Elevating Growth and Success: The Advantages of a Managed Services Partnership
Managed Security Service Providers (MSSPs) have become instrumental in safeguarding the digital domain against these evolving threats.
Sep 13, 2023 18:00 pm
Managed Security Service Providers (MSSPs) have become instrumental in safeguarding the digital domain against these evolving threats. As of 2023, the Managed Security Services Market stands at USD 31.05 billion and is projected to grow at a CAGR of 16.11%, reaching an estimated USD 65.53 billion by 2028. Amidst this growth, the significance of Human Risk Management is increasingly evident, often being an underrepresented facet in security discussions. Furthermore, according to Gartner, 44% of buyers now prefer managed services, underscoring the shifting dynamics in the security landscape. This document offers a deep dive into the Managed Service world, emphasizing the importance of Human Risk Management and the unparalleled advantages of partnering with Keepnet Labs in this rapidly changing environment.
2. Managed Security Services Market: A Promising Landscape for Growth
The Managed Security Services (MSS) market is witnessing substantial growth, a trend that industry experts expect will continue for the next decade. According to various reports, including those by Markets and Markets, Visiongain, and Persistence Market Research, the global MSS market is set to experience a compound annual growth rate (CAGR) of 12.8% through 2033.
2.1. Market Overview
Managed Security Services refer to the outsourced monitoring and management of security strategies and devices, which is vital in today's cyber threat-ridden business environment. These services can cover many areas, including managed firewalls, intrusion detection, virtual private network, vulnerability scanning, and anti-viral services. Organizations employ MSS providers to safeguard their information systems, comply with regulations, and reduce the time and resources they would otherwise need to invest in security.
2.2. Impressive Growth Projections
According to a recent report by Markets and Markets, the global MSS market was valued at $31.6 billion in 2022. Given the anticipated CAGR of 12.8%, this market is set to reach a staggering $80.5 billion by 2033.
The rapid expansion of the MSS market is driven by various factors. Persistent threats from cybercriminals, growing regulatory compliance needs, and the increasing adoption of cloud services are among the most significant contributors to this rise.
The Visiongain report corroborates these findings, highlighting that the complexity of cyber threats and a shortage of internal security expertise drive organizations toward MSS providers. The surge in remote work due to the global pandemic has escalated this demand, with businesses of all sizes requiring robust and scalable security solutions.
2.3. Managed Security: The Top Choice for Buyers
Managed Security Services have emerged as the primary choice for buyers. Gartner's research underscores this trend, revealing that buyers increasingly lean toward security services. Their motivation? To effectively mitigate risks, streamline business outcomes, and significantly reduce the burden on internal teams.
The shift towards cloud computing has further fueled this preference. As organizations transition more of their operations to the cloud and embrace multi-cloud architectures, cloud security has seen the highest surge in spending. This isn't just about securing data; it's about ensuring a comprehensive protective layer across various facets of the cloud infrastructure.
Breaking down the numbers:
- Managed Security Services account for a whopping 44%.
- Security implementation services follow closely at 36%.
- Security consulting services make up 20%.
These statistics highlight the growing trust in Managed Security Services and indicate a strategic shift in how businesses approach security in an interconnected world.
2.4. The Future of Security: Steered by Managed Solutions
Cyber threats grow in complexity and frequency, and traditional security measures alone are insufficient. The need for specialized, continuous, and adaptive security solutions is more pronounced than ever.
Managed Security stands at the forefront of this transformation. With its proactive approach, MSS responds to threats and anticipates and mitigates them before they can cause harm. Integrating advanced technologies such as AI and machine learning further propels MSS into a league of its own, offering predictive insights and real-time threat intelligence.
Moreover, as businesses expand their digital footprints, the challenges of data protection, regulatory compliance, and infrastructure security multiply. Managed Security Services are poised to address these challenges head-on, offering tailored solutions that evolve with the ever-changing threat landscape.
