Growth opportunities for MSSPs will multiply with vertical experience and comprehensive solutions, finds Frost & Sullivan’s Digital Transformation team
The Latin American managed security services (MSS) market is transforming as enterprise clients focus on higher levels of security and risk management. This is mainly due to increasing advanced threats such as targeted attacks, advanced persistent threats (APT), larger and more sophisticated distributed denial of services (DDoS) and ransomware.
“Traditionally, the mindset about cyber security in Latin America has been more reactive rather than proactive, with investments occurring after attacks have taken place. Hackers, too, realize that many companies are not prepared to deal with attacks and view the region as a green field for financial crimes, industrial espionage, and data theft,” said Digital Transformation Industry Analyst Mauricio Chede. “However, security is fast becoming an important issue for companies.”
Managed Security Services Market in Latin America, Forecast to 2021, a part of Frost & Sullivan’s IT Services & Applications Growth Partnership Service program, expects overall MSS revenues for Latin America to reach $1 billion by 2021.
The study covers security asset management and monitoring, threat intelligence, research, detection and remediation, risk and compliance management, and advanced and emerging managed security services for verticals like finance, government, telecom, retail and manufacturing. Geographic market insights are provided by region: Andean, Brazil, Caribbean and Central America, Mexico and Southern Cone.
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While security asset management and monitoring will experience the most demand, services such as threat intelligence, research, detection and remediation are gaining momentum. Customers want solutions that solve problems, rather than alert of a potential problem.
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Successful managed security service providers (MSSPs) will be those that:
- Demonstrate trustworthiness in remediation without interrupting customers’ business operations;
- Have deep vertical knowledge and win customer trust to outsource to third parties based on relevant experience and specific knowledge on compliance and business requirements; and
- Provide complete security solutions instead of merely generating low fidelity security alerts.
“The challenge and complexity that security brings to companies will only increase, so agile MSSPs will be the ones that interact closely with customers and offer the best solutions to keep them safe,” said Chede.