Businesses consider changing security providers to reduce costs

SolarWinds MSP found that 4 out of 5 businesses across the US and UK will change how they deal with security in the next year.

According to The Path to MSSP report, 17% of companies intend to switch their current service provider in the next year, 10% want to cease outsourcing in favour of in-house management, and 49% plan to outsource their security for the first time.

The report revealed the five types of IT security opportunities over the next year:

  • 25% of the market are currently handling security internally but now want to outsource their security primarily due to cost
  • 24% of the market are currently handling security internally but now want to outsource it to improve performance
  • 10% of the market are currently outsourcing but considering taking security back in-house in the next 12 months
  • 9% of the market are considering switching service providers due to poor performance
  • 8% of the market are considering changing providers to reduce costs

Tim Brown, vice president of security architecture at SolarWinds MSP, announced: “Every day brings news of a new security hole that needs to be patched, a massive data breach, or a new strain of ransomware that businesses need to watch out for.

“Understandably, this creates nervousness amongst enterprises and SMEs and greater scrutiny of the IT security measures in place.

“Where there is market turbulence, there is also the opportunity, and the good news for IT service providers is that this has resulted in almost half of all businesses planning to outsource their security needs to specialists.

“However, IT service providers need to remember that more opportunity inherently means more competition.

“Providers need to be able to prove their knowledge, capabilities, and available resources to take full advantage.”

The report examined the views of more than 400 SMEs and enterprises in the US and UK.

Written from press release by Leah Alger