The future of security is not just about defense but about intelligent, managed defense. MSS providers are set to become the guiding force, shaping the direction of cybersecurity strategies globally. As we navigate the complexities of the digital age, it's evident that the role of managed security will be pivotal, ensuring not just protection but also resilience and adaptability for businesses worldwide.
3. Human Risk Management and Security Awareness
3.1. Explanation of Human Risk Management
Human Risk Management is identifying, assessing, and mitigating risks associated with human behavior within an organization. This covers both inadvertent mistakes and intentional malicious actions that can lead to security breaches or other forms of loss. In cybersecurity, human risk can be one of the most challenging to manage, accounting for over 90% of cyber attacks. Here's a detailed exploration of the concept:
- Human Error: Often unintentional, human error includes mistakes in configuring security settings, neglecting updates, mismanagement of credentials, and more. It stems from misunderstandings, lack of awareness, or simple mistakes that can have significant consequences.
- Malicious Intent: This includes insider threats where an employee or associate intentionally causes harm to the organization. It may involve data theft, sabotage, fraud, or other harmful activities.
- Social Engineering: This category includes scams like phishing, where attackers manipulate individuals into divulging confidential information. People are often the weakest link in security because they can be deceived or manipulated.
- Behavioral Risks: These risks are tied to the habits and behaviors of individuals within an organization. It may include the tendency to ignore security protocols, the propensity to click on suspicious links, or the habit of using weak passwords.
3.2. Importance and Impact on Cybersecurity
- Education and Training: Continuous education and training of employees are critical. This helps cultivate a security-first culture where employees understand the importance of following security protocols and know the latest threat landscape.
- Behavioral Analytics: By studying how individuals within the organization interact with systems and data, it's possible to detect abnormal patterns that might indicate a risk. This analysis can provide early warnings and help in taking proactive measures.
- Policy Enforcement: Strict enforcement of security policies and regular audits minimizes human-related risks. This involves defining clear guidelines, regular checks, and possible sanctions for non-compliance.
- Technology Support: Tools like Multi-Factor Authentication (MFA) can add an extra layer of security, compensating for human error. Partnering with providers like Keepnet Labs ensures these tools are effectively implemented and managed.
3.3. Statistics About Human Error in Cyber Attacks
The following statistics underscore the alarming reality of human error in cybersecurity:
- Phishing Attacks: 32% of breaches involve phishing, a technique that targets human vulnerabilities by pretending to be a trustworthy entity to gain sensitive information.
- Weak Passwords: 29% of breaches involve using stolen credentials. Encouraging strong, unique password habits and using password managers can mitigate this risk.
- Insider Threats: Insider threats have risen by 47% in just two years. This emphasizes the need for constant vigilance, background checks, monitoring, and a strong organizational culture that discourages such behavior.
- Lack of Patching: Failing to update and patch software can lead to vulnerabilities. Human negligence in this area is a common entry point for cybercriminals.
- Unsecured Devices: With the rise of remote work, managing security on personal devices has become a major challenge. Proper training and enforcement of Bring Your Own Device (BYOD) policies are essential.
- Accidental Sharing: Accidental sharing of sensitive information with unauthorized parties is another area where human error plays a part. Proper training and technology controls can mitigate this risk.
Human Risk Management is an intricate and vital aspect of cybersecurity strategy. By recognizing the multifaceted nature of human risk and taking a comprehensive approach towards education, technology support, policy enforcement, and continuous monitoring, organizations can significantly reduce the vulnerabilities linked to human behavior. Partnering with an expert provider like Keepnet Labs can ensure these measures are robust, up-to-date, and effectively implemented.
3.4. A Market Overview of Security Awareness
The realm of security awareness is undergoing a transformative phase, signaling a pivotal shift in how businesses approach cybersecurity. Recent projections paint a promising picture of this market's potential. In 2022 the global security awareness market was valued at USD 1,854.9 million. Fast forward to 2027, and this figure is anticipated to skyrocket to a staggering USD 12,140.0 million. This represents a Compound Annual Growth Rate (CAGR) of 45.6%, underscoring the increasing emphasis organizations place on proactive cybersecurity measures.
