The
distributed nature of organizations in current times poses many
issues related to the rising sophistication, severity and
proliferation of data and network security threats. Malwares are now
a daily issue for many organizations.
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To
help ensure that the security and privacy of a network and data in an
organization is controlled and maintained, a number of approaches are
employed. The array of such approaches is called managed security
services. In some cases, managed security services manage security of
an entire network while in some cases it may provide security in
varying levels to certain specific sections of a network or
workstations.
Managed
security services can be employed in the form of an in-house
initiative by an organization’s technical support team, or
outsourced to an external service provider.
Need
For Managed Security Services
Security
is a matter of prime importance to companies, now more than ever.
Hence it features high on every corporate agenda. Persistent threats
of advanced form are proliferating global networks on a continuous
basis. The recent, high-profile cases of data breach and many
instances of denial of service attacks show the consequences of
failed attempts at adequately addressing the issue of security
vulnerability.
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Issues
regarding security, access, storage, processing and privacy of data
are being regulated with intense scrutiny throughout the globe. The
non-adherence of such legal issues and many other data related
standards may result in steep penalties. At the same time, the recent
revelations about cases of state-sponsored data hacking have sparked
a wave of data security fears. Data sensitive businesses have become
more sensitive about advancing threats and are in constant pressures
of stepping up their efforts for protecting businesses.
These
factors together create multiple challenges for companies,
implications of which may include overworked technical support teams,
loss of faith of clients in business and churning of expensive
man-hours. In worst cases, inadequacies in security management may
result in breach, the consequences of which to the finances and
reputation of any organization can be gross.
Managed
Security Services Market – a Global Scenario
The
global managed security services market is a big industry. In 2012,
this industry had an estimated market value worth USD 9.24 billion.
The rising occurrences and the increasingly complex nature of
security breaches and cyber attacks are leading organizations in
deploying managed security services in a progressive manner. The
constant rise in real-time customer data and the need for its
security, the rising trend of bring your own device (BYOD) in
workplaces and the globalization of businesses are leading to the
need for advanced security services and consecutively to the growth
of the global managed security services market.
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In
the BFSI sector, outsourcing of security services is a common trend
and also an economical and viable solution due to the lack of
internal expertise and cost pressures.
The
sector of cloud based managed security services is currently the
market leader in terms of types of solutions provided by the
industry. This segment, owing to many benefits such as cost
effectiveness, ease of changing vendor and services, etc. has
potential of maintaining a lead position amongst other models namely
consumer premises equipment and hybrid services.
The
segment of banking, finance and insurance services (BFSI) is
currently the major revenue generator for the industry. In 2012, this
sector accounted for nearly 25.2% shares of the overall revenues
generated by the industry on a global front. The security needs of
companies in this collective sector due to frequent threats of
security breaches are leading to the rising adoption of managed
security services.
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