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TechSci Research estimates the Australian managed security services (MSS) market will grow at a CAGR of more than 15 percent from 2018-23 as a result of the increased uptake of cloud computing and the popularity of bring-your-own-device (BYOD).

That’s a decent growth rate, enough to pique the interest of managed IT services providers looking to grow their business.

They already have established client relationships and those clients, like all businesses, face constant challenges keeping secure in the face of an every evolving threat landscape and a shortage of cyber skills.

Many managed IT services providers (MSPs) already offer some elements of security, such as antivirus, intrusion detection and managed firewall, but there’s a huge gap between these and offering a fully fledged managed security service via a 24x7 security operations centre (SOC) and security information and event management (SIEM) software to provide real-time analysis of threats, generate alerts and advice on remedial action.

Technical competence is one challenge faced by any MSP contemplating becoming an MSSP.

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