Cyberattacks seem to be growing exponentially in number; thus, so are the means to combat them. One market sector looks particularly promising as a defense – and as an investment opportunity. Those interested in cybersecurity investing may want to consider opportunities in the Security-as-a-Service (SECaaS) market, which is expected to reach $19.7 billion by 2025. SECaaS represents a novel approach to cybersecurity, and it is transforming the way companies guard against cyberattacks.
SECaaS involves cloud-based delivery of cybersecurity services. It allows businesses to receive security services on a subscription basis hosted by cloud providers in the same way they would receive other services via a Software-as-a-Service (SaaS) model. There are minimal costs associated with SECaaS compared with other security tools, as the service does not require any additional hardware. SECaaS also allows business users to leverage virus protection software, spam filtering software, and other security tools with only a web browser.
SECaaS is advantageous for companies that want fast, simple, and affordable cyber protection. This guide explores SECaaS and why cybersecurity investors increasingly consider companies that offer it.
How Security-as-a-Service Works
Whereas companies were once required to install security solutions locally, SECaaS takes a different approach to cybersecurity. The new method simultaneously simplifies cybersecurity and makes it more cost-effective and scalable than ever. Here’s what to know:
- Companies can use SECaaS to install security tools on machines, networks, or servers. The service is run via managed security products that require little to no configuration.
- Business users usually have the option to configure service settings. They may do so via a web portal that hides most implementation details, so even non-technical users can instantly view an active configuration and make changes as needed.
- The technical infrastructure of SECaaS resides in a data center owned or provisioned by a service provider. A business only needs to connect its data or network traffic to the provider’s service, and the vendor manages everything from there.
SECaaS also ensures that all a company’s security tools are in use and updated regularly. This helps a business keep pace with current and emerging cyber threats.
Why Companies Are Choosing Security-as-a-Service Over Other Cybersecurity Tools
The benefits of Security-as-a-Service go beyond the cost savings and ease of use associated with it. Other reasons why companies are increasingly deploying SECaaS include:
1. Continuous Updates
Business users don’t have to worry about end-users installing security software patches or updates. SECaaS instead verifies that all security software across a company is kept up to date.
2. Comprehensive Support
IT security experts back Security-as-a-Service offerings. Those who have SECaaS questions or concerns can reach out to these experts for support.
3. Fast Provisioning
It usually takes less time to deploy SECaaS compared with on-premises security offerings. The service also enables a company to scale its security operations quickly as it grows.
4. Seamless Management
SECaaS management dashboards take some of the guesswork out of cybersecurity. They enable IT team members to seamlessly administer and control security processes across a company.
5. Increased Productivity
A business can use SECaaS to put its cybersecurity in the hands of outsourced security specialists. This frees up time for the company’s internal IT team to focus on high-value activities, resulting in improved productivity.
The SECaaS offerings that a business chooses are essential pieces of the security of their companies. The choices they make can dictate the extent to which the company can realize the benefits of SECaaS.
Types of Security-as-a-Service Offerings
Cybercriminals constantly search for new ways to attack companies. This has led Security-as-a-Service companies to continue innovating and creating new forms of protection to help companies guard against a wide range of cyberattacks. Some of the top SECaaS offerings available today include:
1. Data Loss Prevention (DLP)
Businesses use DLP software to detect possible data breaches or exfiltration transmissions. The software monitors, identifies, and blocks access to sensitive data. It ensures that this information is not lost, misused, or accessed by unauthorized users.
2. Email Security
Hackers use malware, spam, and phishing to attack email communications and accounts. Email security software guards against illegal attempts to access these communications and accounts. The software identifies and stops email-based attacks and may use encryption or other advanced cybersecurity technologies to minimize the risks associated with these attacks.
Antivirus software protects business users against worms, Trojans, adware, and other cyber threats. It evaluates apps, files, web pages, and other business data and searches for nefarious code hidden within them. Any hazards that are identified are immediately blocked or removed.
4. Identity and Access Management (IAM)
A business can give certain users the ability to access various systems, but managing the digital identities associated with these systems can be a hassle. IAM software blends user authentication and authorization, ensuring a business can consistently manage system access.
