European Managed & Professional Security Services Market

The European Managed & Professional Security Services Market is valued at US$ 8 Billion in 2020 and is poised to reach a Market Size of US$ 10.92 Billion in 2024. The infusion of innovation with the latest cybersecurity technologies is driving the growth of the European Managed & Professional Security Services Market. However, challenges exist in the form of Lack of Skilled Professionals and the High Cost of MSSP contracts. The Market offers lucrative opportunities with Surge in adoption of cloud, Analytics and Automation and Rapid adoption of blockchain.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Drivers
Market Restraints
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Post COVID-19 Recovery
Market Size and Forecast
Market Outlook
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References
Further Reading
Appendix

Definition / Scope

Managed security services (MSSs) are IT security functions that are remotely monitored or managed via shared services from remote security operations centres rather than by on-site employees. As a result, it excludes services such as staff augmentation, consultancy, and development and integration.

MSSs include monitored/managed firewalls or intrusion prevention/detection systems, managed multifunction firewalls, unified threat management technology, managed security gateways for messaging or Web traffic, security analysis and reporting of events gathered from IT infrastructure logs, reporting associated with monitored/managed devices and incident response, and managed vulnerability scanning of monitored/managed devices.

An MSSP may provide a broad range of security capabilities and services, or it may focus on one or a few primary focus areas, such as identity and access management (IAM) or privilege management. The following are examples of MSSP services:

Gap analysis and risk assessments
Development of policies and risk management
Solution scoping
Requisitioning and researching solutions/tools
Implementation of the solution
Security system management
Management of configurations
Updates to the security system
Compliance, auditing, and reporting
Education and training

Market Overview

The Managed Security Services Market was valued at USD 8 billion in 2020, and is predicted to grow at a CAGR of 13.2% from 2020 to 2024, to reach USD 10.92 billion. Businesses have adjusted their working practices as a result of the Covid-19 epidemic.

Many companies have to adjust their regulations and procedures in order to keep their staff safe. Businesses have been compelled to adjust their current ways of operating and reevaluate operational choices due to their incapacity to travel and cross borders, as well as social isolation. The market for managed security services has grown as a result of remote working.

Some threats are not currently active, but they pose a threat to the business. Building a strong front gate against the attacker in the entire network chain is part of threat intelligence. It also contains details and context regarding attack tactics, such as the tools used to conceal a break-in, how an attack hides inside network traffic or evades detection, the type of data stolen or malware planted, and how an attack communicates with its controller.

By failing to address security awareness, businesses jeopardize their reputation. In a Cisco study of 2000 respondents, 9% indicated their companies do not have any specialized cybersecurity professionals.

In computing, managed security services are network security services that are outsourced to any service provider. Many businesses outsource their security monitoring to managed security service providers (MSSPs) because they lack the necessary experience or personnel in-house. Maintaining any security monitoring system is difficult, and it necessitates the constant assessment and response of qualified personnel.

Furthermore, enterprises that require specialized security deployments as a result of extremely complicated or expansive design, or specific implementation demands with separate systems, might greatly benefit from such services. Furthermore, companies that rely on dynamic resource allocation require more automation to efficiently monitor the dynamic settings in which they operate. Players like AT&T, Verizon, IBM, and SecureWorks can handle such complicated automation needs with their offerings.

The rising expenses of maintaining security infrastructure, as well as the rising cost of a typical data breach, are two primary drivers of this market. This can be especially disastrous for smaller businesses who do not have contingency money set aside for such events. According to IBM, a data breach involving 1 million records may cost a corporation USD 42 million in 2019, while a data breach involving 50 million records could cost USD 388 million. Furthermore, many independent researchers imply that the faster a breach occurs, the lower the cost an organization must bear. Managed security services provide a dedicated team that constantly monitors its clients’ IT environments.

