Rising Complexity of Cyber Crimes Puts MSSPs under the Spotlight, Finds Frost & Sullivan
Enterprises are becoming increasingly exposed to organized cyber crime rings and for many businesses, the complexity of threats have compelled them to turn to managed security service providers (MSSPs).
These types of external service providers enable organizations to maintain strong security while improving business efficiencies and minimizing costs.
Analysis from Frost & Sullivan (http://www.networksecurity.frost.com), Analysis of the Global Managed Security Service Providers Market, finds that the market earned revenues of $6.66 billion in 2011 and estimates this to reach $15.63 billion in 2016.
Organizations are realizing that traditional security practices and regulatory mandates are not effective enough to prevent data breaches and other attacks.
"Different verticals have different compliance requirements, but adhering to them remains a top driver across all organizations," said Frost & Sullivan Industry Analyst Martha Vazquez. "Therefore, many businesses are choosing to partner with a MSSP for monitoring and response capabilities, as well as regulatory compliance."
Although there are many benefits, MSSP vendors are typically challenged when trying to demonstrate the possible savings accrued through working with a trusted MSSP. MSSPs have to educate end users about the advantages of outsourcing security. In response to the escalating demand for broader platform support and more flexibility, MSSPs should also provide a wide range of new security technologies and enhanced security portfolios.
"With the rapid introduction of new platforms and security device models, there will be a greater number of devices that the MSSP must support," notes Vazquez. "Consequently, MSSPs must focus on improving their specialization, as well as supporting new emerging solutions, to remain competitive in the market."
The Frost & Sullivan study covers local, regional and global MSSPs such as Nuspire, IBM, Verizon, Dell SecureWorks, Solutionary, BT Global Services, Deutsche Telekom, MegaPath, and Windstream Communications (formerly PAETEC).
"The expansion of the global MSSP market not only represents healthy growth globally, but locally as well," said Vasquez. "Companies such as Nuspire demonstrate this growth by consistently hiring new employees and gaining new clients globally."