Last week Frost & Sullivan issued a new report on the growing market for Managed Security Services. Following is a brief summary and how we interpret the report for Small Business owners.
Compliance is Leading Factor
Frost & Sullivan believes compliance with regulations such as Payment Card Industry - Data Security Standard (PCI DSS) will drive growth of security services, particularly in emerging vertical markets such as manufacturing, energy, retail and utilities. Businesses will continue their struggle to keep up with data security concerns and compliance mandates.
Growth Estimates
The Managed Security market is expected to double its current size in the next six years. Last year the market grew by 12 percent in North America, up to $1.06 billion. Frost & Sullivan expects the market size to hit $2.40 billion in 2015.
Contact Us for a Vulnerability Scan with a Free Analysis and Report, including PCI compliance issues and other Opportunities to improve your Security Posture
Threats to Security
"Threats continue to be malicious and complex, and malware is increasing alarmingly, highlighting the need for companies to defend all the endpoints attached to the corporate network," Frost & Sullivan Research Analyst Martha Vazquez said in a statement./p>
Keys to Successful Partnership
The report recommends Managed Security Service Providers and Clients work together to develop a preventative security posture to protect information assets and corporate reputation from attacks.
Education is a Good Start
Frost & Sullivan recommends that education efforts surrounding outsourced security and improved understanding about the costs of major breaches and compliance failures will help demonstrate the value of engaging a Managed Security firm.
Small Business Impact
The impact of regulatory compliance and threat management on Small Business has grown in recent months as they've become leading targets for attack. SMBs are generally less prepared and process far more consumer transactions than large organizations. PCI standards for Small Business are becoming more stringent with tighter regulations and penalties for non-compliance expected to include incarceration in certain circumstances.
If you have questions about your exposure to threats and how regulations and standards affect your business, call us anytime for a free phone survey.
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