But what's driving this exponential growth? At its core, the surge can be attributed to the evolving cyber threat landscape. As cyber threats become more sophisticated and pervasive, businesses need to fortify their first line of defense: their people. Employees, often seen as the weakest link in the cybersecurity chain, can become a formidable barrier against cyber-attacks when equipped with the proper knowledge and tools.
However, the focus isn't solely on in-house teams. The interconnected nature of today's business world means that third-party vendors, contractors, and business partners are integral to an organization's digital ecosystem. Educating these external stakeholders becomes paramount, ensuring they are well-versed in best practices to protect computer systems, sensitive company data, and other critical assets.
Moreover, the rise in cybercrimes and the audacity of cybercriminals have made it clear that technical defenses alone are insufficient. A holistic approach, combining robust technical measures with comprehensive security awareness programs, is the need of the hour. Such programs impart knowledge and foster a culture of security, where every individual becomes a vigilant guardian of the organization's digital assets.
The security awareness market's projected growth is a testament to its increasing significance in the global business landscape. The demand for comprehensive, effective, and widespread security awareness initiatives will only intensify as cyber threats evolve. However, it's becoming evident that traditional security awareness alone is not enough. The trend is shifting toward a more holistic approach: Human-Centric Security Design. This approach recognizes that for security measures to be truly effective, they must be designed with the user's experience and behavior in mind. The following section delves deeper into this emerging paradigm, highlighting the need to transition from mere awareness to a design that aligns with human instincts and behaviors.
3.5. The Evolution of Security Awareness - Trend: Human-Centric Security Design
Historically, security awareness programs have struggled to curb insecure behaviors among employees. This was highlighted in Gartner's 2022 Drivers of Secure Behavior Survey, which revealed a concerning trend: while over 90% of cybersecurity departments boast an awareness initiative, a staggering 69% of employees confessed to deliberately sidestepping their company's cybersecurity guidelines. Even more alarming, over 90% of those who engaged in such risky behaviors were fully aware of the potential security threats they were introducing to their organizations.
Picture 1. Intentionally bypass cybersecurity guidance
Chief Information Security Officers (CISOs) are now championing this approach, aiming to minimize the friction caused by security protocols. By reducing the "unnecessary" hurdles employees face due to stringent security measures, organizations can maintain high productivity levels while also encouraging adherence to secure practices. In essence, the future of security awareness is not just about informing but about designing systems that naturally align with human behavior and instincts.
3.6 Security Awareness and the Need for Compliance and Legal Regulations
The consequences of non-compliance are multifaceted and can be severe. They range from substantial financial penalties to irreversible damage to a company's reputation and in the most dire of circumstances, can even culminate in the shuttering of the business. A prime example of this stringent regulatory environment is the General Data Protection Regulation (GDPR) in the European Union. Under its provisions, companies found in breach can be slapped with fines as steep as €20 million or equivalent to 4% of their annual global turnover, whichever is higher.
Yet, the essence of compliance transcends the realm of punitive measures. At its heart, it's about safeguarding a business's very foundation and ensuring its myriad stakeholders' security. This protective stance becomes crucial in the face of escalating cyber threats that constantly loom over the digital domain. In this context, human risk management's role gains prominence.
By fostering a culture of security awareness and ensuring that every individual is equipped with the knowledge and tools to act responsibly, businesses can fortify their defenses from within. In essence, compliance and security awareness, when harmoniously integrated, form a robust shield that not only meets legal mandates but also proactively defends against the ever-evolving cyber threats of the modern world.
4. The Ideal Managed Service Vendor: A Comprehensive Guide
The security awareness sector with human-centric design has emerged as a critical intersection of technology, psychology, and security. This sector is dedicated to mitigating human-related cyber threats, an area often overlooked in cybersecurity strategies. The ideal managed service vendor should offer various solutions tailored to Managed Security Service Providers' needs, including software, analytics, training, and continuous monitoring.
