It wasn’t too many years ago that only large-scale organizations and enterprises were compelled to worry about cybersecurity. They were the primary targets for malicious actors, and so they seemed to be the only ones thinking about defense. But just like most things, that has completely changed. Small and medium-sized businesses are just as vulnerable to cyberattacks. Without the size and resources to bring security in-house, most turn to managed security service providers (MSSPs) for help.

MSSPs have huge potential for growth as more and more companies turn to experts to outsource their cybersecurity. Tailwinds such as escalating cyber threats, the need to protect more customer data than ever before, and growing compliance requirements are driving the managed security services market’s growth at a compound annual growth rate of 15.4% from 2023 to 2030.

If you’re in the Managed Security Services Provider (MSSP) business, landing new customers is great. What’s even better, however – and more crucial for long-term business success – is retaining existing customers. After all, keeping customers can cost up to 25 times less than acquiring new ones, according to Harvard Business Review.

If you’ve worked in the Managed Security Services Provider (MSSP) industry for a while, you might remember the era when the MSSP tool set consisted only of internal risk management solutions – like software that scanned client endpoints and application source code. Those days are gone. Today, external risk management has become just as critical a part of an MSSP’s job.

The SecOps Cloud Platform (SCP) helps managed security service providers (MSSPs) improve their response times in several ways. Here is an overview of the most significant use cases.

SOAR is yet another set of cybersecurity tools and technologies that’s exciting to talk about, looks good on paper, but is fraught with financial difficulties for MSSPs seeking to deliver an outsourced security solution that maintains a healthy ROI.

Managed Security Service Providers (MSSPs), desperate to automate repetitive tasks, initially turned to SOAR to reduce their workload and improve threat response times. Unfortunately, legacy SOAR tools still face scalability, flexibility, and integration challenges. As the complexity and volume of cyber threats continue to grow, the limitations of legacy SOAR have become more apparent, necessitating the move towards more advanced automation technologies like Torq Hyperautomation.

With the increasing threat of cyber breaches, it has become crucial for businesses and government entities to have effective cybersecurity measures in place. However, many organizations struggle with deploying and operating these technologies with best practices and properly trained staff.