Managed detection and response (MDR) services will experience a 50 percent growth in 2024, reaching a market value of $9 billion, Canalys forecasts. This surge is driven by the increasing availability of third-party security operations center (SOC) services offered by managed security services providers (MSSPs) and IT cybersecurity vendors.
External pressures, such as government regulations, supply chain compliance requirements, and cyber-insurance demands, are pushing organizations to adopt more comprehensive cybersecurity services, Robin Ody, Canalys analyst, said in a blog on managed security.
However, channel partners offering cybersecurity managed services need to carefully evaluate the response and remediation capabilities provided by their third-party MDR providers. A growing number of legal disputes involving channel partners and customers over cyber-breach incidents highlights a disconnect in understanding the responsibilities of each party.
This will be discussed in the “MSP Reality Check” Expert Hub at the upcoming Canalys Forums 2024, with a panel of vendors and top channel partners.
Canalys Forums 2024
EMEA: 8-10 October, Berlin, Germany
NORTH AMERICA: 22-24 October, Miami, Florida
APAC: 3-5 December, Bali, Indonesia
A recent industry report said IBM, Cisco, BT, Lumen Technologies, SecureWorks, Symantec, Wipro, Accenture, CheckPoint, among others, are some of the leading managed security service providers.
To address these challenges, it is crucial for channel partners to establish a clear, standardized approach to delivering cybersecurity services. This process should encompass everything from initial assessments and consulting to post-breach forensics. The complexity of the cyber landscape requires partners to not only understand the technology and threats but also navigate the regulatory, insurance, legal, and third-party service provider ecosystems.
As the market for cybersecurity managed services expands, it is essential for partners to clearly define the scope of their services and the role of any third-party providers involved. Transparency in communication with customers is key to ensuring compliance and managing expectations, both for the customers and the service providers themselves.
Vendors and MSSPs must also be more explicit about the services they offer. If their terms of service are limited to monitoring and alerting without proactive response or remediation, this must be clearly communicated to avoid potential misunderstandings and legal complications. The growing complexity of cybersecurity demands clear, precise agreements to protect all parties involved.
Baburajan Kizhakedath