Market Risks

The Major Risk hindering the growth of the European Managed & Professional Security Services is

Fragmented supply market

Although the managed security services market is highly fragmented, smaller, pure play security service companies have been acquired by large telecom and service providers in recent years. These acquisitions are aimed at enhancing large players’ service offerings by adding depth to their portfolio.

Top Market Opportunities

The Major Opportunities in the European Managed & Professional Security Services include

Surge in adoption of cloud

Cloud technology is being used to create new customer engagement platforms as well as digital transformation platforms. Almost 70% of businesses are working in a multi-cloud environment. However, most businesses find it difficult to implement a multi-cloud environment to improve consumer interaction due to a lack of skills and infrastructure. MSPs with DevOps competence and those who can offer consumption-based pricing models have a new opportunity. In addition, the cloud is gaining traction during the COVID-19 epidemic.

This shift from on-premise to cloud is proving to be a boon for managed service providers, as it opens up a slew of new opportunities in verticals like managed security, managed network, managed data center, and IT infrastructure, as well as managed mobility, managed information, and managed communication and collaboration services.

Analytics and Automation

Role of Analytics in security: Vendors are promoting a solution that incorporates analytics into information security. By analyzing the source data collected from numerous end points, Big Data integration is intended to enable enterprises to prioritize and focus on important threat sources, reducing both risk and associated costs.

Automation: Security functions like as access control, configuration and change management, system monitoring, and asset management are all being automated by suppliers.

Rapid adoption of blockchain-based security

The growing popularity of blockchain-based security could open up a lot of doors in the worldwide market. Blockchain technology enables users to keep track of all business transactions in one place, without the risk of information being harmed due to window dressing. This has increased the credibility of the information provided and made it easier to access, while also lowering reliance on third parties. All of these technical improvements in the managed security services sector have aided market expansion because these security sources are quite reliable.

Market Drivers

Some of the key factors driving the growth of the European Managed & Professional Security Services include

Surging demand for secure IT infrastructure during the COVID-19 pandemic

The COVID-19 pandemic has had a variety of effects around the world. A change from the traditional working model to the work-from-home concept has been seen. In addition, moving from a private cloud to a public cloud creates a number of security problems.

This development will assist the managed services sector because they have the competence to secure an organization’s IT infrastructure and provide security services such as continuous monitoring, identification, and access management. MSPs have also expanded their security services offerings in the aftermath of the pandemic in order to adapt changes in work styles and give the finest services.

Growing Adoption of Bring Your Own Device (BYOD) Among Organizations

In today’s technology-driven business environment, Bring Your Own Device (BYOD) is one of the most important components of digital technology and productivity across all sectors. To boost efficiency in the workplace, the BYOD concept allows employees to access and control data via personal devices. Companies that prefer the use of BYOD can save up to USD 350 per year per team member, according to a report issued by Cisco Systems, Inc. Employees’ work flexibility and accountability improve as a result of BYOD, resulting in increased productivity. As a result, enterprises are being advised to integrate BYOD solutions with current systems in order to create a workforce-friendly workplace.

Due to the rising usage of BYOD, the number of intelligent devices in the workplace, such as tablets, smartphones, laptops, and other gadgets, has expanded. As data transfers across smart devices, this strategy raises the stakes for data integrity and security. As a result, many businesses are turning to these services to manage and monitor the security of these smart devices, boosting market growth in the years ahead.

Unprecedented 5G Network Growth

The growth of technical assistance throughout the world is also resulting in the creation of premium and flexible internet services. The 5G network’s remarkable development has ushered in a sea change in the information and technology sector. The adoption of 5G has exploded, and it’s happening at a breakneck speed. Within one to two years, more than 500 million consumers worldwide have adopted the technology, compared to five to six years for 3G and 4G networks.

The rapid adoption of 5G technology is being triggered by an increase in remote healthcare, greater connection demand, an explosion in the number of colocation centres throughout the world, and an increase in vast connectivity between people, machines, and technology. This network’s exceptional growth is fueled by a surge in the installation of 5G chips by several business behemoths. In the middle of 2019, the 5G ecosystem reached maturity, owing to an increase in the number of commercial agencies installing networks with enhanced bandwidth.

