The rapid pace of new technological innovations has significantly enhanced the challenge of ensuring cybersecurity.
In the recent past, cybersecurity has become an indispensable aspect of every business strategy, and it is not going to be different in the future ahead.
The unprecedented dependency on the digital environment has brought with it a rise in cybercrime in modern IT.
According to a recent Juniper Research report, the total cost of data breaches is expected to increase by nearly 70% over the next five years, from USD 3 trillion in 2019 to more than USD 5 trillion in 2024.
Moreover, the coronavirus pandemic has given another fresh opportunity for cybercriminals.
Zscaler, a cloud security firm, has witnessed a staggering 30,000% increase in COVID-19 themed cyber threats since January.
These staggering statistics made Managed Security Services (MSS) as the only respite for most organizations to prepare a robust security posture.
The global Managed Security Services market size is expected to increase from USD 31.6 billion in 2020 to USD 46.4 billion by 2025, at a CAGR of 8.0%.
Around this scenario, we bring you some critical Managed Security predictions for 2020 and beyond:
1) A rise in Cyberattacks Targeting MSPs
For the past several months, there has been a rise in cyberattacks targeting Managed Service Providers (MSPs) to gain access to multiple small- to mid-sized businesses.
“Rather than having to breach several individual companies, attacking the supply chain in this way allows for access to many potential victims at one fell swoop,” exclaimed Dan Garcia, Senior Security Engineer at Datto.
According to the recent 2020 MSP Benchmark Survey, 77% of 1,300 professionals from MSPs of all sizes revealed that cybersecurity is their top concern. Also, 37% of participants said that their MSP business was more prone to cybercrime than in 2019.
2) MSPs to Witness High Revenue through Cybersecurity
The 2020 Survey reveals that there is an increasing dependency of businesses on MSPs for obtaining a robust security infrastructure.
Almost 95% of the MSPs have reported that all, most, or some of their clients turned to them for cybersecurity consultation and solution.
- 40% MSPs revealed ‘all of their clients’ turned to them for counsel on cybersecurity plans
- 40% MSPs explained ‘most of their clients’ turned to them for counsel on cybersecurity plans
- 15% MSPs revealed ‘some of their clients’ turned to them for counsel on cybersecurity plans
The growing demand for cybersecurity is fuelling the revenue growth for the MSPs. Almost 73% of MSPs have revealed that revenue from security services has increased significantly in the past 12 months.
3) MSP-Specific Frameworks
The National Institute of Standards and Technology (NIST) is developing a recommended framework for MSPs to help them adopt cybersecurity technologies and techniques to improve security for themselves and their clients.
The MSPs can apply or customize these frameworks to fit their cybersecurity needs.
This, in turn, makes it easy to develop a scoring system to illustrate the MSP’s cybersecurity maturity and its ability to deliver robust security posture.
4) Growing Prominence for Two-Factor Authentication (2FA)
2FA is a security feature that facilitates MSPs to ensure and enhance the cybersecurity with two layers of defense against cyberattacks. There is a growing significance for 2FA among the MSPs for both their internal and client systems to protect user credentials and resources from cybercriminals.
According to the 2020 Survey, 91% of the participants consider 2FA critical to protect their clients against cyberattacks.
ALSO READ: 8 Key Industries Where You Need an ‘MSSP Support’!
In Conclusion
MSPs and IT firms should be aware that no solution will guarantee bullet-proof cybersecurity. After all, cybercriminals are adopting innovative solutions and tools to stay ahead of you.
However, MSPs can minimize damage from cyberattacks or even stop it before it gets a foothold by having a rock-solid incident response procedure in place.
Are you looking for support? Contact StealthLabs today!