To understand the growing demand for business cybersecurity, watch where the money goes. By 2026, the global cybersecurity market could be worth $248 billion, up 86 percent from $145 billion today.
Services and products from external cybersecurity providers make up about 75 percent of the market. Demand for these third-party services is expected to grow by 8.4 percent every year, outpacing in-house expenditure’s 7.2 percent figure.
Beyond the obvious conclusion – that global spending on cybersecurity is on the rise – the stats also suggest that most organizations increasingly entrust their cybersecurity solutions to external expertise.
Today’s businesses must deal with both digital transformation and increasingly complex threats. To survive, you may need to entrust your cybersecurity with partners that provide managed security services. Your competitors are probably already doing so; here are four reasons you should consider the same for your own organization.
Avoid drowning in a sea of data
For companies with cybersecurity solutions in place, the volume of alerts and logs from incoming threats can be overwhelming.
This may have increased recently, as the pandemic sped up businesses’ digital transformation. In a survey conducted by the Economist Intelligence Unit, 84 percent of Philippine executives and 85 percent of global executives believe that, during and after the pandemic, smooth transactions remain crucial to business survival. It is no longer seen as merely a competitive edge. 78 percent of Filipino executives say that their organization has changed its digital transaction process.
Today’s typical IT infrastructure now depend on hybrid networks that mix on-premise, cloud, and multi-cloud locations. This escalates the volume of data that in-house security teams have to parse while widening the attack surface.
External cybersecurity experts possess both the technology and the knowledge needed for a robust threat detection and response system. They can help enterprises make sense of data, identify serious threats, and respond appropriately.
This means less time is wasted hunting false positives and low-impact threats. You’ll be able to devote more resources to actually growing your business.
Sophisticated threat detection and response
Due to economies of scale, managed security service providers have access to advanced security technologies that in-house teams lack.
Red Cloak Threat Detection and Response (TDR), for instance, features advanced analytics and threat intelligence for reliable threat detection. It also enables simple and collaborative investigations and automates incident containment responses.
This technology was created by Secureworks, a partner of Globe Business for managed security, with over two decades of experience protecting over 4,000 customers worldwide. Secureworks has also retained a leading position in the Gartner Magic Quadrant for Managed Security Services, Worldwide. This means Red Cloak TDR benefits from insights gleaned from thousands of different customer environments.
The human touch: why tech is not everything
Technology can only do so much. Proactive cybersecurity requires powerful tools, such as AI, but also human insight. Human judgement can analyze the bigger context better than any machine can. Bots and boxes can monitor behavioral cues and activities at endpoints, but it takes a person to extract actionable analysis out of data.
By working with specialized organizations, you benefit not just from better technology, but also their long experience and tested expertise. Secureworks’ team, for instance, spends over 40,000 hours per year responding to incidents across varied customer environments. This figure far exceeds anything an in-house team can provide.
There’s no such thing as a “one size fits all” cybersecurity solution. Fortunately, reliable cybersecurity providers can adjust their services and costs according to their clients’ needs and budgets.
Consider Secureworks’ extensive portfolio:
Clients who only need their technology can get Red Cloak TDR as standalone software.
Companies that lack the resources to oversee their cybersecurity 24/7 may opt for a Managed Detection and Response (MDR) service. This gives companies reliable threat hunting and incident response support from Secureworks. It also eliminates the need to train current employees or hire new ones with specialized skills.
Enterprises can also sign up for Secureworks’ holistic and scalable Detect and Prevent solution. This includes their proprietary iSensor intrusion prevention system, plus security and server monitoring services.
In the event of a breach, companies can sign an Incident Management Retainer (IMR) agreement. This adds consulting services and priority incident response support. Under IMR, Secureworks can offer expert advice, workshops and exercises, and testing and validation services.
This flexibility lets companies spend only what they can afford, and redirect more resources towards activities that drive growth.
Connecting with world-class cybersecurity experts through Globe Business
Globe Business, a preferred strategic partner of Secureworks in the Philippines, can help your company access advanced tools and deep security expertise. With a strong portfolio, Globe provides comprehensive security services that can empower Philippine enterprises to take a proactive approach towards cybersecurity and secure every business outcome with success.
Act on cybersecurity issues with maximum confidence. Detect threats, respond quickly, and get round-the-clock support with Secureworks and Globe Cybersecurity. Contact your Globe Business Account Manager or visit our website for more information.