A 5G data network with triple layers has been created to fulfil the growing need for data connectivity range, as well as the adaption of spectrum characteristics. This growing connectivity range is creating a big need for commercial terminals to bring 5G connectivity to the masses, and it is predicted to have a favorable impact on the Managed and Professional Security Services market in the next six years and beyond.

Increasing Cyber-Crimes and Increasing Complexity of Attacks

Businesses are increasingly turning to managed security services to defend their infrastructure from advanced threats and cyber-attacks. Targeted attacks have become more complex in important industries such as BFSI, healthcare, IT, and telecoms. Intruders with a lot of money have developed clever evasion strategies to avoid being identified by traditional security appliances and software. Many large companies are looking for cloud-based managed services packages that particularly incorporate managed security services to reduce invader evasion.

The major protection that a company can use to combat the risks posed by modern cyber-threats is cyber intelligence and powerful behavioral analytics platforms. MSSPs have a distinct edge over internal information technology (IT) departments in that they have a better understanding of the threat landscape.

Market Restraints

The Key Restraints affecting the growth of the European Managed & Professional Security Services are

Concerns over privacy and data security

There has been a change in recent years from private cloud to public cloud, as well as from on-premises to cloud. This has sparked a number of worries about business privacy and data security. Organizations are often confronted with data breaches and privacy issues. Increasing data breaches and cyberattacks, as well as growing data security concerns, are causing firms to suffer both tangible and intangible losses, particularly with third-party integrations. MSPs must ensure that these concerns are handled, and that they have access to the most up-to-date tools and technology in order to avoid any disasters.

Complexity of MPSS services

The complexity of these services for enterprises as they are a hybrid of corporate networks is one of the major difficulties facing the European Managed & Professional Security Services Market. Furthermore, the cloud growth requirements and virtualization make it more challenging to administer these services in a diverse environment. Furthermore, an organization’s reluctance to share sensitive data, as well as variable client requests for security packages, may restrain market growth.

Industry Challenges

The Major Challenges in the European Managed & Professional Security Services include

Lack of skilled labor

Despite market development, MSPs continue to face significant challenges in terms of marketing and sales activities required for business expansion. The biggest issue in sales and marketing is lead generation, with numerous MSPs struggling to come up with a plan that generates good leads, followed by employing salespeople, which is a major pain for sales, marketing, and engineering departments. According to the research, just 50 MSPs spend less than 2% of their sales on marketing. MSPs also confront a significant issue because the majority of their business comes from referrals. They’re largely concerned with lead generation and sales conversion, and they need to reinvent themselves in the market to find new ways to bring in business. They need to expand their product options and promote them through marketing. For customer retention, MSPs must give both basic and premium solutions to their customers. They’re also prone to cyber-threats like Distributed Denial of Service (DDoS), cloud malware, and other types of malwares. It may result in intangible brand reputation damages for them.

According to a poll, marketing and sales were cited as a top difficulty by 53% of MSPs, while personnel and training and ransomware and cybersecurity were cited as important challenges by 41% and 28% of MSPs, respectively.

High Cost and difficulty in identifying ROI

Although there is a growing trend in MSSPs focused on SMBs – offering both flexible and acceptable pricing points to encourage adoption – the typical MSS contract value is $280,000, which is out of reach for most small and medium sized Enterprises. Many companies still assume they are not vulnerable to an attack and are thus sluggish to change – polls show that, while awareness is growing, many still lack full visibility and knowledge of the threat landscape and its potential impact on operations.

It’s difficult to calculate the exact return on investment from hiring an MSSP because the benefits are only apparent after the company has been the subject of a targeted attack.

