Australian organisations are increasing their spending on cybersecurity measures in response to the growing risk of cyberattack. Approximately $5.6 billion was spent on cybersecurity solutions in Australia during 2020, and that figure is anticipated to rise to $7.6 billion by 2024.[1]

There are literally hundreds of cybersecurity solutions on the market and many new solutions being introduced every day. So, how do you choose the right solution to protect your organisation’s data, applications and intellectual property for the longer term? Increasingly, organisations of all sizes are turning to managed IT security services providers to take away the guesswork, cost and risk from choosing a cybersecurity solution.

There are three key reasons to work with a managed security services provider: 

1. Reduce risk. Through automating manual security processes and providing 24/7 monitoring of potential cyberthreats, MSSPs can significantly reduce cyber risks for organisations. The new breed of MSSPs provide a combination of highly skilled cybersecurity experts and robotic process automation that reduces the risk of human error, which frees up in-house IT teams to focus on higher-value tasks. MSSPs continually scan the external and organisational threat environment and keep one step ahead of emerging cyber risks, as well as the development of new IT security solutions. Their capability to detect and respond to a cyberthreat in near-real time makes MSSPs crucial in decreasing the organisational risk of cyberattack.
   
   
2. Gain centralised analytics and advanced reporting. Through centralised analytics and reporting provided by MSSPs, organisations gain a greater ability to discover a potential cyberthreat. A trusted MSSP will deliver timely reports in plain language that makes it easy for all key stakeholders to understand so that the organisation can swiftly respond to security issues. Reports should include the identification of any vulnerabilities, as well as actionable insights and recommendations about how to firm up the organisation’s security posture to protect assets and information from a cyber breach. It is best to partner with an MSSP that can generate custom logs and data reports with flexible reporting formats to ensure analytics and reporting best match your organisation’s needs.
   
   
3. Save time and money. It is much more time and cost effective to outsource cybersecurity solutions rather than manage IT security in-house. The reasons for this include:
    
   1. IT security tasks can be time-consuming and manual. Staff members’ time can be better spent on strategic initiatives that drive business efficiencies and support innovation that brings revenue into the organisation.
      
   2. Economies of scale can only be achieved through an outsourced managed security services partner (MSSP). Strong cybersecurity solutions don’t have to be expensive, even for large enterprises. A trusted MSSP can deliver economies of scale by providing the most up-to-date and relevant combination of security solutions that best fit the needs of your organisation through an affordable subscription model. Through working with vendor partners, MSSPs can provide easy and affordable access to their own cybersecurity solutions, as well as partner solutions. This lets your organisation more easily budget, plan and keep up to date with cybersecurity without overwhelming costs.
      
   3. Reporting and analysis is faster and more cost effective when delivered by MSSPs. As part of their subscription service, MSSPs take the time, cost and guesswork out of cybersecurity monitoring, reporting and analysis. This is achieved through centralised analytics and advanced reporting capabilities that lets organisations quickly assess vulnerabilities and close IT security gaps.

For further information about the type of information your MSSP must provide, read our tip sheet, which outlines the value of customised reporting to secure your business. For a detailed analysis about how to best protect your organisation from cyberattack, contact the Subnet expert team today.

Want to learn more about Cyber Security in 2021? Read more about it here: - 

 Five signs that your organisation is at high risk of cyberattack 

 Three low-cost ways to secure your organisation online

 3 key ingredients needed to secure organisations

 How to identify high security risks in your organisation

[1] https://www.austcyber.com/resources/sector-competitiveness-plan/plan-at-a-glance