Far too often IT security efforts concentrate on the process improvement strategies and technology investment opportunities; while essentially ignoring the people aspects. Subsequently, these initiatives do not achieve the desired results.
When it comes to protecting your organization’s reputation against today’s consistent and persistent cyber security related breaches and achieving and maintaining ongoing compliance jurisdictions, the need to have enough people and the right people becomes critical. Adding skilled security resources to your staff can cost organizations up to $100k per full-time employee – and you probably need more than one. This is why we are seeing the trend of organizations partnering with professional security services companies. Whether it’s to act as an extension of your existing team or to offload all security headaches, having a true security partner can help you combat the new persistent threat landscape.
Recent announcements from major analysts continue to show the increasingly significant market demand for IT security services providers:
- Big banks and financial services firms ramp up cybersecurity spending in response to cyber-attacks. According to the Banking and Financial Services Cybersecurity: US Markets 2015-2020 report, published by Homeland Security Research Corp, the 2015 U.S Financial services cybersecurity market will reach $9.5 billion, making it the largest non-government cybersecurity market.
- As part of the ABI Research’s Cybersecurity Strategies for Critical Infrastructure research, medical identity theft and fraud are also on the rise, and healthcare providers are struggling to cope instances of data breaches leaking millions personal records.
- According to the Frost and Sullivan Network Security Research, Unprepared organizations, when notified of a breach by external entities such as the FBI, are increasingly employing professional security services providers to address security emergencies. Evasive malware and security skills shortages are driving demand for professional security services. Professional Security Services in North America will reach $1.9 billion in market revenue by 2018.
- Global research firm MarketsandMarkets forecasts the Managed Security Services Market is expected to grow from $14.32 Billion in 2014 to $31.86 Billion in 2019.
There is no better time to partner with a security services provider. Don’t go at it alone. Leverage the experience of others to help you navigate protecting your organization. Learn more next week at Foresite’s upcoming webinar and stay tuned for next week’s blog post on “Security versus Compliance”!