An increasing number of businesses are outsourcing their IT security needs. Though there are many good reasons for this, it comes down to basic economics.
The cost-benefit ratio of partnering with a managed security service provider (MSSP) is superior to in-house solutions. So if you’re deciding whether an MSSP is right for your business, you’ll find that there are many options available to suit your needs.
In this article, we will break down the costs of partnering with an MSSP. We’ll also highlight the types of services, major benefits, and average cost of MSSP partnerships.
What’s Included in Managed Security Service Pricing?
The maintenance, monitoring, and management of your organization’s data and infrastructure is a big undertaking. Below, we list the major cybersecurity service tasks you can expect from your MSSP.
But first, what exactly is cybersecurity? Cybersecurity is a branch of IT that deals with the assessment, detection, and elimination of cyber threats. When performed correctly, it ensures a robust defense across your devices, networks, and systems. This is accomplished by a variety of processes, including:
- Threat monitoring
- Managed Detection and Response (across networks and multiple devices)
- Security operations center
- Log management
- Cybersecurity consulting
- Data security
- Managed network security
- Cloud disaster recovery services
- Business Continuity Planning (BCP)
- Employee training
For particularly vulnerable organizations, many MSSPs also offer advanced security services. This gives you more protection at the IT infrastructure level, especially against risks like zero-day attacks.
The 6 MSSP Pricing Model Options
Let’s examine the six major pricing models below.
1. Per-User Pricing
Instead of charging based on your actual IT infrastructure, a per user price model charges based on the number of employees using said infrastructure.
This per user per month model is best for organizations with low turnover and a stable staff, particularly in environments where employees rely on several devices to manage their day-to-day workflow. Why? Because this reduces the comparatively high per device cost.
Of course, the drawback of this model is that it gets more complicated as you scale your workforce.
2. Per-Unit Pricing
In contrast to the previous model, per unit pricing centers around your actual IT infrastructure. One of the primary advantages of this model is its downright simplicity, which is why most MSSPs favor it.
While small businesses may find that per-unit pricing offers the most affordable rates, it can become increasingly expensive as you introduce more hardware into your IT ecosystem.
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3. A La Carte Pricing
If you’re looking to leverage custom solutions, nothing contends with a la carte pricing. This model offers the greatest flexibility. Creating your own service package allows you to meet your precise needs and stay on budget.
4. Bundled / Tiered Pricing
Bundled or tiered pricing is like a simplified a la carte model. Standardized packages contain basic information security solutions, while more advanced services can be added on at a premium. This is ideal for companies who have stable, predictable, and rudimentary security needs.
5. Flat Fee Pricing
The most comprehensive model of the bunch, flat fee pricing is the MSSP equivalent of an all-you-can-eat buffet. Organizations can access a variety of services, including remote and on-site support, without the need to recalculate their monthly budget. The downside is that this is sometimes associated with slower response times.
6. Monitoring-Only Pricing
If you’re just looking for minimum coverage against the threat landscape, then this model may be right for you. It’s a good option for businesses that already have a strong in-house IT security team, but want to bolster their monitoring.
With this type of pricing, you’ll pay a flat rate for monitoring and notification services; however, actual support comes with additional fees.
What is the Average MSSP Cost?
You may still be wondering, “What is the true cost for MSSP services?” Unfortunately, there’s no easy answer.
As we’ve seen, the total cost of hiring an MSSP depends on a variety of factors. This includes the size and complexity of your business, the type and scope of the products and services you need, and the MSSP pricing model.
Nevertheless, it’s a well-established fact that managed services offer greater economies of scale than hiring and training in-house. When paired with flexible plans, you can effectively cut costs while boosting your return on investment (ROI).
Once you’ve settled on an MSSP, make sure that the service-level agreement (SLA) reflects your needs and expectations. This improves transparency, communication, and accountability on both sides.
What Factors Affect the Cost of a Managed Security Service Provider?
Types of Services
As we’ve seen, managed security is a blanket term for a wide array of individual security tools and processes. To really understand how much an MSSP will cost, you’ll need a sense of which services your organization needs. Luckily, many MSSPs offer a free assessment.
Scope of Services
Scope refers to the extent a particular service is required. This goes hand-in-hand with the types of services. For instance, if your business requires SOC monitoring, can it be limited to working hours or is round-the-clock oversight protection essential?
Company Size and Complexity
Pricing is almost always correlated with the size of your company. That is, the more IT infrastructure and digital assets you have, the more you should expect to pay.
This also relates to the number of employees in your workforce, specifically when it comes to endpoint device protection.
Each MSSP uses different pricing models to calculate their rates. In fact, this is arguably the biggest determinant of how much an MSSP will cost. That’s why it’s important to shop around. Depending on the number of devices, end users, or other parameters, you’ll notice that some pricing models work better for your budget.
Improve Your Security Posturing With a Leading MSSP
Get in touch with Buchanan for more information about MSSP pricing.
Managed Security Services Pricing That Fit Your Business
At Buchanan Technologies, we believe that you should only pay for what you use. That’s why our MSSP pricing model is built around a la carte pricing and full customization. This enables you to choose the granular support you need across five areas, including:
- Backup and restoration
- Threat protection
Buchanan has been delivering reliable and innovative managed security service for over 30 years. As an industry-leading MSSP, we provide the right security solutions to keep your business safe and performing at its best.
With more than 500 IT experts on staff, you can depend on our fast and trustworthy service. Plus, you’ll always stay on top of your security spending with our customizable and flexible plans.
For more information about our MSSP services, contact us today to discover how we can bolster your security and improve your ROI.