According to industry analysts, the managed security service (MSS) market is expected to grow to nearly $50 billion by 2023, and last year 32% of organizations increased their use of outside services due to shortages in available resources. While the security threat landscape has significantly changed in part by this year’s COVID-19 pandemic, it has never been a more challenging (or better) time to be a service provider for managed security services.
Security professionals continue to experience significant obstacles with legacy security solutions including SIEM, as they can’t effectively address the explosion of data volumes and evolution of today’s threat landscape. In fact our own research shows that 83% of security teams experience “alert fatigue” and 88% face challenges with their current SIEM. It’s clear that a new approach is needed to address modern security challenges.
While SIEM has long been the cornerstone of any MSS and managed security service providers (MSSPs) portfolio, many are turning to SaaS SIEM solutions for cloud or hybrid environments to take a more rigorous and adaptive approach to security processes and solutions. This approach provides the controls required for security compliance, the ability to alert on indicators of compromise, and a data repository for forensic investigation.
In 2021, I believe we will see a continued uptick in adoption of cloud-native security solutions including Cloud SIEM from MSSPs, MSPs and MDRs as it provides a way to quickly deliver more value and improve customer experience in a format that is both cost-effective and enterprise-ready. I think more vendors will also expand their partner programs to offer customizable cloud-native security practices with real-time security intelligence and next generation SIEM solutions to secure applications at cloud scale which offers the benefits of having no capital or infrastructure for customers to manage.