In today’s fast-paced digital world of advanced cyber threats, businesses rely more on technology. Managed service providers (MSPs) and managed security service providers (MSSPs) have emerged as critical players in protecting their clients’ data and networks.
Cybersecurity is evidently no longer a choice but a fundamental necessity for MSPs and MSSPs. About 42% of security and risk management spending is projected to be earmarked for security services. By embracing a security service edge (SSE) framework, service providers can offer clients a comprehensive suite of solutions. Some of those may include cloud security, data protection, and identity and access management (IAM) services.
Booming Cybersecurity Market
Donata Zabielskiene
According to Gartner, the demand for cybersecurity services is experiencing remarkable growth. That means there’s an opportunity for MSPs and MSSPs to capitalize on this trend. With spending on security services including consulting, IT outsourcing, implementation, and hardware support, expected to reach $90 billion in 2024, the importance of implementing cybersecurity tools has never been more pronounced.
Furthermore, the global managed security services market was projected to experience an average annual growth rate (CAGR) of 11.66%, with a forecast market size of $36.1 billion this year. The industry’s expansion underscores the need for MSPs and MSSPs to enhance their cybersecurity capabilities to maintain and expand customer relationships. This will solidify their position as trusted partners in safeguarding digital assets.
The SSE framework — which integrates technologies such as Zero Trust network access (ZTNA), firewall as a service (FWaaS), cloud access security broker (CASB), and secure web gateway (SWG) — offers a flexible approach to network security. This framework empowers MSPs and MSSPs to tailor offerings to their client’s requirements. This ensures robust protection against the changing trends of cyber threats.
Growing SMB Need for Cybersecurity
The urgency for cybersecurity technologies for small and midsized businesses (SMBs) cannot be overstated. Recent studies revealed that 48% of SMBs have experienced a cybersecurity incident in the past year. And a quarter of them faced more than one such incident. This trend further solidifies the role that MSPs and MSSPs play in safeguarding their assets against threats. Clearly, they are the main players in fortifying the digital defenses of their clients.
Notably, the industry recognizes the value of advanced security frameworks. Over 40% of organizations implemented the SASE architecture as of 2023, according to Statista. Among these features, ZTNA has emerged as the most widely adopted technology. That underscores the growing acceptance and embracement of the Zero Trust philosophy, a paradigm shift in cybersecurity.
By expanding their service offerings to include comprehensive cybersecurity technologies, MSPs and MSSPs can benefit. It helps enhance client retention, build trust through compliance with industry standards, and offer scalable solutions that grow seamlessly alongside their clients’ businesses. A proactive approach mitigates risks and positions these service providers as trusted advisors, cementing their role as indispensable partners in the digital age.
Donata Zabielskiene is a channel sales director at NordLayer, a provider of network security tools. She drives the company’s channel sales and development initiatives by raising cybersecurity awareness and empowering partners to provide accessible and manageable network security solutions.
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