70 Percent of organisations will be using Security-as-a-Service by 2021

Thycotic, a provider of privileged access management (PAM) solutions to 10,000 organisations worldwide, including 15 percent of the Fortune 1000,  has released the findings from its 2019 Global Research Report: ‘Security-as-a-Service on the Rise’, which is based on interviews with IT managers and technology decision makers at the KuppingerCole European Identity & Cloud conference in Munich in May.

Stemming from the research, respondents surveyed indicated they are turning to cloud based security services to help keep up with rapidly escalating threats, costs and a lack of staff resources with cyber security expertise.

Focusing on how organizations rely on Security-as-a-Service (SECaaS) software, as well as Managed Security Service Providers or MSSPs, results from the survey show:

• 2 out of 3 organisations already adopting Security-as-a-Service or will in the next 12 months
• By 2021 more than 70 percent of companies will be using Security-as-a-Service
• Choosing Security-as-a-Service for reduced costs, faster IT services delivery, greater flexibility
• MSSPs offer viable option for those lacking security expertise

“The KuppingerCole conference in Munich provided an ideal opportunity to obtain a global perspective from leading IT and security professionals on how cloud-based software and MSSPs are impacting their cyber security practices,” said Joseph Carson, Chief Security Scientist at Thycotic.

According to Carson, “Organizations typically use Security-as-a-Service solutions to limit or eliminate the need for on-premise hardware, software or specialized skilled resources.”

SECaaS is typically billed on a subscription or pay as you go model that reduces or avoids significant upfront capital costs. Managed Security Service Providers provide Software-as-a-Service in addition to specific skilled resources often run from a centralised Security Operations Center.

The Thycotic survey results are summarised and organized in the report around the following three major takeaways:

1. Organizations are moving to Security-as-a-Service for reduced costs, faster IT services delivery, greater flexibility.
2. Security-as-a-Service is considered more secure, fail proof and less costly than on prem solutions.
3. You no longer need to be the expert for everything cyber security in order to properly protect your organization.

“In another interesting result, the survey showed the security functions most frequently moved to Cloud-as-a-Service were led by Privileged Account Management and Identity Access Management (IAM).  This reflects the growing interest we see from our prospects and customers in Thycotic’s Secret Server Cloud PAM solution and our Privilege Manager Cloud endpoint protection solution,” added Carson.