5. Network Security
Companies use network security software to track and prevent unauthorized access and denial of network resources caused by spyware, worms, or other vulnerabilities.
6. Security Information and Event Management (SIEM)
A business can collect, track, and organize security logs, but getting actionable insights from them can be costly and time-intensive. SIEM software is the next step in the evolution of log monitoring and management. The software collects and aggregates log data across a business and sends an alert whenever it identifies a security issue. It also provides reports on security-related incidents and events.
7. Security Assessment
Ongoing security assessments are must-haves for businesses, since cyber criminals are driven to find new ways to penetrate their systems. Security assessment software provides a business with an in-depth look at its security environment and ensures that a company can perform security tests and identify security gaps. The business can then use these insights to find the best ways to enhance its security posture.
8. Vulnerability Scanning
Vulnerability scanning is sometimes confused with a security assessment. A business can use vulnerability scanning software to automatically detect security weaknesses in its apps, networks, and systems. The software can be leveraged on its own or as part of a security assessment.
9. Intrusion Prevention
Intrusion prevention software offers automated cyber threat detection and response by using predefined formulas to identify cyber intrusions. The software blocks incoming network traffic, quarantines files, or performs other predetermined responses any time an intrusion is detected.
10. Business Continuity and Disaster Recovery (BCDR)
Every business needs a BCDR plan in case a cyberattack or natural disaster temporarily disrupts its operations. A company can use BCDR software to speed up the recovery process if these scenarios arise.
It can be beneficial for a business to audit its cybersecurity efforts to assess its current security posture. The audit can provide insights to help a company determine which types of SECaaS offerings to consider.
Businesses can ultimately deploy one or more of these SECaaS offerings to bolster their security. A service’s effectiveness, however, can depend heavily on the company behind it.
8 Factors to Consider When Choosing a SECaaS Provider
The global Security-as-a-Service market is growing. New players look poised to enter the market, which creates both opportunities and challenges for businesses looking to use SECaaS. SECaaS providers may offer economical pricing and other perks. Choosing the ideal provider requires a business to look beyond the immediate benefits it can provide.
Several key factors may tip the scale in favor of one SECaaS provider over another. These include:
Assess a provider’s service-level agreement (SLA). The vendor should do everything in its power to keep business systems running 24/7. It should also have clearly defined processes on how it handles outages.
2. Response Time
Select a provider that offers guaranteed response times. The faster a vendor can respond to an incident, the faster a business can recover from it.
3. Disaster Recovery Planning
A top SECaaS provider will learn about vulnerabilities that can damage a business. The vendor can then work with the company to determine the best ways to guard against dangers.
4. Vendor Partnerships
There is no need to choose a provider that requires a business to use specific systems to accommodate its offering. The right vendor ensures a company will have no trouble integrating a SECaaS offering into its existing systems.
5. Total Cost of Ownership
Review the terms of any SECaaS provider agreement. Failure to do so could cause a company to miss fine print in the pact that inadvertently forces the business to pay more than it initially expected for SECaaS.
Find a provider that offers insights into security events, attack logs, and other relevant data. The vendor can share security reports with a business. It can also let authorized business users view security reports on their own.
Learn how a provider supports its clientele. The vendor should have security experts who are readily accessible.
Businesses in financial services, health care, and other highly regulated industries must comply with specific data security mandates. Companies in these sectors should therefore only consider SECaaS providers that can comply with these requirements. Selecting a vendor that ignores industry regulations can put sensitive employee and customer data in danger and result in compliance violations and penalties.
Conduct thorough research into different SECaaS providers to explore how they measure up on these criteria. A vendor’s website is an excellent place to start, but you should plan to contact the provider to see how it partners with businesses and determine if there is a potential fit for both sides.
Interested in Cybersecurity Investment Opportunities? Contact an Expert for Info
The rise of Security-as-a-Service also creates some attractive targets for investors. Option3Ventures can provide insights into SECaaS and investment opportunities associated with it.
Our team, which gained broad expertise from the national security community and the investment world, pursues a twofold mission of delivering lucrative cybersecurity returns and helping to make our nation safer. Contact Option3Ventures for more information about SECaaS or cybersecurity investing tips and recommendations.