Technology Trends

Technology is the fuel that stimulates the growth of the European Managed & Professional Security Services and the Major Technology Trends creating a paradigm shift in the European Managed & Professional Security Services include

The unprecedent growth of Automation and Integration

With the amount of data growing by the day, it is imperative that automation be implemented to provide more sophisticated management over the data. Professionals and engineers are under increasing pressure to produce rapid and effective solutions in today’s demanding work environment, making automation more useful than ever. To design more safe software in every element, security metrics are incorporated within the agile process. Large and complicated web applications are even more difficult to secure, making automation and cyber security a critical notion in the software development process.

Continued rise of artificial intelligence (AI)

Humans can’t manage the huge volume of cyber security threats on their own. As a result, corporations are increasingly relying on artificial intelligence (AI) and machine learning to improve their security architecture. There are financial benefits to doing so: in 2020, firms who experienced a data breach but had fully deployed AI technology saved an average of $3.58 million.

In the development of automated security systems, natural language processing, facial detection, and autonomous threat detection, AI has played a critical role. AI also allows for the analysis of large amounts of risk data at a much faster rate. This is advantageous for both huge firms dealing with massive amounts of data and small and mid-sized businesses with under-resourced security teams.

While AI presents a big opportunity for businesses to improve their threat detection, hackers are also exploiting the technology to automate their attacks by deploying data poisoning and model stealing approaches.

The practical uses of AI are still evolving; we expect security systems based on AI and machine learning to become more sophisticated and capable in the future.

Mobile cybersecurity becoming front and center

The rise of mobile is being aided by the trend of remote working. It’s common for remote workers to switch between a variety of mobile devices, such as tablets and phones, while connecting to public Wi-Fi networks and collaborating remotely. As a result, mobile dangers are growing and evolving. The rapid implementation of 5G technology also presents possible security flaws that will need to be patched when they become identified.

Mobile threats include:

Specialized spyware designed to spy on encrypted messaging applications.
Criminals exploiting critical security vulnerabilities within Android devices.
Mobile malware with various possible application scenarios, ranging from Distributed Denial of Service (DDoS) attacks to SMS spam and data theft.

Back-end/cloud security, network security, and a network of increasingly linked items (i.e., the Internet of Things), such as wearables and automotive gadgets, are all covered under the umbrella of mobile cybersecurity. There is no single approach for protecting apps in insecure environments; rather, it is about adding extra layers of security to boost overall security. To reinforce sensitive data storage, security experts are merging mobile software security with hardware-based security solutions.

Pricing Trends

The Pricing of Managed and Professional Security Services depends on a number of factors. There are a number of factors to consider when selecting a managed security service provider (MSSP) to handle your company’s cyber security and larger IT concerns. According to one survey, the typical monthly charges for a single user range from $99 to $250 per month.

Depending on the number of users protected. Some of the factors that influence the price of managed security services include:

Type or scope of Service– The cost of security services is affected by the depth and complexity of the services you acquire. According to the same report, the least intensive services can cost as little as $75 per month, while more robust services can cost as much as $250 per month per user.

Size of company – The quantity of physical and digital assets you need to protect, as well as the size of your personnel, have an impact on cost. Companies with a higher number of computers, users, and digital assets should expect to spend significantly more per month.

MSSP price model – Depending on the number of users, devices, or other considerations, certain models are most typically used to set MSSP charges.

There are four main models for pricing of managed security services adhered to by the vast majority of MSSPs:

Per user pricing
Per unit pricing
Cloud service pricing
Tiered or bundled pricing

Regulatory Trends

The EU Cybersecurity Act (Regulation (EU) 2019/881) restructures and strengthens the EU Agency for Cybersecurity (ENISA), especially by making it a permanent agency responsible for pan-European cybersecurity issues.

The EU Cybersecurity Act establishes a framework for cybersecurity certification of ICT goods, services, and procedures across the EU. Companies conducting business in the EU will benefit from just having to certify their ICT goods, processes, and services once, with their certificates being recognized throughout the EU.

