Organizations are increasingly facing a dynamic threat landscape with a relentless barrage of security risks and attacks against digital systems. Some estimates project that cybercrime will cost the global economy as much as $10.5 trillion annually by 2025. This pace and problem will only grow. For instance, the World Economic Forum is projecting that by 2022, 60% of global GDP will be digitized. Furthermore, they project that over the next decade, 70% of new value created in the economy will rely on digitally enabled platforms.
Enterprises are undergoing their own digital transformations to stay relevant and competitive in an ever changing marketplace. While trying to do so, they are also dealing with the reality of a 3+ million global cybersecurity workforce shortage. Because of this, organizations regularly compete for security talent. Organizations need strong security talent to secure the systems and data that are increasingly driving their revenue and businesses.
Managed Security Service Providers (MSSP)
This reality puts organizations in a situation where they are increasingly seeking out Managed Security Service Providers (MSSP). This is to augment their existing staff or to meet critical gaps in their own native security capabilities. In many cases, it makes perfect sense to do so as well. There are several benefits to utilizing an MSSP. For example, benefits include reduced cost and improved efficiency. In addition, it enables organizations to focus on their core competencies and provide value to their customers.
Organizations are regularly dealing with conflicting priorities and objectives, all with limited budgets and resources. It’s often more affordable to utilize an MSSP rather than natively hiring, training, and retaining security staff from the MSSP. Also, you obtain the expertise the MSSP provides. This comes from working with entire portfolios of customers. In doing this, you see more threats and incidents than a single business organization typically would. With this expertise, it enables organizations to resist being impacted or compromised by security risks. And, it will help to recover more quickly in the event of being impacted..
The Impact of Security Incidents
As discussed in a previous article on incident response, the impact of a security incident can have a myriad of implications. This ranges from financial and loss of revenue to others, such as regulatory and reputational harm.
That said, finding the right MSSP requires due diligence on your part. It’s essential to ensure the MSSP that you find understands your organizations business model, regulatory requirements, and existing needs. Some of the leading advice to vet a MSSP includes looking at their existing customer portfolio, the qualifications of their staff, and their approach to the partnership. Are they willing to ensure a mutually beneficial relationship with sufficient Service Level Agreements (SLA)s? SLAs are absolutely essential to ensuring you receive the coverage and support you need. It’s also essential in ensuring your organization isn’t bearing a disproportionate amount of the risk and burden.
In coming columns, we will be discussing Third Party Risk Management and/or Supply Chain Risk Management (SCRM). It is important to understand that your MSSP is an extension of your organization. They often have access to your critical systems and data. They could introduce a tremendous amount of risk themselves, if they are compromised. This is why it is important to review their existing policies, 3rd party security attestations, and compliance frameworks. Given the widespread access MSSP have, they are often an appealing target for malicious actors. So, their security posture is very relevant if you intend to give them access to your environment.
That said, a reputable and competent MSSP can be invaluable for your organization. In pursuing digital transformation to keep pace with competitors and meet customer demand, there’s a peace of mind from having a trusted security partner. This allows you to lean in to their expertise as well as address existing gaps in your security program. It also allows you to safeguard your critical systems and data to ensure you retain customer trust. Don’t let your organization fall victim to malicious actors by failing to address rampant security risk, even if it requires reaching out for a hand.