A new report released by the research firm Frost & Sullivan highlights the rapidly growing managed security services sector. With organizations moving to cloud more rapidly than ever, cyber criminals have honed their methods of launching sophisticated attacks. As a result, managed security services (MSS) have seen a rapid uptick in business.
The report by Frost & Sullivan is called Global Managed Security Services Market and the key finding within the report is that the MSS sector is expected to reach $12.78B by 2018. F&S found that in 2014, the MSS market was $7.83B. According to our calculations, this represents an increase of 63.2%.
The report notes that the fastest growing regions in the managed security services sector will be Europe, the Middle East and Africa. Senior Analyst Beatriz Valle points to the enforcement of the EU Data Protection Legislation as being the catalyst for the rapid uptake in managed security services.
Valle mentions, “In North America too, stringent regulations and increasing governance complexity will spur MSS uptake, particularly in healthcare, banking and retail.”
Frost & Sullivan says that organizations have taken a reactive approach in the past. Some organizations may not know that a threat exists until it is too late. Another finding is that some organizations may not think that they are big enough to be targeted. Others may not grasp the severity of a cyber attack until it is too late.
Managed security service providers must innovate in order to keep up with cyber criminals. Instead of simply generating alerts, MSS providers must take a more proactive approach in diverting attacks. In order to gain success within the emerging market, organizations and MSS providers must form a strong relationship so that the MSS can gain deep understanding of their clients infrastructure.