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Managed Security Services will be the norm in the future

| 31st August, 2016

Why managed security services and security outsourcing is going to become a necessity in the future

In the recent few years, there have been several high-profile security breaches since the massive breach that happened at Target (USA) in 2013. In 2014, we witnessed hacks in UPS, Goodwill, JP Morgan Chase, Sony, the FBI, Trump’s hotel chain, Experian, Scottrade and others. In Asia Pacific, we have seen hacking incidents that occurred in the Bangladeshi central bank and the voter database in the Philippines early this year.

A security breach not only deals a blow to a company’s reputation, it also costs a business tons of real money. According to a Ponemon study of 350 companies in 11 countries, the average consolidated total cost of a data breach is US$3.8 million, a 23% increase since 2013.

On the one hand, cyberattacks are increasing. On the other, the cybersecurity labor market is going through a severe shortage. This is not just a problem contained within Asia. It is a worldwide concern. By 2019, the demand for talent is estimated to be about 6 million jobs, with a projected shortfall of at least 1.5 million skilled workers, according to Symantec's CEO Michael Brown.

According to IDC, by 2017, the security services market will increase at least 30% due to the scarcity and high price of available data scientists, leading sub Fortune 100 companies to seek alternatives.

This is bad news for companies looking to secure themselves and their customer data on their own. They can neither find nor train enough of the right kind of people to cope with the growing demand for cyber security skills. People in Asia with good skills in this area are already moving to richer countries in the West.

Also, finding, hiring and training a cybersecurity professional anywhere in the world is an exhausting and expensive process. Since these professionals are always in high demand, you will be left out in the lurch if they get a better offer at another company and leave you in a situation of crisis.

Shortage of talent in cybersecurity is further complicated by the fact that technology is shifting from perimeter to analytics, and these skills are in massively short supply, especially in Asia.

Therefore, companies have no choice but to consider outsourcing significant parts of IT security in the future.

The good news is that providers of managed security services (MSS) can offer security services to companies cost-effectively. They can also safely secure physical hardware, networks, data and information for their clients.

This option is going to gain traction for two reasons: one is shortage of talent that we just discussed. The other is availability of better security in the cloud.

Most MSS providers employ highly qualified and skilled talent who are able to

cover all the security requirements of a company: from Firewalls, intrusion detection and intrusion prevention solutions to security event and incident management, managed vulnerability and identity management solutions.

Moreover, for companies going for MSS, it can be a competitive differentiator. It is a signal that such companies are serious about their security and are following the best practices in security with specialists in the industry.

For companies who really care about security, there is no choice but to go for managed security services (MSS) in the future.