How to Select the Right Managed Security Service Provider?

A managed security service provider (MSSP) enhances your cybersecurity posture colossally. Can you easily manage and analyze countless security tools? Does your in-house team have world-class security knowledge?

Do you have enough budget to accommodate an on-premises cybersecurity infrastructure? If you are a small or medium-sized business owner, the answer to these questions is undoubtedly a “no.”

A managed security service provider adds the ultimate industry expertise to your team. MSSPs lighten the load on your in-house teams by taking over resource-intensive tasks 24x7x365, monitoring and keeping up with industry-specific compliance regulations. An MSSP builds a multi-layered security infrastructure, giving you in-depth defense. On top of that, it applies the experience of its entire client base to your areas of interest.

Now, selecting the right managed security service provider is complicated. There are many MSSPs in the market. You need to pick the one that is compatible with your business.

This blog will tell you the key parameters you should look out for when choosing an MSSP.

Understanding Your Business Needs

Understanding your business needs is a critical first step in selecting the right Managed Security Service Provider (MSSP). Start by –

Assessing Your Current Security Posture

Evaluate your existing cybersecurity measures, including policies, tools, and team expertise. Identify vulnerabilities, gaps in protection, and areas for improvement. This baseline assessment helps determine where an MSSP can add the most value.

Identifying Specific Needs

• Industry Compliance: Ensure your business is aligned with key regulations such as HIPAA, GDPR, or PCI DSS. Staying compliant is crucial for avoiding legal pitfalls and safeguarding sensitive information.
• Scalability: Make sure your business can handle growing data, users, and emerging threats.
• 24/7 Monitoring: Verify that your operations are equipped with continuous threat detection and response. Round-the-clock monitoring ensures your business remains secure from potential cyber threats.

Budget Considerations for Security Solutions

Understand your financial capacity and allocate a budget that balances cost with value. Factor in the potential cost savings from preventing breaches versus the investment in MSSP services. Avoid focusing solely on the lowest price; prioritize the ROI on comprehensive protection.

Key Factors to Evaluate When Selecting an MSSP

Relevant Skills and Experience

A good MSSP should have certified security skills beyond regular day-to-day analysis. Enquire about the skills and experience they have in combating ransomware or zero-day attacks. Understand if the special skills of the MSSP are compatible with your team and if they align with your business model.

The right MSSP will become an extension of your business model, so you need to ensure that the cybersecurity strategies they are skilled with will be helpful for your business. You need to know if providing managed security is a core part of their business. With this information, you can determine their stability.

Suggested Reading: 6 Benefits of Managed Security Services (MSS) That You Should Know

Proactive Detection and Automatic Response

You need an MSSP that goes beyond simple monitoring. A proactive approach is necessary when dealing with sophisticated and advanced cyber threats. The threat landscape is evolving rapidly, and unfortunately, technology is playing catch-up with threats. Your business cannot afford to partner with a security provider that waits for system alerts before responding with corrective measures. The longer a malicious actor stays undetected in your system, the higher the potential damage.

Look for an MSSP with advanced analytics and machine learning capabilities to proactively hunt for potential attackers. AI-powered automated responses are essential in ensuring the threat is dealt with instantly and accurately.

Ace Cloud Hosting’s Managed EDR + EPP regularly scans all endpoints across your network and proactively detects suspicious activities. Ace Cloud Hosting protects your devices even when you are offline.

Technology Support

Find out if the provider will support and integrate the existing technology that you possess or if they will provide new technology. Cloud-based managed security service providers usually integrate your process with their technology. It adds value to your security environment.

Check cybersecurity best practices and ensure that the provider follows them. Some of the key technologies that should be a part of your service package are managed firewall, intrusion detection and prevention, email security, managed SIEM, managed EDR + EPP, vulnerability scanning, and automatic compliance.

Ace Cloud Hosting Managed Security has curated a bundle of cutting-edge security solutions that provide end-to-end protection to your entire business.

Responsiveness and Communication

MSSPs who do not have open communication channels are not suitable for you. When you call your provider, how long does it take to reach an analyst who can help you? A lengthy response time can have disastrous consequences for your business. Also, ensure that the MSSP provides actionable, contextually relevant, and specific answers to your questions. Make frequent Q&As a part of your vetting process.

Service Level Agreements (SLA) establish the scope of your relationship with a vendor. Ensure that responsiveness and quick delivery are a part of the SLA.

Understands Regulatory Standards

Regulatory standards and compliances, such as HIPAA, PCI-DSS, GDPR, FISMA, and SOX, are essential to running a trustworthy business. You need an MSSP that you can trust with data protection measures. A qualified MSSP should also ease the load off your operations process by automating compliance. Regulations keep changing, and staying updated can be a demanding task. Automatic compliance will ensure that you never miss out on a regulatory update.

provides audit-ready compliant reports. Your operations team can focus on strategic tasks while Ace Cloud Hosting keeps you compliant with industry protocols.

Customer Recommendation

Find out if the MSSP you are interested in is recommended by customers globally and recognized by the industry. Consult with security analysts, check the annual IT service provider ranking, and see if they have won any awards. These factors will reassure you that MSSP can be trusted to provide the level of services in their sales pitch.

Customized Services

Every company has different needs, depending on the industry, size, operational process, and the number of employees. For example, a company that focuses on IT hardware manufacturing will have very different security needs than a law firm. There is no one-size-fits-all solution to security, so you need a provider with customizable solutions. Ensure that the solution focuses on your needs and that you’re not sold technology that’s of no use to you.

Questions to Ask Potential MSSPs

1. What are your response times for security incidents?

Ask about average response times and their process for detecting, responding to, and resolving incidents. Look for SLAs guaranteeing quick action.

2. How do you ensure data privacy and compliance?

Inquire about their adherence to data protection regulations (e.g., GDPR, HIPAA) and measures like encryption, access control, and regular audits.

3. Can you provide examples of similar businesses you’ve worked with?

Request case studies or references to understand their experience with companies in your industry and the results they’ve delivered.

4. How do you handle third-party vendor security?

Ask about their approach to managing risks from third-party vendors, including monitoring, risk assessments, and ensuring compliance with your security policies.

Common Mistakes to Avoid When Choosing an MSSP

• Focusing Solely on Cost Instead of Value: Prioritizing the cheapest option may result in inadequate services. Focus on the MSSP’s capabilities and the long-term ROI of robust security.
• Ignoring Scalability for Future Growth: Choosing an MSSP that cannot scale with your business can lead to challenges as your needs evolve. Ensure the provider can adapt to increased demands.
• Overlooking Terms and Conditions in SLAs: Neglecting to review SLAs thoroughly may result in unmet expectations. Ensure the agreement clearly defines response times, responsibilities, and service guarantees.

Conclusion

Selecting the right MSSP is crucial for safeguarding your business against evolving cyber threats. Align your business needs with the provider’s expertise and services to ensure robust, scalable, and compliant security measures matching with your industry standards. Take the time to research potential MSSPs thoroughly and make a well-informed decision that best supports your business goals.

If you’re on the lookout for managed security service providers, take a minute to see how Ace Cloud Hosting’s Managed Security protects your business from advanced threats. Ace Cloud Hosting has partnered with market leaders throughout the industry to provide you with the best overall security. A package of complementary technologies, such as managed SIEM, managed EDR and managed firewall, work together to give your business multi-layered protection.