Page 14 - Cyber Defense eMagazine - March 2018

CYBER-ATTACKS THRIVE THE MARKET FOR MANAGED SECURITY

SERVICES

GROWING VOLUMES OF DATA ON ACCOUNT OF INCREASED IOT ADOPTION AND
INCREASED MOBILE DEVICE USAGE AMONG CORPORATE EMPLOYEES HAVE MAINLY
FUELED THE DEMAND OF MANAGED SECURITY SERVICES ACROSS THE WORLD.

by Kevin Stewart, Research Manager, Research Cosmos

Managed security services market has witnessed an up thrust with the advent of new
innovations and increased cyberattacks inside the Information Technology (IT) industry.
As the name itself indicates, managed security services are the protection provided to
any company's network or the information system within in the organization or by some
trusted third-party providers. Some of their work includes incident responses, intrusion
detection and alerts, firewall monitoring, security audits, system upgrades, vulnerability
assessments, and so on.

The global managed security services market is predicted to have a net worth of
USD 17 Billion in 2016 and is estimated to cross USD 35 Billion by 2022, with market
size growing at an annual rate greater than 14% in between the years. The recent
market study also discloses that around 82% of IT professionals are interested in using

or already using the facilities of managed security services.

The increase in cybercriminal activities, complex cloud infrastructures, and continuous
log monitoring and auditing have become a great challenge for IT industries to depend
solely on their internal security processes. This, in turn, led to the proliferation of
managed security services from external providers directly impacting the growth of its
market share. The market analysis also confirms that the shortage of in-house skilled
professionals, advanced cyber threats, and affordable third-party services had risen the
significant demand for managed security services.

14 Cyber Defense eMagazine – March 2018 Edition
Copyright © 2018, Cyber Defense Magazine, All rights reserved worldwide.