What Is the Total Economic Impact of SMB Managed Security Services?
The potential return on investment (ROI) of managed security services for small and medium-sized businesses (SMBs) typically outweighs the costs associated with these services, according to a total economic impact (TEI) report from aerospace and security solutions company BAE Systems (a Top 100 MSSP) and market research firm Forrester.
Five key findings from the BAE Systems-Forrester report included:
- Managed security services provide cybersecurity expertise and skills. Managed security services enable SMBs to add cybersecurity expertise faster and more affordably than ever before. In fact, an SMB likely would need to hire several security analysts to match the level of support provided by an MSSP.
- MSSPs deliver infrastructure, network and system monitoring. MSSPs help SMBs free up time for their IT staff. By doing so, an SMB’s IT staff can focus on day-to-day IT tasks without putting a company’s infrastructure, networks and systems in danger.
- Managed security services help SMBs avoid the costs associated with data breaches. Managed security services help SMBs stop data breaches before they happen. As a result, these services enable SMBs to avoid the remediation costs and downtime associated with breaches.
- Managed security services drive automation. MSSPs help SMBs automate compliance reporting and enable these businesses to monitor security systems in real-time and prepare for annual compliance audits.
- MSSPs provide peace of mind. MSSPs boast cybersecurity expertise and provide peace of mind that SMBs are protected against a wide range of cyber threats.
Clearly, there are many reasons why SMBs may partner with MSSPs. As SMBs search for ways to stay up to date with cyber threats and detect intrusions before they spread, the demand for MSSPs among these businesses could increase in the years to come.
And of course a caveat: As an MSSP that serves SMB customers, BAE naturally wants to promote content that allegedly show the financial benefit of such services.
How Can MSSPs Gain Ground in the SMB Market?
Managed security services help SMBs simultaneously safeguard their critical information and reduce the costs and complexity associated with in-house security solutions.
In addition, there are many ways that MSSPs can help SMBs maximize the benefits of managed security services, and these include:
- Perform vulnerability assessments. With a vulnerability assessment, an MSSP can help an SMB identify and address security weaknesses.
- Provide security updates. Security devices must be updated and patched regularly to ensure optimal protection against both internal and external cyber threats.
- Track security issues. Monitor infrastructure, networks and systems to analyze an SMB’s security activities and remediate vulnerabilities and threats.
Going forward, MSSPs that help SMBs maximize the benefits of managed security services could drive revenue growth in the SMB market.