Driven by increasing complexity in security requirements, the global managed security services market is expected to be worth US$15.4 billion by the end of 2015 and hit US$32.9 in 2020, according to ABI Research.
Implementing and managing a successful security programme is a complex affair and most organisations lack the security expertise to manage security solutions from a wide variety of vendors. Rising threats, government regulations and a lack of internal resources are driving businesses to turn to managed security service providers which offer expertise and dedicated security personnel.
Information security incidents are on the rise as cybercriminals increase their focus on both large and small businesses. In 2014, there was a 49-percent increase in data breaches and a 78-percent increase in the number of data records stolen or lost compared with 2013. This indicates that a comprehensive IT security system is becoming increasingly necessary across the corporate, consumer, and public sectors.
“An in-depth IT security strategy protects the entire network of an enterprise from infrastructure to applications to devices. Continuous monitoring and threat detection tools have become essential. The key objective is to provide insight into all aspects of a business so that unusual activity is detected and data loss can be minimised,” said Monolina Sen, Senior Analyst of Digital Security at ABI Research.
Security as a service is also gaining popularity mainly due to cost and flexibility benefits. Common cloud-based security services include web application security services, identity and access management, and security information and event management.