4.1. Key Offerings to Look for in a Vendor
When choosing a managed service vendor, businesses should look for the following key offerings:
- Innovative Approach to Security Culture: The vendor should provide a unique approach that continuously educates and trains users, ensuring ongoing improvement in human risk management.
- Customized Solutions: The vendor should offer tailored solutions for different industries, company sizes, and threat landscapes.
- Integration with Existing Systems: The vendor's solutions should be capable of seamless integration into existing security infrastructures.
- A Wealth of Expertise: The vendor's team should comprise cybersecurity experts, behavioral psychologists, and seasoned business professionals, all working together to provide the most comprehensive solutions.
4.2. Addressing Human Risk Management
The ideal managed service vendor should offer extensive benefits that allow Managed Security Businesses to:
- Assess Human Risk Posture: With sophisticated tools and analytics, the vendor should help accurately identify vulnerabilities within an organization's human capital.
- Create a Security-First Culture: The vendor should foster an environment where security becomes ingrained in every aspect of business conduct.
- Enhance Threat Detection Capabilities: The vendor should empower Managed Security Businesses to improve their threat detection capabilities, increasing detection rates and providing a broader scope of protection against emerging threats.
- Comprehensive Reporting: The vendor should provide robust reporting tools with insightful and actionable intelligence.
4.3. Unique Technology and Scientific Backing
The ideal managed service vendor should stand out from the competition thanks to its unique technological innovations and strong scientific foundation. Here are some key elements to look for:
- Behavior Science-based Approach: The vendor should employ a multidisciplinary approach, combining insights from psychology, sociology, and cognitive science, to analyze and influence human behavior.
- Continuous Improvement Loop: The vendor should offer a novel approach beyond traditional training methods, creating a continuous loop of education, assessment, feedback, and improvement.
- ISO Certifications: The vendor should align with international standards, ensuring robust and globally recognized security measures.
- GDPR Compliance: The vendor's solutions should protect customer data while meeting the stringent regulatory requirements of the GDPR.
- Innovative Marketplace for Threat Detection Engines: The vendor should offer diverse, state-of-the-art detection systems, enhancing the ability to detect even the most sophisticated cyber threats.
- Research and Development Focus: The vendor should invest heavily in R&D, constantly seeking to innovate and improve.
- Customer Support and Partnership Approach: The vendor should offer dedicated support, tailored solutions, and a willingness to listen and adapt to the specific needs of each partner.
- Comprehensive Training Modules: The vendor should provide engaging and relevant training content for all levels of expertise.
- Flexible Payment Options: The vendor should understand the need for flexibility, providing easy payment options that suit different business needs.
The ideal managed service vendor should offer a comprehensive approach to Human Risk Management, combining technological innovation, scientific rigor, customized solutions, and a true partnership ethos. The alignment with international standards, continuous innovation, and focus on technology and human factors make such a vendor a trusted and essential partner in the modern cyber-threat environment.
5. Partnering with Keepnet Labs: A Strategic Move for Growth
By partnering with Keepnet Labs, a pioneer in the Human Risk Management sector, Managed Security Businesses can leverage a cutting-edge platform that not only adds value to their existing portfolio but also opens up new avenues for business growth.
5.1. The Impact of Human Risk on Cybersecurity
Without effective Human Risk Management, businesses could be left vulnerable to 90% of cyber attacks. Despite the majority of businesses being involved in security awareness programs, around 70% of employees continue to exhibit insecure behavior. As human error is responsible for over 90% of cyber attacks, it's essential for Managed Security Businesses to incorporate Human Risk Management into their service offerings. This enhances their clients' defenses against threats like phishing and provides a more comprehensive cybersecurity solution.
5.2. The Benefits of Partnering with Keepnet Labs
By leveraging Keepnet's Human Risk Management platform, Managed Security Businesses can enjoy a host of benefits:
- Diversify Your Cybersecurity Portfolio: With Keepnet's unique product offerings, Managed Security Businesses can go beyond traditional security awareness programs and offer more comprehensive solutions to their clients.
