There is no doubt that an organization that lacks the requisite cybersecurity expertise is the most vulnerable to attacks.  No problem, you might say, just hire seasoned professionals.



Unfortunately that is easier said than done because we are experiencing a significant shortage of qualified cybersecurity professionals on a global scale.

In fact, finding them, recruiting them and retaining them is quite a challenge. And if you manage to do so, it's quite a costly endeavour!

So what are you to do? This is where managed security services comes in.

The context

In recent years, companies have been forced to quickly adapt to remote and hybrid working models.

Although this adaptation was necessary, it had the consequence of exposing companies to even more threats. The sudden expansion of the corporate network to allow employees to connect from unsecured homes has, unsurprisingly, led to an upsurge in malicious cyber activity.

With the growth of cyberattacks, as well as the new compliance requirements associated with the protection of personal data (for example Bill 64 in Quebec), the pressure on companies has only increased.

So much so, that even today, companies find themselves struggling to hire qualified IT personnel, which threatens their operations, their security and their growth.

Nearly two out of three companies have lost business opportunities

The BDC Canadian study confirms this. On the one hand, companies want to speed up their operations, but on the other hand, they simply do not have the people and skills to do so.

IT is of course not the only sector impacted. However, given that they are part of the obligatory functioning of all the other sectors, they are of capital importance.


Clearly, there is a greater need than ever to alleviate the cybersecurity talent shortage issue.

Cybersecurity skills gap is a major contributor to security breaches

In fact, according to research done by Fortinet, 80% of organizations surveyed experienced at least one breach that they could attribute to a lack of cybersecurity skills or awareness.

The survey was conducted in January and February 2022 and included over 1,200 IT and cybersecurity decision makers. The split was even among respondents in four regions: North America, Europe, the Middle East and Africa, Asia-Pacific and Latin America.

Trends

The report reveals the following five trends:

1. Cybersecurity concerns all organizations.

2.Talent recruitment and retention is a major issue.
3.Organizations are looking for people with skills and certifications
4.Organizations are looking for more diversity.
5. Cybersecurity awareness remains a major challenge

Globally, 50% of organizations are looking for cloud security specialists, a priority that's likely informed by how quickly companies have moved their operations to the cloud during the pandemic.

The skills gap is not just a talent shortage issue, but it also has a big impact on business, making it a major concern for leaders around the world.

Managed Security Services (MSSP)

Organizations that have not previously bothered to employ in-house security experts are now realizing the importance of accessing external expertise in the form of services.

For those companies that want to use managed security services, this is an opportunity to outsource functions that are critical to their business, but are far removed from it.

For example, if I am a manufacturer of swimming pools, it is not my job to manage my network, my infrastructure and my security, but I know that they are essential to the manufacturing processes of my company.

A managed security service provider (MSSP) is an organization that manages all or part of the cybersecurity of its customers, with the aim of preventing, detecting and reacting to threats.

it is therefore a question of outsourcing security services to a service provider who has expertise and advanced tools, and masters the latest trends in cybersecurity.

Partnering with an MSSP like Present allows an organization to enjoy a number of advantages over managing security in-house

Access to cybersecurity expertise

Outsourcing to a managed security service provider means you have access to cutting-edge security expertise to adequately protect your environment and data.

Rapid Incident Response

Rapid response to cybersecurity incidents is essential to minimize damage and expense to the organization. The longer an attacker has access to an organization's network, the more opportunities they have to steal sensitive information, embed persistant mechanisms, or trigger large-scale attacks.

Partnering with an MSSP allows an organization to take advantage of its dedicated incident response teams.

Cost-effective approach to security

The internal approach requires attracting and retaining a security team of qualified cybersecurity professionals, and acquiring the necessary cybersecurity solutions. Security costs can quickly spiral out of control.

Conversely, with the external approach, the cost of security is spread over all of the MSSP's clientele. By spreading the costs among its customers, an MSSP can provide each of them with a higher level of security protection than they could achieve on their own at a fraction of the price of the internal cost.

Conclusion

In an environment of talent scarcity, maintaining an effective internal cybersecurity program can be difficult and costly for an organization.

Conversely, partnering with an MSSP, such as Present, allows SMEs to:

• Transfer the problem of talent shortage;
• Take advantage of enhanced and simplified security with a lower total cost of ownership;
• Focus on innovation and growing their business;

This approach is so popular with organizations that the managed security services market is expected to reach $40.97 billion this year.

Of course, the adoption of managed services does not by itself solve the talent shortage, it simply makes it the MSP's problem.

Present has a team of cybersecurity experts with a well-established MDR service at your disposal so that you can focus on the success of your business with peace of mind.

To learn more about Present’s managed security solutions, please visit our website.