Elevating Cybersecurity: The Role of MDR in Boosting MSP Offerings
10 April, 2024 by Iratxe Vazquez
In an era where cyber threats are not just common but increasingly sophisticated, businesses across the globe are feeling the pressure. The need for robust cybersecurity measures has never been more pronounced, leading to a significant uptick in demand for managed service providers (MSPs) capable of fortifying organizations against these digital dangers. A report by Kroll highlights a compelling trend: a staggering 98% of companies that have yet to outsource their cybersecurity are considering it, with over half planning to do so within a year. Market and Markets reinforces this urgency, predicting the managed security services market’s growth to $52.9 billion by 2028.
Managed Detection and Response (MDR) emerges as a cornerstone in this evolving landscape, offering continuous monitoring, proactive threat hunting, and instant response services crucial for countering contemporary cyber threats. MDR’s proactive stance not only responds to threats but actively works to minimize the potential entry points for cyberattacks, thus enhancing an organization’s security posture and resilience. The soaring demand, underscored by a skilled security personnel shortage and stringent cybersecurity mandates, projects the MDR market to expand from $3.3 billion in 2023 to $9.5 billion by 2028.
This surge presents an invaluable opportunity for MSPs. By integrating MDR services, MSPs boost their value proposition and revenue and solidify client relations. Nevertheless, the path to adopting MDR services, notably through establishing security operations centers (SOCs), is fraught with challenges, primarily due to the hefty investments and resources required.
MSPs can navigate these hurdles through several strategies.
- In-House SOC: This approach demands significant investment in security infrastructure and team development, presenting a long and costly route to market.
- Outsourced SOC: By leveraging third-party SOCs, MSPs can substantially lower entry barriers, though this may impact operational margins and client relationships.
- Hybrid SOC: A blend of in-house and outsourced services, this model offers a balanced approach, allowing MSPs to maintain client engagement while benefiting from the expertise of SOC vendors.
Gradual MDR services
Beyond these models, MSPs can still tap into the burgeoning demand for cybersecurity services through various means, irrespective of their scale or SOC capabilities. Solutions can range from essential security services to full-fledged MDR offerings. The spectrum allows MSPs to cater to clients with varying cybersecurity maturities and needs:
- Fundamental security services that include automated MDR features, such as the Zero-Trust Application Service and the Threat Hunting Service in WatchGuard EDR, EPDR, and Advanced EPDR.
- Advanced detection and response practices with specific tools, such as those included in Advanced EPDR, i.e., IoC search and remote shell to investigate further and respond.
- Complete MDR and security posture management services, leveraging WatchGuard MDR.
These solutions empower MSPs to elevate their clients’ security measures without requiring extensive staff additions or SOC commitments. Whether through advanced endpoint security products, advanced threat hunting, or comprehensive 24/7 cybersecurity monitoring, MSPs have an array of options to enhance their offerings and address the sophisticated threats their clients face.
Conclusion
The cybersecurity landscape is ever-changing, with new threats emerging alarmingly. For MSPs, this represents a challenge and a substantial opportunity to grow their security practices and increase their revenue streams. The advent of MDR offers a pathway to address these challenges head-on, enabling MSPs of all sizes to gradually deliver critical detection and response services efficiently, effectively, and profitably. As the demand for cybersecurity services continues to escalate, leveraging MDR and customers’ security posture management could be the key for MSPs to differentiate themselves and thrive in the competitive market.
