MANAGED SECURITY SERVICE PROVIDER MARKET ANALYSIS

Market Challenges And Opportunities

Increasing number of cyber-attacks is a major factor driving for growth of the managed security service provider market

Several organizations and corporate entities are increasing focusing on adopting various solutions such as cloud –based solutions and networks, in order to improved their business operations. Companies in sectors such as BFSI, education, and information technology & telecommunications integrate cloud-based systems into their infrastructure to shift the processes online. Therefore, threat for cyber-attacks is increasing significantly. Companies rely security, as the threat to a system directly harms the internal work of the company. For instance, in February 2016, the cyber-attack on central bank of Bangladesh have resulted in loss of US$ 81.2 million. Therefore, increasing complexity of infrastructure regarding cyber-attacks is driving companies to adopt managed security services. Most of the enterprises are adopting cloud-based managed services, which is specifically used for email security, identity access management, and among others, in order to reduce the risk of data breach and cyber-attack. Additionally, managed security service providers have an advantage over internal information technology divisions as these have a better visibility in the threat landscape.