7 Benefits of Managed Security Services Providers (MSSPs)

Even with robust network and data protection, the risk of getting hacked is always present. Threats are evolving, too, which is why many business owners choose to hire MSSPs for help.

Think of an MSSP as your first line of defense against cybercriminals. They're on your side to detect vulnerabilities, block network intruders, and respond quickly to security incidents. It's like having a team of security experts watching your back 24x7.

In this guide, we'll discuss some of the biggest benefits of outsourcing your cybersecurity to MSSPs. Using our experience, we'll also explore how they can protect your data and reputation for the years ahead.

What Exactly are Managed Security Services (MSS)?

Managed security services, or MSS, are solutions that monitor business networks and endpoints, respond to potential threats, and take action to stop and repair breaches.

An MSSP provides these cybersecurity services and takes charge of security monitoring, attack prevention, and incident recovery.

Some of our own typical MSS operations can include:

• Scanning for vulnerabilities.
• Monitoring log data from applications.
• Real-time monitoring of networks, endpoints, and cloud environments.
• Implementing and observing firewalls to check traffic behavior.
• Endpoint detection and response (EDR).

An MSSP provides a full service, meaning companies can outsource their IT security and monitoring directly to experts. But, that’s not the sole benefit of working with managed security services!

Benefits of Managed Security Services

Research suggests that seven out of ten businesses consider outsourcing via MSSPs. They’re taking advantage of some serious time- and cost-saving benefits!

Before risking your business on an in-house cybersecurity team, here are a few things you should consider.

24x7 Threat Detection and Monitoring

Cyberattackers aren’t selective about when they attack! It pays to have constant eyes on your network and endpoints in case of suspicious activity. However, that’s not always possible when running a business.

An MSSP, however, uses various third-party services and security tools to monitor its client networks 24x7.

With 24x7 threat detection and monitoring, you can rest easy knowing experts have eyes on your security perimeter and will take action when needed.

Moreover, 24x7 monitoring means would-be attackers have little time to sit and "dwell" in your network.

Proactive Incident Response and Remediation

The faster you respond to a security incident, the less damage you can expect. A swift and decisive response is vital—otherwise, attackers have plenty of time to sow malware and steal sensitive information.

Again, when running your business, you might not have the time or resources to react instantly. However, within minutes, you could lose:

• Thousands of customer details
• Access to your network
• All your sensitive data
• Extensive revenue (through ransomware or reduced business hours).

The cost of data breaches in the U.S. is increasing every year. In 2023, the average cost of a breach was $9.48 million, an all-time high.

However, with an MSSP on your side, you always have a dedicated instant response team ready to react to intrusion detection.

Access to Specialized Expertise and Skill Sets

When running an in-house cybersecurity team, you need to hire and train specialists and pay salaries. That's time-consuming, costly, and hardly going to mean you hit the ground running with expertise on demand.

When you outsource to an MSSP, however, you have immediate access to years of experience, specialized expertise, and a range of security skill sets.

The moment you delegate to MSSP professionals, you’re benefiting from years of expertise. With VikingCloud, you can effectively switch your new cybersecurity plan “on” the moment you engage with us.

MSSP professionals are up to speed on the latest threat developments and understand how to optimize and scale resources for specific clients.

Scalability and Flexibility

Scaling up an in-house SOC (security operations center) or security team isn't easy. It will require hiring more personnel, adopting new security technologies, and investing more time in training.

Ideally, you should hire a cybersecurity engineer with the following skills:

• An understanding of enterprise-level systems and networks
• Risk management
• Critical thinking
• Ethical hacking (e.g., penetration testing)
• Proactivity, time management, and self-organization.

They should also have experience handling complex IT architecture and programming tools and languages (e.g., Java, Python, and Go).

Do you really have the resources to ensure everyone you hire boasts these skills?

With an MSSP, however, you hire a professional team that's ready to scale up and down as your business demands. If you need to change your security infrastructure immediately, a professional MSSP can fit the bill almost instantly.

Cost Efficiency and Lower Total Cost of Ownership

Running cybersecurity in-house isn't a cheap business. You're likely to end up paying out for:

• Hiring a team of professionals
• Supplemental training
• Software and resources
• Additional staffing to monitor security around the clock
• Licensing
• Ongoing salaries, bonuses, and paid time off

Although an in-house cybersecurity setup might seem convenient, the alternative – partnering with an MSSP - is immediately more cost-effective.

Setting up hardware alone for your in-house team could cost tens of thousands of dollars. That's money better spent growing your business elsewhere.

With an MSSP, you only ever pay for the expertise you require from the get-go. There’s no need to pay salaries. What’s more, MSSPs divide their cybersecurity solutions across multiple partners and tenants, meaning you receive better quality protection at a better value price.

When partnering with VikingCloud, for instance, you only ever pay a fraction of the cost you might expect in-house. There’s also no need to pay for technology and running costs such as server upkeep.

Automated Compliance Management and Support

Depending on where you operate geographically, you'll need to hold and process data in accordance with a host of compliance and security regulations.

Say you do business inside the European Union. In this case, you need to ensure your data meets the General Data Protection Regulation (GDPR). Failure to comply can result in fines worth six figures or more.

Other regulatory compliance you might need to account for include:

• PCI DSS (the Payment Card Industry Data Security Standard)
• HIPAA (the Health Insurance Portability and Accountability Act, within the U.S.)
• CCPA (the California Consumer Privacy Act)

Keeping track of your data management and compliance is increasingly tricky and, likewise, increasingly important!

However, setting up, deploying, and managing compliance controls can be complex for owners to handle over time, especially while running small businesses.

So, why not consider automation instead? By delegating to an MSSP, you can ensure a team of experts with tools ready to go. They can help set up and maintain data security in accordance with your industry's compliance demands.

MSSPs can, for instance, retain and report information necessary for businesses to remain compliant. This means, should you need audits, you have all the compliance information to hand and can prove you’re operating within regulations.

Access Threat Intelligence and Risk Assessment

Using threat intelligence data sounds like a great idea - and it is - but how many businessowners can tap into threat intelligence feeds and truly know what to do with that information?

It’s going to take time, effort, and extensive training to break down intelligence and risk management recommendations which, while helpful, are sometimes confusing to translate.

That's where advanced threat data analytics comes in handy. Although business owners can learn how to analyze threat intelligence and build their own risk profiles, investing time and money in such analytics isn't always feasible.

It’s another reason to start working with an MSSP. Professionals working in MSS not only handle threat intelligence for you but also have the expertise and tools handy to translate data into points of action.

What’s more, MSSPs can provide regular risk assessments to ensure you’re protected against the latest cyber threats and advise you of any potential vulnerabilities.

It's one of many ways our cloud security team regularly keeps our clients up to speed against evolving threats such as phishing. Believe it or not, phishing threats still affect 84% of businesses.

Conclusion

The threat landscape is always changing, and you need to have the security posture to withstand the nastiest attacks.

Hiring an MSSP means:

• You have professional information security oversight 24 hours a day.
• Threats are responded to quickly, and action is taken fast.
• You have access to expertise from the get-go.
• There’s no need to worry about compliance.
• You save serious money compared to hiring a cybersecurity team in-house.

At VikingCloud, we're your eyes and ears against security threats before they get close to your business.

Want to know more? Review our infographic depicting MSP vs. MSSP and choose an option that suits your needs.

Interested in making your company cyber secure? Contact us today for a free consultation.