Much like each New Year brings about new gym-goers, each RSA Conference brings IT security spending to the forefront. Organizations are resolving to invest more money into securing their cloud data storage and cloud-based file sharing. For managed service providers (MSPs), your resolution should be to capture this new influx of business.
The stated mission of the RSA Conference is “to connect [their audience] with the people and insights that will empower [them] to stay ahead of cyber threats.” The people that can keep organizations ahead of cyber threats? That’s you.
Luckily for you, cloud security investments have spiked in the weeks leading up to the RSA Conference 2015. TechTarget reports that “top venture capital firms have invested more than $200 million total on several cloud security startups in recent weeks, particularly the emerging field of cloud access security brokers.”
Jim Reavis, co-founder and CEO if the Cloud Security Alliance, is among those who envision big investments in cloud security vendors and MSPs continuing throughout the year.
“Everything I’ve seen and heard indicates that [cloud access security brokers (CASBs)] will be one of the fastest IT segments to hit $1 billion in annual revenue,” said Reavis.
These capital investors are largely focused on identifying cloud vendors and MSPs that can help them with software as a service (SaaS) security, improved cloud visibility, and shadow cloud discovery.
In the wake of so many internal security breaches, managing services means continuing to place a greater emphasis on managing account access. Different security levels for general and privileged accounts are becoming more widely expected by organizations looking to invest their money in your cloud security offerings.
Mike Rothman, analyst and president of Securosis, LLC, sees the IT security industry jumping off for a myriad of reasons, not just limited to recent data breaches.
“It’s not just the recent breaches. Security has been a high-profile, board-level issue for the last two years,” Rothman says. “You also have public companies like Palo Alto and FireEye that have shown the revenue growth is sustainable, so investors are getting more comfortable with the sector.”
A recent BetaNews article also focuses in on security professionals looking to add IT security services into their folds, but they focus more on the aspect of fear.
BetaNews believes that the additional capital being invested in security is a result of looming security threats and a fear of poor workmanship from IT personnel. From David Shearer, executive director at (ISC)2:
Cloud adoption rates and projected increases in spending on security tools and technologies are further increasing the need for IT and security departments to function collaboratively. Year after year, the study has shown a workforce shortage; but now, we’re finding that the shortage is being compounded with issues that are becoming more prevalent, such as configuration mistakes and oversights that can be detrimental to the security posture of global businesses.
Whatever the perceived risk, be it internal or external, through intellect or neglect, it’s up to managed service providers to provide a sense of comfort, security and reliability.