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Radware MSSP Cyber Outlook: The Demand for Managed Security Service Providers Will Accelerate in 2024

This guest post was contributed by Marius Baczynski, Director of Cloud Security Services, Radware


Marius Baczynski, Director of Cloud Security Services, Radware

As we look ahead to 2024, it’s clear that this year will mark the reign of Managed Security Service Providers (MSSPs) in the cybersecurity landscape.

 

Companies are finding themselves under mounting pressure to strengthen their security posture, while facing challenges on multiple fronts.

 

  • The complexities of multi-cloud and hybrid environments have compounded cybersecurity challenges for businesses. Organizations are hosting applications across a changing mix of on-prem infrastructures and public and private cloud services. An overwhelming 98% of organizations use a combination of at least two of these environments, intensifying the need for robust cybersecurity measures. 

  • Simultaneously, cyber-attacks have surged both in frequency and sophistication, posing significant threats to businesses worldwide. Malicious web application attacks alone surged 500% during the first half of 2023 compared to the same period last year. 

  • Political and religious hacktivism is on the rise, with no company being immune to the ideological motivations behind these attacks. 

  • Supply chains are under constant cyber threat, further exacerbating vulnerabilities. The U.S. SEC’s recent lawsuit against SolarWinds and its CISO is raising the financial stakes and corporate consequences of future breaches. 

  • In addition, the shortage of skilled cybersecurity professionals, coupled with the downsizing of security teams and tightening budgets, have left companies in a precarious position to defend against cyberattacks.

 

As a result of these market challenges, look for the demand for MSSPs to accelerate in 2024. The move toward MSSPs reflects a strategic and practical response as companies try to figure out how to effectively protect critical assets in the face of a constantly evolving threat landscape. The perfect storm of challenges in 2023 is poised to create a perfect opportunity for MSSPs in 2024.

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