In the technology age, digital security is absolutely essential. Hackers can infiltrate virtually any device and access virtually any information they want to. And according to Lisa Detwiler, President of SSD Technology Partners, the demand for managed security services have skyrocketed in recent years.
Part of the boost is to be expected: Current data shows that the managed security services market is projected to almost double by 2020, from $17.02 billion to $33.68 billion.
But Detwiler cites a number of additional reasons for the increased demand. First and foremost, there is a severe shortage of people applying for IT security jobs. About 41% of IT security jobs receive fewer than five applications, according to Detwiler’s article in the Delaware Business Times.
“As a result, IT security positions can take months to fill, and many aren’t filled at all. The law of supply and demand can also mean organizations who do land qualified talent will end up paying top dollar,” she wrote.
A trend towards outsourcing is also driving the market growth, as fewer companies can afford an in-house cybersecurity team. A company can generally save an average of 60% in operations costs with an outsourced individual, and most small businesses simply can’t afford full- or part-time IT workers.
“Many experts believe smaller organizations that lack the resources to purchase the latest tools and attract top IT security talent have the most to gain by partnering with an MSSP,” she wrote. “Outsourcing provides smaller organizations with access to the same level of expertise as major enterprises that spend millions to protect their data and assets. After all, small companies face the same challenges related to business disruption, regulatory compliance and brand reputation, albeit on a smaller scale.”
Ultimately, as long as cybersecurity threats remain prevalent, so will the market for managed security services. Not only that, but managed security services are just one part of the fast-growing cybersecurity industry.
Already 2017 has brought a number of high-profile cyberattacks, including the spring Ransomware attack that affected hospitals all over the world.