Albany, NY -- (SBWIRE) -- 02/16/2015 -- The distributed nature of organizations in current times poses many issues related to the rising sophistication, severity and proliferation of data and network security threats. Malwares are now a daily issue for many organizations.

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To help ensure that the security and privacy of a network and data in an organization is controlled and maintained, a number of approaches are employed. The array of such approaches is called managed security services. In some cases, managed security services manage security of an entire network while in some cases it may provide security in varying levels to certain specific sections of a network or workstations.

Managed security services can be employed in the form of an in-house initiative by an organization's technical support team, or outsourced to an external service provider.

Need For Managed Security Services

Security is a matter of prime importance to companies, now more than ever. Hence it features high on every corporate agenda. Persistent threats of advanced form are proliferating global networks on a continuous basis. The recent, high-profile cases of data breach and many instances of denial of service attacks show the consequences of failed attempts at adequately addressing the issue of security vulnerability.

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Issues regarding security, access, storage, processing and privacy of data are being regulated with intense scrutiny throughout the globe. The non-adherence of such legal issues and many other data related standards may result in steep penalties. At the same time, the recent revelations about cases of state-sponsored data hacking have sparked a wave of data security fears. Data sensitive businesses have become more sensitive about advancing threats and are in constant pressures of stepping up their efforts for protecting businesses.

These factors together create multiple challenges for companies, implications of which may include overworked technical support teams, loss of faith of clients in business and churning of expensive man-hours. In worst cases, inadequacies in security management may result in breach, the consequences of which to the finances and reputation of any organization can be gross.

Managed Security Services Market – a Global Scenario

The global managed security services market is a big industry. In 2012, this industry had an estimated market value worth USD 9.24 billion. The rising occurrences and the increasingly complex nature of security breaches and cyber attacks are leading organizations in deploying managed security services in a progressive manner. The constant rise in real-time customer data and the need for its security, the rising trend of bring your own device (BYOD) in workplaces and the globalization of businesses are leading to the need for advanced security services and consecutively to the growth of the global managed security services market.

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In the BFSI sector, outsourcing of security services is a common trend and also an economical and viable solution due to the lack of internal expertise and cost pressures.

The sector of cloud based managed security services is currently the market leader in terms of types of solutions provided by the industry. This segment, owing to many benefits such as cost effectiveness, ease of changing vendor and services, etc. has potential of maintaining a lead position amongst other models namely consumer premises equipment and hybrid services.

The segment of banking, finance and insurance services (BFSI) is currently the major revenue generator for the industry. In 2012, this sector accounted for nearly 25.2% shares of the overall revenues generated by the industry on a global front. The security needs of companies in this collective sector due to frequent threats of security breaches are leading to the rising adoption of managed security services.

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