For 83% of companies, a cyber incident is just a matter of time (IBM). And when it does happen, it will cost the organization millions, coming in at a global average of $4.35 million per breach. Add to that stringent data protection laws and the growing frequency and reach of ransomware and other sophisticated attacks.

The IT security landscape has been fundamentally transformed with the advent of cryptocurrencies, which have enabled hackers to easily monetize their activities without being tracked. This is one of the key drivers behind ransomware attacks becoming more numerous and more frequent.

Today’s Managed Security Service Providers (MSSPs) are trying to grow their business quickly, improving margins and onboarding customers with high-quality tool sets that scale with the business. This means reducing cost, improving onboarding time and building the next generation of Managed Detection and Response (MDR) to deal with threats that are increasing in volume and sophistication.

The managed security services market is booming. Coming in at $22.8 billion in 2021, it is projected to nearly double in just five years and grow to $43.7 billion by 2026. Moreover, cloud-based managed security services are poised to be the major growth driver for the broader MSP market, coming in at $219.59 billion in 2021, and expected to reach $557.10 billion by 2028. As we can see, providing robust security services is a key competitive differentiator for the lucrative MSP market.

When considering the fact that 2020 was a record breaker in the number of cyberattacks that occurred and the resulting cost to organizations that was incurred, it is clear that the state of cybersecurity readiness is not very encouraging, to say the least.