The managed security service provider (MSSP) market in Southeast Asia is expected to enjoy steady growth in the coming years due to the region’s collective push towards countrywide digital transformation initiatives, according to experts.
A managed security service provider provides outsourced monitoring and management of security devices and systems.
Southeast Asia remains the fastest growing digital economy in the Asia Pacific region. Governments here have been taking bold steps to support local digitalisation efforts and to also beef up the country’s data protection and cybersecurity capabilities, said Kaspersky general manager for Southeast Asia Yeo Siang Tiong.
“As local businesses here embrace digital transformation, it is parallel to needing comprehensive cybersecurity solutions and the right talent to manage their defenses,” he said.
While the Asia Pacific region continues to grow its cybersecurity workforce, a recent study found a 2.1 million gap in available local security staff urgently needed in the region.
Southeast Asia’s drive to digitalise has also been delayed by the lack of cybersecurity experts with the right expertise to combat sophisticated cyberthreats, experts said.
“For our part, we have been actively partnering with local universities to provide training and workshops to upskill their students and ensure their curriculum can meet the current industry demands. However, it will take years for these students to become cybersecurity professionals,” Yeo said.
Hence, engaging reliable managed security service providers could ensure enterprises have the right security talent and effective solutions, he said.
“It’s an efficient way to outsource if your partner is engaged with a cybersecurity company with proven expertise in threat detection, response, and threat intelligence,” he added.
According to the latest Kaspersky IT Security Economics Report, businesses in the region outsource security functions to MSSPs mainly to achieve efficiency in delivering security solutions, address the shortage of IT employees or understaffing, and meet the requirements for special security expertise.
The report covered 26 countries across all of Kaspersky’s major business-to-business markets and companies of different sizes, from small and medium-sized businesses with 50 employees to major corporations.
According to MarketsandMarkets, a global market research company, the global managed security market was valued at US$27.7 billion in 2022 and is projected to reach $49.6 billion by 2027, exhibiting a compound annual growth rate of 12.3 per cent during 2022-2027.
Globally, cybercrime is on the increase. Cybercriminals use multilayered cyberattacks to monitor the intelligence and commercial aspects of individuals, enterprises, and even nations. Hence, organisations are looking for robust security services that enable them to both reduce costs and improve the safety of their facilities.
Standalone security solutions are not capable of handling such types of unified threats. Hence, the need for robust and cost-effective security services to monitor and manage security events on a round-the-clock basis is expected to grow. — VNS