- Profitable Growth Opportunities: Keepnet's marketplace business models for security awareness and threat detection engines offer new revenue streams and cross-selling opportunities.
- Gain a Competitive Advantage: Keepnet's unique features save significant time in providing managed services and set you apart from competitors.
- Compliance-ready Platform: Keepnet's solutions are highly scalable and regulation-compliant, making them suitable for customers across the US, EU, and MENA regions.
- Advanced Support: Keepnet offers flexible support across various countries and SLAs tailored to your business, ensuring optimal service delivery.
- Training and Content Diversity: Keepnet's diverse library, enriched by 12+ global training providers, empowers your business to provide tailored training content to a wide range of customers.
- Profitable Margins: Keepnet's user-based subscription model allows you to pay exclusively for the products you subscribe to, providing the opportunity to upsell or cross-sell at any time.
- API-Driven Platform: Keepnet's platform leverages API to streamline customer management, invoicing, licensing, and advanced reporting, ensuring a smoother and more efficient operation.
- Co-Marketing Activities: Plan your annual marketing activities with Keepnet's fully rebranded documents and custom, automated social media content to boost brand awareness and generate leads.
- Co-Sales Activities and Training: Empower your sales program with Keepnet's co-sales activities and specialized training, transforming your team into experts in email-based attack lifecycles and innovative solutions.
5.3. Key Features of Keepnet’s Human Risk Management Platform
Keepnet's Human Risk Management platform offers a range of unique features that can help differentiate your offerings and enhance your services:
- Unique Product Offerings: Differentiate your offerings with unique products like Voice Phishing (Vishing) Simulator, SMS Phishing (Smishing) Simulator, MFA Phishing Simulator , Threat Sharing, Email Threat Simulator, and more.
- Multi-Tenancy: Onboard your channel partners, enabling them to bring their resellers and customers into the fold for collective growth.
- Special Design for Managed Services: Leverage solutions specifically designed for managed services to enhance your offerings.
- Training Delivery Through SMS: Cater to employees with limited email access using the upcoming SMS training delivery feature.
- Business Intelligence (BI) Integration: Generate custom reports and insights using BI integrations.
- Credit Card Payment Option: Facilitate customer transactions with optional credit card payments.
- Pay-as-you-grow Model: Manage financial resources effectively with Keepnet's flexible payment model.
- Well-documented Technical Product Guide: Navigate Keepnet's services seamlessly with a comprehensive product guide.
- Self-service Onboarding: Reduce operational burden with Keepnet's self-service onboarding process.
By partnering with Keepnet Labs, Managed Security Businesses can strengthen their portfolio, enhance their capabilities, and position themselves at the forefront of the cybersecurity landscape. Keepnet's commitment to technological innovation, scientific rigor, customized solutions, and a true partnership ethos makes it a compelling and vital partner in the modern cyber-threat environment.
6. Case Studies: Success Stories with Keepnet
6.1. Case Study 1: Managed Service Business Success Through Partnership with Keepnet
Challenge: A flourishing Managed Security Service Provider was at a crossroads. With the growing demands of clients and the increasingly complex threat landscape, they needed to enhance their security posture without incurring substantial capital expenditures. They were explicitly concerned with human-related risks, which had become a recurring issue in their clients' organizations.
Solution: After careful consideration, the managed service partnered with Keepnet Labs, attracted by their revolutionary Human Risk Management platform and innovative "Behavioral Science-Based Approach." This partnership allowed them to:
- Immediate Assessment of Human Risk Posture: Keepnet's advanced analytics helped identify vulnerabilities within human capital across different client organizations.
- Implementing a Security-First Culture: The program instilled a mindset where security became a priority, and adherence to best practices became second nature.
- Enhanced Threat Detection Capabilities: The collaboration provided access to Keepnet's marketplace of threat detection engines, adding a versatile layer of defense.
