The demand for managed security services continues to increase. Today, many IT businesses and other companies prefer working with managed security service providers instead of setting up their own security stack.

Here, we'll discuss what managed security service providers are and the services they offer. We'll also explain why businesses consider hiring one.

What Is a Managed Security Service Provider (MSSP)?

A managed security service provider can be a professional company or any entity that offers outsourced management and monitoring of different security systems and devices.

These companies offer a suite of services designed to help businesses focus more on their core expertise instead of worrying about business security and continuity. Some common services that these companies offer include:

• Managed next-generation firewalls
• Virtual private network setups and monitoring
• IP whitelisting and blacklisting
• Scanning for vulnerabilities
• Buying and setting up residential proxies
• Network monitoring and antivirus services
• Surveillance services

Managed security service providers set up their own security centers to offer 24/7 services. MSSPs are a complete outsourced security solution, and some even offer complex server-side security services.

The Difference Between Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs)

It's important to understand that there's a difference between the services offered by a managed service provider and a managed security service provider. While they are both third-party organizations, the nature of their services is quite different.

For instance, MSSPs provide full-scale security solutions to enterprises, whereas managed service providers primarily offer general IT and network support. They also offer Software-as-a-Service (SaaS) solutions to clients.

Why Hire a Managed Security Service Provider?

There are several reasons why companies prefer working with managed security service providers instead of establishing security operations in-house. Here are a few:

1. Ideal for Rapidly Scaling Security

As your organizational needs grow, you'll probably want to invest in better security to protect your business interests. This can prove to be a challenge for businesses that manage security in-house.

With a managed security services provider, it becomes easier since they have the infrastructure and, more importantly, the expertise your business will require as it grows. If cybersecurity maturity is a challenge, going with an MSSP makes a lot of sense.

2. Reduced Cybersecurity Expenditure

Working with an MSSP will reduce your overall cybersecurity expenditure, as you won't have to scale or invest in new technologies regularly. MSSPs generally leverage the same solution to support different clients easily, thus spreading their costs across many clients.

Worrying about cybersecurity expenditure often becomes a challenge for growing businesses since it impedes their growth. Instead, you can significantly reduce your cybersecurity expenditure by paying a fixed amount to an MSSP.

3. Support with Compliance

There are different laws that companies must abide by, including HIPAA, PCI DSSI, and in other cases, GDPR. Businesses that handle consumer data need to comply with these requirements.

If you work with an MSSP, they can guide you in preparing the company for cybersecurity audits and prevent any major incidents. They can also help companies demonstrate compliance in the event of an audit.

4. Identifying Network Flaws

Robust cybersecurity networks are constantly improving, often staying one step ahead of malicious actors by regularly identifying network flaws through self-testing.

This becomes difficult when you're managing cybersecurity in-house, especially with a limited budget. But, since MSSPs regularly update and improve their security stack, they are quick to identify cybersecurity issues and update their security.

Managed Security Services Providers Help Businesses Grow

From conducting risk assessments to developing cybersecurity policies to conducting penetration testing, managed security services providers let businesses focus on their core offering while the provider handles security for the company. It's a viable solution that frees up necessary resources for businesses, which they can reinvest in their sustainable growth.