5 Ways MSPs Can Optimize Security Spend

By | Managed Services News

Apr 30

To optimize security spend, avoid IT budget cuts with long-term implications and risk.

Today’s business environment is creating unprecedented financial challenges for MSPs and clients alike. Your executives may ask you to justify your IT and cybersecurity budget, or even provide cost-cutting recommendations. Your response to requests to justify security spend directly impacts the bottom line and sets the stage for the future.

Here are five steps to optimize your IT security spend for short and long-term impact:

  1. Consolidate your tools: Reduce tool sprawl by convergence of single-function technology and consolidation without compromise. Spending on comprehensive IT security solutions can offer greater data protection at a lower cost than legacy systems and applications. If you staff a security operations center (SOC), include automation and machine learning (ML) to minimize alerting and false positives, or use SOC-as-a-Service (SOCaaS) to augment your cybersecurity expertise.
  2. Shift expenses to operating expenses: Organizations can move purchases for new long-term cybersecurity assets like software that are often considered capital expenditures (CAPEX) to ones that are for software-as-a-service (SaaS). SaaS-based purchases such as SOC-as-a-Service are operating expenses (OPEX) incurred to run the business. OPEX purchases are often viewed as more scalable and simpler for internal budget approval.
  3. Minimize the attack surface: Assess whether there are benefits to consolidating your technology solutions and streamlining your vendor bench; minimizing vendors saves time and money. Consider a new sourcing initiative with a vendor that provides a holistic cybersecurity platform with more all-in-one capabilities.

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“Prepared organizations emerge from crises stronger and more competitive.”

                                                Max Hammond / Senior Director Analyst
                                                Gartner, Inc.

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  1. Invest in a well-tuned SIEM solution: A co-managed security information and event management (SIEM) solution catches advanced threats that pose a financial risk to you and your clients, and also identifies suspicious internal behavior that could pinpoint areas for improved processes and productivity.
  1. Augment your internal expertise: Sophisticated adversaries continually morph their techniques to evade detection. It can be challenging, however, to master all aspects of cybersecurity. A lack of 24/7/365 visibility increasingly puts you and your clients at risk. SOCaaS controls costs and resources while simplifying day-to-day management and maximizing cybersecurity coverage.

Learn more in the Netsurion blog “ IT Security: How Much Should You Spend” to understand how to balance risk management and business growth.

It’s important to strike the right balance between reactively cutting costs and proactively preparing for business ramp up and recovery. Assess your existing IT and cybersecurity spend while looking for short- and long-term savings as you enable future growth initiatives. Learn how SOCaaS from Netsurion increases cybersecurity and saves money.

This guest blog is part of a Channel Futures sponsorship.

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