- Tailored Education and Training Modules: Customizable training sessions, adjusted according to time zones and languages, ensured that staff across various client organizations could be effectively educated about potential risks and best practices.
Outcome: The partnership with Keepnet proved to be a game-changer for the managed service. Within the first six months, the managed service saw a 65% reduction in human-related security incidents across its client base. This resulted in a stronger security posture and translated into significant cost savings. The overall security culture within the managed service provider clientele showed noticeable improvement, and their reputation as a comprehensive security solutions provider was solidified.
6.2. Case Study 2: Increasing Profit Margins for a Managed Service
Challenge: An emerging managed service was eager to expand its market reach, diversify its service offerings, and bolster its profitability. However, with limited resources and the constant pressure to stay ahead of the technological curve, the task seemed daunting.
Solution: The managed service found its answer in Keepnet Labs. By forging a partnership, the following milestones were achieved:
- Integration of Human Risk Management: Keepnet's Human Risk Management was seamlessly integrated into the managed service's existing service portfolio. This added a unique dimension, setting them apart from the competition.
- Access to Flexible Payment Options: Options like credit card payments were introduced, catering to different client preferences and enhancing customer satisfaction.
- Leveraging Keepnet’s Innovative Technology: The adoption of Keepnet's unique security culture loop and access to their state-of-the-art threat detection marketplace provided the managed service with an advanced and flexible security framework.
- Alignment with International Compliance Standards: Through Keepnet, the managed service ensured compliance with essential standards like ISO 27001, 27017, 27018, and GDPR, fortifying trust and regulatory adherence.
Outcome: The results were remarkable, with the managed service recording a 40% increase in profit margins within a year. The client base expanded, reflecting a broader market reach, and the enhanced service offerings attracted new clientele from various industry sectors. This strategic partnership with Keepnet allowed the managed service to transform its business model, delivering more value to clients while optimizing costs and driving sustainable growth.
In both cases, Keepnet Labs proved to be more than just a solution provider; they emerged as a strategic ally that understands the intricate challenges of Managed Security Businesses. The case studies encapsulate the transformative power of collaboration, highlighting how the right partnership can lead to business success, robust security, and continued innovation.
Managed Security Businesses are essential security guardians, providing crucial protection against cyber risks. Among the key elements of this defense is Human Risk Management, a vital but frequently underestimated dimension of cybersecurity.
Keepnet Labs emerges as more than a solution provider; it is a strategic ally for Managed Security Businesses. By forging a partnership with Keepnet, Managed Security Businesses gain the tools and insights to comprehensively address the complexities of human-related risks. This collaboration offers many benefits, from immediate vulnerability assessments to fostering a security-first culture, all empowered by Keepnet's innovative and scientifically-backed technology.
But the Keepnet advantage extends beyond technology and methodology. It encapsulates a business model that's synonymous with success. Offering profitable margins, adaptable payment solutions, proven effectiveness, and a track record of excellence, Keepnet represents a valuable and multifaceted partnership for Managed Security Businesses. Those collaborating with Keepnet can elevate their security awareness efforts and position themselves to thrive in a competitive market. The case studies and insights presented in this document underscore Keepnet's unique ability to contribute to business growth and resilience, making them an indispensable partner for any managed service seeking to navigate the future of cybersecurity.
8. Take Control of Your Cybersecurity Future Today!
Is your organization poised to transform its security strategy and unlock new avenues of growth? With Keepnet Labs' groundbreaking Human Risk Management platform, you can redefine how you protect against human-related cyber threats. Our partnership model isn't merely a service; it's a collaboration that opens doors to untapped opportunities in the ever-challenging cybersecurity environment.
8.1. Apply Now to Become a Partner
Join our community committed to fortifying defenses against human errors and malicious activities. By partnering with Keepnet Labs, you're not just enhancing your security measures but embracing a safer and more profitable future. The time to act is now. Let's embark on this journey together and shape a thriving cybersecurity future.