Post COVID-19 Recovery

Many businesses have had to adjust their regulations and policies in order to keep their employees safe during COVID-19. The inability to shift the staff and coordinate HR as efficiently as before was the primary cause of the business interruption. Businesses have been compelled to adjust their current ways of operating and reevaluate operational choices due to their incapacity to travel and cross borders, as well as social isolation. To combat the COVID-19 epidemic, governments are collaborating closely with cloud providers.

In order to survive, COVID-19 has forced many organizations to cut costs and improve operational efficiency. More than ever before, businesses are opting to outsource their IT needs. The managed services market is likely to develop as a result of this. As demand for cybersecurity, low latency, and high bandwidth has surged as a result of the epidemic, many new prospects for managed services have emerged.

Market Size and Forecast

European MSS/PSS market is estimated to reach USD 10.92 billion by 2024 from USD 8 billion in 2020.

Market Size based on Service Type

Based on the service type the market consists segments such as DDoS, SIEM, IPS/IDS, Firewall Management, Threat Management, and End Point Security.

The endpoint security segment is expected to increase at a substantial CAGR of 16.3 percent throughout the projection period. The growing trend of ‘bring your own device,’ which is linked to a business policy allowing employees to bring their own gadgets and phones to work, has boosted demand for this segment. The endpoint security segment constitutes 22% of the Market share and is projected to reach a Market Size of US$ 1.87 Billion in 2024 from a Market Size of US$ 1.87 Billion in 2020.

The DDoS segment held a Market Share of 12% and generated a revenue of US$ 960 Million in 2020 and is poised to grow at a CAGR of 12.1% to reach a Market Size of US$ 1.7 Billion in 2024.

The SIEM held a Market Share of 18% and attained a Market value of US$ 1.44 Billion in 2020 and is expected to grow at a CAGR of 13.3% to reach a Market Size of US$ 2.7 Billion in 2024.

IPS/IDS segment recorded a Market valuation of US$ 1.12 Billion in 2020 and is projected to grow at a CAGR of 15.1% to reach a Market Size of US$ 2.2 Billion in 2024.

Firewall Management segment generated revenues to the tune of US$ 2.4 Billion in 2020 and is expected to register a CAGR of 14.4% to reach a Market Size of US$ 1.68 Billion in 2024.

The Threat Management segment held a Market Share of 14% and generated a revenue of US$ 1.12 billion in 2020 and is poised to grow at a CAGR of 13.2% to reach a Market Size of US$ 1.7 Billion in 2024.

Market Size based on Application

In 2024, the Banking and Financial segment is expected to dominate the market, with a share of over 23%. Inadequate physical and logical access to systems containing customer data, as well as insufficient logging and monitoring of security-related events, are two major causes of data loss in this industry. The BFSI segment contributed US$ 1.84 Billion in 2020 and is poised to grow at a CAGR of 13.4% to reach a Market Value of US$ 3.45 Billion in 2024.

The Healthcare segment held a Market Share of 12% and generated a revenue of US$ 960 Million in 2020 and is poised to grow at a CAGR of 12.6% to reach a Market Size of US$ 1.7 Billion in 2024.

The Government sector held a Market Share of 13% and attained a Market value of US$ 1.04 Billion in 2020 and is expected to grow at a CAGR of 12% to reach a Market Size of US$ 1.83 Billion in 2024.

The Audit and Consulting segment recorded a Market valuation of US$ 640 Million in 2020 and is projected to grow at a CAGR of 13.1% to reach a Market Size of US$ 1.18 Billion in 2024.

Corporate segment generated revenues to the tune of US$ 1.52 Billion in 2020 and is expected to register a CAGR of 14.2% to reach a Market Size of US$ 2.95 Billion in 2024.

The Telecom segment held a Market Share of 11% and generated a revenue of US$ 880 Million in 2020 and is poised to grow at a CAGR of 12.4% to reach a Market Size of US$ 1.58 Billion in 2024.

