider (MSSP). Some of these benefits include:
1. 24/7 monitoring and protection
MSSPs offer around-the-clock monitoring and protection of your company's networks and data. This can help to safeguard your systems against attacks, breaches, or other malicious activity.
2. Increased security posture
Most MSSPs can also help to improve your overall security posture. They can do this by providing expert analysis and recommendations, as well as by helping to enforce best practices across your organization.
3. Expertise and resources
MSSPs have the expertise and resources needed to protect your company from cyber threats. They employ skilled analysts who are constantly monitoring for threats, and they have the latest tools and technologies at their disposal.
4. Cost savings
MSSPs can often provide cost savings relative to hiring in-house security staff. They may also be able to provide economies of scale in terms of pricing for services and products.
What Does A Managed Security Provider Do?
A Managed Security Service Provider (MSSP) typically offers businesses technology such as firewalls, wireless solutions, VPNs, and patch management.
They will be responsible for managing policies, risks, procedures, processes, auditing, reports, training, and education. Managed Security Service Providers should be able to adapt to your business needs under any circumstance.
For example, Managed Security Service Providers should offer disaster recovery, business continuity, and backup storage and protection as well.
Not all Managed Security Service Providers are the same. While they might all roughly do the same work, it doesn’t mean that they will all fit well with your company.
For example, a Managed Security Service Provider that works for a healthcare business might not be as successful for an accounting business. There are differences in timelines, terms, and expertise that can affect their successful integration into your business.
Ian Trump, an ITIL Certified Information Technology Consultant with 20 years’ experience, explains:
“When evaluating the Managed Security Service Provider, you need to know whether they have some experience in your particular vertical. A Managed Security Service Provider that specializes in healthcare services may not be a good fit for a logistics and transport or manufacturing company”.
How To Choose The Best Managed Security Provider For Your Business
When it comes to choosing a managed security services provider (MSSP), there are a few things to keep in mind. First, it's important to make sure that the MSSP has a robust security infrastructure and proven track record of protecting against cyber threats. You'll also want to make sure that the MSSP is able to tailor their services to meet your specific needs and budget.
Factors to consider:
When considering a managed security service provider, there are several factors to take into account.
Features & Benefits
It's important to make sure that the provider has a robust and comprehensive security offering. The provider should have well-defined features and security processes - most should be able to provide a detailed risk assessment of your organization before ever getting started.
You can evaluate their features by looking into four key categories:
- Technology
- Management
- Adaptability
- Compliance
Knowing each feature, and its importance to your company allows you to better evaluate which Managed Security Service Provider will work best for you.
John Penland, the founder of InfoTech, states:
“In order to provide exceptional value, a provider must first understand their customer’s business model. This helps providers develop a rock-solid solution that can create a long-lasting, happy customer”.
What Is Their Reputation?
it is important to check the provider's track record. The provider should have a history of successfully protecting organizations from cyber threats. Furthermore, the provider should have a good reputation and be certified by independent organizations such as the National Institute of Standards and Technology (NIST).
Checking the reputation and reviews of a business doesn’t only apply to restaurants, but it is also essential when hiring a Managed Security Service Provider.
Roger Smith, Amazon #1 Best Selling Author, Experienced Cybercrime and CyberSecurity Expert, Speaker, and Trainer, explains that reputation is critical in deciding whether to hire a Managed Security Service Provider.
“Making a bad decision or deciding on one provider based solely on cost can cripple your business”.
Do They Have The Capability?
You need to be sure of what you need from your Managed Security Service Provider, then cross-reference that to ensure that they are capable of providing those services to you.
Brian Laing, an IT Security innovator from Lastline, states that:
“The key to evaluating a Managed Security Service Provider is to first codify your requirements.”
Splitting these into different requirements not only simplifies which Managed Security Service Provider might be better, but it can also completely remove a vendor from the selection process. This will save your business valuable money and time.
It is important to ensure that the provider has the technical expertise to support your organization's specific needs. The provider should have experience with the unique technology your company uses and should be able to offer tailored solutions for your needs.
PRO TIP: Ask your provider about your business and market - see if they have experience with your business model and industry.
Are They Going To Make Your Life Easier?
Hiring a Managed Security Service Provider should make running your business smoother.
When hiring and evaluating your Managed Security Service Provider, ensure that you are firm on nonnegotiable expectations of service.
Ian Trump further iterates the importance of a mutually beneficial relationship:“When contracting the services, I would approach negotiations as a partnership and use language which provides mutual benefit, measurable deliverables, service level agreements (on both sides), and dispute resolution mechanisms”.
What Benefits Are You Going To Get Out Of It If You Partner With Them?
It is essential to create a specific service level agreement with your chosen Managed Security Service Provider. This ensures that all parties involved understand the requirements on both sides.
Recognizing this as a mutual relationship is key. They are there to protect your company, data, customers, and staff and you are there to pay them. Just as you wouldn’t hire an employee to sit on Facebook all day, you shouldn’t hire a Managed Security Service Provider that won’t carry their own weight.
Get a service level you deserve, get it in writing, and use the agreement to hold your managed security provider accountable.
13 Questions To Ask Managed Security Providers Before Signing Up
- What are your qualifications?
- What type of security services do you offer?
- What kind of security monitoring and analysis do they provide?
- What kind of threat intelligence do you offer?
- What kind of security tools and technologies do you use?
- How often do you test your security controls?
- What are your response times for dealing with threats and incidents?
- How much experience do they have with your industry or sector?
- What is your customer support like?
- Do you have experience with my industry or business size?
- What is included in your service agreement?
- What happens if I terminate the service agreement early?
- Can you provide case studies or references?
How Much Does A Managed Security Service Provider Cost?
Managed Security Service Providers cost on average about $75,000 a year. While this sounds hefty, you can compare it to the cost of a small IT department doing the same amount of work.The average cost of a cyber attack or data breach for a small business is $25,000 in downtime alone.
Three IT staff, with a salary of $72,000 annually plus the cost of cybersecurity software, hardware, and equipment can easily run you upwards of $300,000. Outsourcing to a Managed Security Service Provider can save your business 60-75%.
Additionally, using a Managed Security Service Provider can save you money by providing your business with critical cyber protection around the clock.
How To Get Started With Managed Security Services
If you're looking to get started with managed security services, here are a few tips:
1. Research More Than One Managed Service Provider
When choosing a provider, be sure to compare different offerings and pricing plans to find the right fit for your business.
2. Work with your IT team (If you have one!)
Before signing up for managed security services, make sure your IT team is on board and understands how the new system will work. They should be able to help you make the most of the service and troubleshoot any issues that may arise.
3. Plan your security needs
Like any major change to your company's IT infrastructure, implementing managed security services should be done in a phased approach to minimize disruption. Work with your provider to create a timeline and rollout plan that fits your needs.
When it comes to protecting your company's networks and data from cyber threats, managed security services can provide round-the-clock monitoring and protection. By considering the factors we've outlined in this article, you'll be able to choose the best provider for your business.
GAM Tech offers comprehensive managed security ervices including a free IT Audit to help improve your business technology.
