Global Managed Detection and Response Market, Forecast to 2024

Description

The managed detection and response (MDR) market generated $893.8 million in 2019; it is set to grow at a CAGR of 16.4% and reach
$1,907.9 million by 2024.

With the increasing number and complexity of threats, the internal management of information security has become increasingly laborious and costly. In this context, outsourcing should be viewed as a strategic ally for securely managing IT environments in line with companies’ business strategies.

The challenges and the complexities that security brings to companies are increasing. Sophisticated cyber threats are targeting a broader cross-section of the companies. Inadequate security practices in some organizations are resulting in increasingly negative consequences for revenue streams and profitability. DMR is, therefore, a necessary extra layer of defense that will combat these threats.

MDR providers mix and match proprietary and best-of-breed tools to create an integrated cyber defense platform. MDR also includes the response process and not just the suggested remediation steps. Importantly, providers of MDR will offer a service-level response (SLR) which defines delivery windows for reporting incidents and initiating a response.

Proactive monitoring of the customer security environment by third-party security professionals, providing 24/7 threat detection, in addition to orchestration and automation, will help mitigate security breaches.

Highly skilled security professionals taking care of the environment play a key role in identifying attacks and mitigating threats before they impact infrastructure. Interactions between the customer and service provider are either on the phone or through email. It is not necessary to open a support ticket and be attended to through a portal. There is also the option of having a personal security professional who is familiar with the client’s business and its unique security requirements.

DMR will investigate and confirm known and unknown threats, using behavioral analytics to catch abnormalities before any damage is caused. Through the use of predictive models, security analysts can identify unusual traffic on the network, analyze new malware through its behavior, and stop attacks before they start.

The process of SOC outsourcing is called SOC-as-a-Service (SOCaaS). MDR providers will deliver the technology, process, and people for organizations that cannot build or staff on their own. This allows companies to rent these capabilities which will keep their business safe. MDR providers must demonstrate trustworthiness in remediation without interrupting a customer’s business operations. They must adapt themselves to the customer’s needs and budget, understanding the vertical they are in, and providing detection-and-response solutions in the shortest period of time.

Author: Mauricio Chede