The Insurance and Reinsurance segment recorded a Market valuation of US$ 1.04 Billion in 2020 and is projected to grow at a CAGR of 13.4% to reach a Market Size of US$ 1.95 Billion in 2024.

Market Size based on Country

The Major countries covered in this Report on European Managed & Professional Security Services include: Germany, UK, France, Russia, Netherlands and others.

In terms of value, the market in the United Kingdom is expected to grow at a rate of 2X over the forecast period, with a CAGR of 13.2%. By the end of 2020, the market had secured almost US$ 2.5 billion, and by the end of 2024, it is expected to reach US$ 4.65 billion. During the projection period, the UK, as the headquarters of key managed security service businesses, is expected to remain a lucrative area for the managed security services market.

Germany recorded a Market valuation of US$ 2.08 Billion in 2020 and is projected to grow at a CAGR of 12.4% to reach a Market Size of US$ 3.73 Billion in 2024.

France generated revenues to the tune of US$ 1.16 Billion in 2020 and is expected to register a CAGR of 12.3% to reach a Market Size of US$ 2.07 Billion in 2024.

Russia held a Market Share of 10% and generated a revenue of US$ 800 Million in 2020 and is poised to grow at a CAGR of 11.5% to reach a Market Size of US$ 1.4 Billion in 2024.

Netherlands recorded a Market valuation of US$ 480 Million in 2020 and is projected to grow at a CAGR of 12.8% to reach a Market Size of US$ 876.8 Million in 2024.

The other countries accounted for 14% of the Market Share and generated revenues to the tune of US$ 1.2 Billion in 2020 and is projected to reach a Market value of US$ 2.2 Billion in 2024 growing at a CAGR of 13.1% in the forecast period (2020 – 2024).

Market Outlook

The European MSS/PSS From USD 8 billion in 2020 to USD 10.92 billion in 2024 market is expected to grow at a significant CAGR of 13.2%.

During the forecast period, the endpoint security category is predicted to grow at a significant CAGR of 16.3 percent. The expanding trend of ‘bring your own device,’ which is tied to a company policy that allows employees to bring their own gadgets and phones to work, has increased demand in this area. The endpoint security category accounts for 22% of the market and is expected to grow to US$ 1.87 billion in 2024 from US$ 1.87 billion in 2020.

With a market share of over 23% in 2024, the Banking and Financial category is predicted to dominate the industry. Two primary sources of data loss in this industry are insufficient physical and logical access to systems containing client data, as well as insufficient logging and monitoring of security-related events. In 2020, the BFSI segment contributed US$ 1.84 billion, and by 2024, it is expected to expand at a CAGR of 13.4% to reach a Market Value of US$ 3.45 billion.

The market in the United Kingdom is predicted to increase at a 2X rate in terms of value over the forecast period, with a CAGR of 13.2%. The market had over US$ 2.5 billion by the end of 2020, and it is predicted to reach US$ 4.65 billion by the end of 2024. The UK, being the headquarters of significant managed security service organizations, is likely to remain a lucrative place for the managed security services market during the projection period.

Technology Roadmap

Technology is transforming the way we live, we work and we collaborate so the threat landscape is increasing and has become ingrained into all devices that we use in our daily and business activities, the need to surpass expectations to prevent security issues is viable only if innovation is imbibed with technology some of the key focus areas where the Managed & Professional Security Services Provider must concentrate includes

Managed security service provider (MSSP) providers should diversify their service offerings by forming alliances with OT security suppliers who assist in the security of OT networks.
MSSPs should invest in market education to raise knowledge of BAS technology and its benefits over traditional cyber risk assessment solutions including human-based penetration testing, red team exercises, and vulnerability management tools.
Security initiatives are increasingly focusing on zero-trust framework environments; as a result, PSS providers must improve their solutions to include zero-trust experts in every engagement.

