Cybersecurity is a continually evolving field where the number and severity of threats increase year by year. As organisations increasingly rely on technology and security devices, the importance of security monitoring and safeguarding their systems becomes paramount.

To tackle these challenges, many businesses are now seeking the expertise of Managed Security Service Providers (MSSPs). These managed security service providers specialise in managing security services, including incident response. By partnering with MSSPs, companies can access top-notch security skills without having to handle all the training and management internally, thanks to the support of a managed service provider. This way, they can stay resilient against threats like security breaches and ensure their systems are well-protected. Additionally, MSSPs can assist in the tailored implementation of virtual private networks, further enhancing their security posture.

Today we’ll discuss what a MSSP is, how it’s different than a MSP, the benefits and significance of the discipline, and what to look for when selecting the right MSSP for your business needs.

What is a managed security services provider or MSSP?

MSSP stands for managed security services provider and describes an organisation dedicated to monitoring and managing the digital and cyber security of other businesses’ systems and tools. A MSSP takes on the numerous challenges of maintaining digital security in the modern business context, including over and within Cloud systems. 

A key aspect of an MSSP's services involves vulnerability management and penetration testing. Their role extends to assisting multiple clients, wherein they diligently address the security needs unique to each customer's environment. This is facilitated by a team of adept security experts who possess the skills and knowledge to navigate intricate security landscapes.

A MSSP also typically engages in IT security compliance, ensuring an organisation gets and remains compliant with various data and privacy regulations.

Difference between a MSSP and a MSP

The concept of MSSP (along with its acronym) shares some similarities with a Managed it services provider, or MSP. In fact, there's an overlap in the tasks and services that businesses falling under these categories perform. A managed services provider might highlight or offer some security services, while an MSSP might provide limited IT service support.

But there are key differences between the two which are most easily understood as focus and specialty.

A managed services provider sets up and maintains IT systems, keeping them running well and functioning in a way that supports needed business capabilities. MSP functions can include IT infrastructure management, IT Help desk, network management and numerous other functions that focus on the systems and infrastructure itself.

This can and does often involve a basic level of security support, but the focus is on the IT systems themselves.

A managed security services provider, on the other hand, sets up and maintains IT security systems and processes, including security information and event management (SIEM), vulnerability management, and more.

Similarly the MSSP function often involves some involvement in the IT systems themselves. The difference here is that the focus isn’t on maintaining the systems, but on maintaining the security of those systems. 

MSSP partners engage in activities like threat hunting, aiming to bolster the overall security program. This focus aligns with the needs of businesses, particularly medium-sized ones, seeking comprehensive solutions to safeguard their digital assets. By partnering with MSSPs, these businesses can ensure a managed firewall approach and receive tailored support that goes beyond maintaining systems to nurturing a robust security posture.

Contracting with a MSSP delivers numerous benefits, including these.

1. Adeptly manages vulnerabilities

Increasingly connected and Cloud-reliant systems have more points of vulnerability than ever before. Without a dedicated team monitoring and addressing vulnerabilities, an organisation opens itself up to the risk of data breaches and worse. A MSSP brings the experience and specialisation businesses need to adeptly manage vulnerabilities rather than address them after the damage is done. Contracting with a MSSP delivers numerous benefits, including these.

2. Mitigates risk and addresses compliance

In Australia, businesses are greatly concerned about Governance, Risk and Compliance (GRC), recognizing the importance of handling risk and data in compliant ways in any endeavor. While risk is inherent, managing it is vital. Starting with MSP compliance is certainly a place to start, but the role of an MSSP becomes more pronounced as it hones in on the security aspect.

An MSSP not only handles security capabilities and network security but also plays a pivotal role in setting up effective governance policies. These policies not only help ensure compliance but also reduce risk. Through outsourced monitoring, security audits, and their involvement in a customer's cybersecurity program, an MSSP brings a comprehensive approach to safeguarding your business.

3. Delivers security expertise that can be difficult to obtain

The security landscape is complex and ever-evolving. Hiring adequate numbers of sufficiently experienced staff in-house remains a challenge for many firms. Partnering with a MSSP shortcuts this process, giving businesses access to deep security expertise that they may not be able to source on their own.

4. Increases agility

In addition to the expertise advantage, a managed cyber security services provider offers an advantage of scale. Implementing new security measures, training, and the many other responsibilities within security services all require a resource investment. A MSSP can deliver more resources when needed — and these are professionals who are already trained and need little to no onboarding. Compared to the process of hiring, onboarding, training, and maturing internal security staff, the MSSP model delivers significantly more agility.

Managed detection, threat detection, and vulnerability scanning are among the services offered by MSSPs, and many organizations are increasingly recognizing the value of leveraging their expertise to bolster their security defenses.

The significance of cybersecurity and why it matters

Cybersecurity is a critical concern for businesses of all sizes due to the widespread integration of the internet into operations. Today, almost every business maintains an online presence, which exposes them to potential cyber threats. As your organization's online footprint expands, the risk of becoming a target for cyberattacks also increases.

It's important to note that when we refer to the internet, we're not solely talking about having a website. This concept encompasses more, including managing internet-connected networks and utilizing tools, services, and infrastructure that live in the Cloud.

The threat of a cyberattack is real, and so are the consequences of a breach. Businesses that experience a cybersecurity breach can incur some, even all, of these consequences:

• Reputational harm
• Loss of customer trust
• Loss of operational capability
• Loss of data
• Compromised customer information (payment details and more)
• Theft of trade secrets or proprietary business information
• Destruction or disabling of critical systems (ransomware attack)
• Fines for violating privacy and data regulations