When managed security service providers (MSSPs) get personal, it's not about sending flowers. It’s about getting beyond “off-the-rack” tactics and delivering customized services that meet the unique needs of an individual enterprise.
The evolution of MSSPs is centered around leveraging advanced technological solutions to provide a security operations experience that is not only effective and efficient but also adaptable to diverse and evolving cybersecurity services.
As MSSPs strive to expand their business and meet the growing demand for trusted cybersecurity solutions, the need for managed security services like threat intelligence and integrated security automation has become increasingly prevalent. This necessity brings forth a crucial requirement for scale and flexibility to effectively meet their clients’ security operations center (SOC) and threat intelligence needs.
MSSP Margins and Revenue Opportunity
Understanding that one size does not fit all, MSSPs have the opportunity to provide tailored cybersecurity solutions. This not only adds value for clients but also drives revenue growth for MSSPs as well as their partners. While this is easier said than done, advances across technology and MSSP cybersecurity have simplified what was once – and transparently, can still be – a painful process. But where should a managed security service provider begin? We’ve broken down some of the key opportunities MSSPs should consider:
Diversified Service Portfolio. MSSPs are enhancing their security solution arsenal all the time. This may include threat intelligence and advisory sharing, security automation, detection and response, vulnerability management, penetration testing, and more. A well-rounded service portfolio allows MSSPs to cater to a broader client base and offer additional services to existing clients, increasing overall revenue.
Customization and Scalability. Providing tailored security tools that match clients’ specific needs contributes to client satisfaction and retention. MSSPs that can seamlessly scale their services based on a client's evolving requirements have the potential to foster long-term relationships, resulting in a steady stream of recurring revenue.
Advanced Threat Intelligence. Staying ahead of cyber threats requires access to advanced threat intelligence. MSSPs investing in cutting-edge technologies, threat research, and partnerships with cybersecurity organizations can offer more proactive protection to their clients. This not only attracts more businesses seeking robust security but also allows MSSPs to positively impact their margin.
Automation and Efficiency. Leveraging automation tools and technologies allow MSSPs to improve operational efficiency. Automating analysis, response, and reporting of security threats can reduce manual workload, enabling MSSPs to handle a larger volume of clients without proportionally increasing their operational costs. This efficiency gain can directly impact the margin.
Technology Integration. Intuitive integration with each client’s existing technology stack is paramount. MSSPs should work towards providing security tools that integrate smoothly, avoiding disruptions and enhancing the overall effectiveness of security measures.
Transparent Reporting. Transparency builds trust. MSSPs should offer clear and transparent reporting mechanisms that provide a client's existing security team with insights into the performance and effectiveness of security measures. Customized reports ensure that clients receive the information that matters most to them.
Value-added Services. MSSPs can explore value-added services such as cybersecurity training, incident response planning, and consulting. These services not only strengthen the overall security posture of their clients but also provide additional revenue streams. By positioning themselves as strategic partners in cybersecurity, MSSPs can differentiate their offerings and command higher prices.
TLDR? In a nutshell, the margin and revenue opportunities for MSSPs are fundamentally tied to their ability to deliver effective, scalable, and value-driven security services. By staying abreast of the latest threats, embracing technological advancements, and offering a comprehensive suite of services, MSSPs can not only protect their clients but can also thrive in a competitive, dynamic, and oversaturated market. The key to making all of this a reality – without insurmountable headaches – lies in having the right technology provider.
Choosing a technology provider is like a racecar driver choosing a top-notch pit crew. It must act as an extension of the team, offering rapid, efficient support that keeps the MSSP performing at peak levels.
MSSP x Cyware: A Force Multiplier for Revenue Success
As a trusted technology provider for MSSPs, Cyware offers integrated and modularized solutions, enabling MSSPs to scale and provide tangible value to their clients via automation and orchestration, threat intelligence sharing, and security collaboration. This helps MSSPs achieve greater depth and breadth within their managed clients’ portfolios.
To meet the demand for personalized security, Cyware helps MSSPs customize their security infrastructure and client offerings based on specific client needs and emerging threats in several ways:
Threat Intelligence-as-a-Service
Cyware offers an advanced threat intelligence solution that enables MSSPs to deliver fully managed threat intelligence services to their clients. Cyware’s threat intelligence solution handles data aggregation, enrichment, correlation, analysis, and bidirectional sharing of threat intelligence via a Hub-and-Spoke model. Moreover, Cyware’s threat intelligence solution comes with built-in automation and integration features, allowing MSSPs to seamlessly integrate threat intelligence into their existing security infrastructure and workflows. Cyware empowers MSSPs to scale their threat intelligence capabilities based on the evolving needs of their clients. This flexibility is crucial in handling diverse and growing cybersecurity threats.
Most importantly, Cyware provides customization options, allowing MSSPs to tailor the threat intelligence service capabilities to the specific needs and preferences of their clients. Whether it’s a large enterprise, mid-market, or small organization, using Cyware’s platform, MSSPs can offer a subscription-based threat intelligence service for every client regardless of their size and security maturity, eliminating their need to spend on heavy upfront investments in buying a dedicated threat intelligence platform.
Threat Advisory-as-a-Service
Tailored for MSSPs, Cyware delivers a comprehensive threat advisory sharing solution. MSSPs can offer Threat Advisory-as-a-Service, equipping its clients with real-time, early warning threat advisories on malware, vulnerabilities, threat actors, and sector-specific threats. These expertly analyzed and enriched threat advisories can be shared via multi-delivery channels, such as mobile app, web app, and email, fostering situational awareness among clients.
Not only this, MSSPs also ensure centralized management of the advisories, enabling their clients to receive, analyze, and act on these advisories from a centralized dashboard, thereby resulting in faster and better-informed threat response.
SOAR-as-a-Service
MSSPs can leverage Cyware’s advanced automation and orchestration solution and render it as SOAR-as-a-Service to their clients for automating threat response and orchestrating security workflows effectively. Automated threat response is a crucial aspect of the offering. It allows MSSPs’ clients to automate incident investigation, triaging, and response processes, thereby reducing MTTD and MTTR. Furthermore, MSSPs can leverage cloud-to-on-premise automation and orchestration to deliver automated workflows to their clients without exposing the on-premise networks of their clients.
Cyware’s SOAR solution offers extensive customization capabilities that enable MSSPs to seamlessly deliver custom automation capabilities to their clients. Customizing playbooks and workflows to align with specific client environments is crucial. MSSP clients can easily create and customize workflows using 400+ pre-built apps and out-of-the-box low-code automation playbook templates.
Moreover, Cyware’s multi-tenant SOAR allows MSSPs to connect the dots between different threat elements and discover hidden threat patterns by linking seemingly unrelated threats across managed clients’ environments. This enables MSSPs to gain centralized visibility into emerging threats and proactively deliver effective responses to protect their clients.
Partner with Cyware
Partnering with Cyware empowers you to meet client-centric security requirements and effectively address a range of critical and widely embraced managed security scenarios. Our comprehensive offerings will enable you to provide your clients with seamless, integrated threat intelligence and automation experiences. With robust integration capabilities, we ensure enhanced security, simplified deployment, and improved interoperability within any security or IT environment.
Guest blog courtesy of Cyware. Read more Cyware guest blogs and news here. Regularly contributed guest blogs are part of MSSP Alert’s sponsorship program.