Competitive Landscape

The industry is fragmented due to existing behemoths and a slew of newcomers who offer security services to protect businesses from attacks such as network attacks, denial of service attacks, and even risk assessments.

In March 2021, IBM Corporation announced an upgraded portfolio of services to assist enterprises in managing their cloud security strategy, rules, and controls across hybrid cloud environments. To assist enterprises, develop a consistent security approach across their cloud ecosystems, the services include cloud-native, IBM, and third-party technologies, as well as IBM experience.

In January 2020, NTT worked with the UK government to design a framework for the 5G network.

Competitive Factors

Managed and Professional Security Services Companies are rethinking their long-term plans in the aftermath of the COVID outbreak. Companies are revising their strategies in response to a series of challenges in 2020, including supply chain disruption, demand fluctuations, and other pressing concerns, by changing the composition of product portfolios, investing in capital expenditures, R&D strategies, mergers and acquisitions, and other growth strategies.

Key Market Players

Some of the Key Players in the European Managed & Professional Security Services include

Trustwave Holdings is a Singaporean telecommunications corporation Singtel Group Enterprise’s separate standalone business unit and cybersecurity brand that focuses on enterprise network security and internet security. The company’s global headquarters are in downtown Chicago, with regional offices in London, So Paulo, and Sydney. Chicago, Denver, Manila, Minneapolis, Singapore, Sydney, Tokyo, Warsaw, and Waterloo, Ontario are among the company’s Security Operations Centers.

Fortinet, Inc. is a company that provides cyber security solutions. Enterprises, communication service providers, government entities, and small businesses are among the companies that the company serves with cyber security solutions. The Fortis network operating system is used to administer the company’s network security appliances. Its Cloud Security portfolio also includes application security, such as email and the Web. Amazon Web Services, Microsoft Azure, Google Cloud, Oracle Cloud, Alibaba Cloud, IBM Cloud, and VMWare Cloud are among the public and private cloud environments where its cloud security products can be deployed.

Check Point Software Technologies Ltd. (Check Point) creates, markets, and supports a variety of information technology (IT) security products and services. Enterprises, service providers, small and medium-sized organisations, and consumers buy the company’s products and services. It provides businesses with a platform for deploying security applications (Software Blades) such as firewalls, virtual private networks (VPNs), intrusion prevention systems (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis, and multi-domain management.

NortonLifeLock Inc., previously Symantec Corporation, is a cyber security company for consumers. Customers may be productive and safe at home and at work, thanks to the company’s efforts. On desktop and mobile operating systems, its Norton-branded services provide multi-layer security and identity protection. Norton AntiVirus Plus, Norton 360 Standard, Norton 360 Deluxe, Norton 360 with LifeLock Select, Norton 360 with LifeLock Advantage, Norton 360 with LifeLock Ultimate Plus, Norton Secure virtual private network (VPN), Norton Privacy Manager, Norton Family Premier, Norton Mobile Security for Android, Norton Utilities Premium, and Norton Small Business are just a few of the company’s offerings.

Strategic Conclusion

Today’s businesses require a high level of security. Advanced detection and response services are becoming increasingly important as employees use technology to increase productivity. The demand for security will rise as a result of digital transformation projects and operational changes in response to the COVID-19 pandemic.

Analytics will be the future of managed security services. Building analytics systems from the ground up, investing in analytics platforms, doubling down on incumbent security information and event management platforms, integrating with third-party capabilities to supplement in-house capabilities, or (most likely) leveraging a combination of all of these are among the options available to providers.

References

Appendix

SMBs – Small & Medium Businesses
MPSS – Managed & Professional Security Services
BYOD – Bring Your Own Device
MSSP – Managed Security Services Provider
DDoS – Distributed Denial of Service
ROI – Return on Investment
AI – Artificial Intelligence
ICT – Information and Communication Technology
SIEM – Security information and event management
IPS – Intrusion Detection Systems
IDS – Intrusion Prevention Systems
BFSI – Banking, Financial Services and Insurance