Morne Vermeulen, Redvine Networks

According to Transparency Market Research, the forecast value of the global managed security services provider (MSSP) market is $54 billion by 2031. This growth, driven by the increasing complexity of cyber threats, the demand for specialised expertise and around-the- clock monitoring is where services led cyber protection comes in. According to D3’s ‘2024 MSSP Survey’, the demand for MSSPs is getting larger, and mostly with enterprise and SMB customers. MSSPs are also increasing their revenue by introducing new services like virtual CISO (vCISO) advisory, although 78% of respondents still focus on 24/7 monitoring. For many CISOs, CTOs and security operations teams, detecting real threats across their entire IT infrastructure is like finding a needle in a haystack. They are often forced to piece together information from multiple siloed tools and navigate through a huge number of daily alerts.

It’s understandable, then, why Accenture’s latest Cyber-Resilient CEO report shows that 74% of CEOs are worried about their organisation’s ability to handle the impact of a cyberattack. In the same survey, 96% of CEOs say cybersecurity is critical to organisational growth, stability and competitiveness, but only 33% of respondents think they have a deep knowledge of the evolving cyber threat landscape. For these organisations, MSSPs can be a pragmatic solution to their cybersecurity needs, says Rudi van Rooyen, a cybersecurity engineer at Check Point. Because MSSPs offer comprehensive expertise and cybersecurity provisioning, they allow businesses to direct internal resources back towards core operations.