Last month, security experts discovered what could be one of the largest data breaches of all time. Hackers obtained nearly 773 million unique emails and over 21 million unique passwords. While experts believe that cybercriminals stole the emails and passwords from numerous sources rather than a single entity, no CIO wants to be the next one making headlines for a breach.
Mounting security pressures and the fear of being breached are just two reasons companies are motivated to tighten security around their technology environment.
As they contemplate how to do this, one critical question they need to answer is whether to engage a managed security services provider, or MSSP. Let’s take a look at just a few reasons why companies decide on an MSSP so you can be prepared for what’s becoming an increasingly frequent topic of conversation.
- Increase in security threats. No matter what the industry, all organizations are at risk of an attack. And it’s not just large corporations that are at risk. In fact, a recent study found that the percentage of small businesses that have experienced a cyber-attack in the past 12 months increased from 55% in 2016 to 61% in 2017. As a result of increased security threats – both internal and external – more organizations are looking for help protecting their networks.
- Breach repercussions. According to a recent IBM study, the financial impact of a data breach for an organization averages $3.86 million. That alone is enough to scare any CIO. Add to that the possibility of losing their job following a breach and it’s not hard to see why companies are investing in a managed security solution. Beyond dollars lost, many organizations are unable to repair their reputation once they’ve been breached. Customers want to know that organizations value their sensitive data and are taking the necessary steps to protect it.
- Lack of resources and skills. Whether it’s due to lack of budget or skillset, 69% of respondents* either wanted to double or quadruple the size of their security teams. Year after year, organizations struggle to attract and retain the right security talent. Consequently, many organizations have their already over-burdened IT teams trying to manage a security strategy as well. As you can imagine, that doesn’t afford a lot of opportunities for proactive security measures, researching technologies and implementing new solutions. Fortunately, organizations can choose how much to lean on the MSSP and how much their internal staff takes on. A good MSSP has numerous options that allow customers to determine how to balance internal and external resources.
- The increase in security threats has driven more and more industries to set or toughen compliance requirements. Specific industries such as finance, legal, retail and healthcare all have their own set of compliance requirements to adhere to. For instance, companies of any size that accept card payments – not to mention storing, processing and transmitting cardholder data – need to meet the Payment Card Industry Data Security Standard (PCI DSS). Since staying on top of these requirements can be a challenge, many customers look to an MSSP to help them navigate and satisfy these mandates.
Customers large and small face these challenges. In fact, in 2018, 45% of respondents* planned on partnering with an MSSP. Understanding the pressures your customers are under and knowing how a managed security solution can relieve them will help you offer sound advice to your customers. Every business balances risk tolerance with budget as they determine the best strategy to fend off breaches or attacks. If you have a customer interested in a managed security solution or just concerned about their current security position, contact your Nitel channel manager and let’s start a conversation about protecting your customer’s business.
*Data cited from Trustwave’s 2018 Security Pressures Report.