As companies are witnessing a surge in cyberattacks on their Digital Infrastructure, this is said to increase the revenue of Managed Security Service providers to $17 billion.
Analytics firm ‘GlobalData’ says that cyber incidents such as ransomware attacks will be forcing enterprises across the Asia Pacific Region to spend more on security solutions- to defend their IT assets against cyber invasions and warfare.
“The key factor behind the increase in spending on security services are cyberattacks, that could otherwise bring in significant losses to them”, Rohit Sharma, Senior Technology Analyst, GlobalData.
As the Cybersecurity industry lacks skilled professionals, enterprises will also look to grab the skilled workforce with tempting pay packages, resulting in the growth of the segment added Rohit.
Thus, GlobalData estimates that the overall revenue of those providing Managed Security services will reach $17 billion by 2024. And most of the market share is estimated to be delivered by industries such as insurance, finance, banking, and manufacturing.
Also as most of the companies initiated their employees to work remotely, all these organizations need to reassess modifications to the workflow, application use, customer engagement, and training to create awareness among employees on what’s happening in the current cyber landscape.
Managed Security Services definition- Precisely, managed security services are network security services that are leased/outsourced to a service provider. The actual trend started in the 1990s with ISPs as these companies were permitted to sell customers hardware and then a software firewall appliance. Slowly, the trend evolved to the current day where business firms are seen engaging MSPs to cater to all their Information Security needs such as data thefts, malware infiltration, and resource constraints.