With digital crimes growing ever more sophisticated, the need for stringent cybersecurity measures has never been more critical. While maintaining in-house solutions and expertise has long been the tradition, managed security services have proven to be a more proactive, comprehensive, and cost-effective approach.
These services refer to the outsourcing of cybersecurity tasks to specialized service providers who offer a wide range of expert solutions. From real-time monitoring and threat detection to incident response and risk assessment, managed security services offer businesses the tools and solutions necessary to navigate the complex world of online threats.
Below, we delve into the key statistics that prove why investing in these measures is now essential.
Cybercrime rates are on the rise
Digital crimes now sit alongside climate change and involuntary immigration in the World Economic Forum’s assessment of severe global risks. In fact, the first half of 2022 witnessed an astonishing surge in the occurrence of such threats, with over 236 million global ransomware attacks reported.
Investing in managed security services is thus crucial in fortifying one’s defenses against pervasive cyberattacks. By leveraging the expert knowledge, advanced technologies, and continuous monitoring offered by managed security services providers, businesses will be able to detect and respond to incidents in real time, mitigating the potential damage caused by cyberthreats.
The managed security services market predicts explosive growth
The global managed security services market is poised for remarkable growth in the coming years, fueled by the many benefits of such services and the increasing demand for robust cybersecurity measures. Industry projections estimate the market to be worth a staggering $49.6 billion by 2027, growing at a compounding annual rate of 12.3%. North America is expected to hold the largest market size, with managed security information and event management and log management leading this growth in services.
These reports serve as a testament to the growing effectiveness and criticality of managed security services. As the market continues to expand, businesses can increasingly benefit from the expertise and evolving tools offered by service providers, helping them stay ahead of emerging threats.
Remote working has become the new normal
Since the onset of COVID-19, remote working, also known as telecommuting, has swiftly become the new normal. This paradigm shift in work culture is expected to endure in the years to come, with an estimated 48% of employees projected to continue working remotely in a post-pandemic world, according to recent Gartner research.
However, with remote work setups often lacking the same robust safeguards of a traditional office environment, such conditions are prone to security risks and vulnerabilities. Managed security services, however, can offer businesses peace of mind by helping them reap the many benefits of telecommuting while ensuring the safety of their employee data and activity.
Managed security services are cost-effective
The financial implications of data breaches have only gotten more severe, with businesses experiencing an average loss of $4.35 million in 2022. Having adequate security measures in place is thus imperative, and the best way to achieve this is by outsourcing.
Not only does relying on third-party security services lighten your employees' workload, but it also is far more cost-effective than setting up an entire in-house security department. According to Allied Market Research, many businesses attempt to maintain their in-house security by hiring part-time employees, though this approach may just lack the necessary expertise and efficiency to effectively combat the ever-evolving threat landscape.
In contrast, managed security services offer a superior return on investment. The upfront investment may seem daunting, though the cost is typically justified by the quality and comprehensive security measures provided. Your business can thus enjoy the combination of reduced operational costs and access to the specialized knowledge necessary to steer clear of emerging threats.
Don’t leave your cybersecurity to chance. Get in touch with us today to discuss your IT security needs and discover how managed security services can help your business thrive securely in the evolving digital world.
