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Research and Markets has announced its European Mangaed Security Services Market report and the results are not necessarily surprising. The report, covering European countries such as UK, France, Germany, Italy, and Spain, states that cyber security incidents are on the rise, as are the budgets for managed security services to mitigate these security breaches.
In particular, European bank breaches are sharply rising, as are concerns over the security and privacy of such data. In short, I believe it is safe to say the European market is about to experience what has been happening to the North American banking market for the last 5 years.
U.S. Banking and Managed Services
It is fairly well established that to enter the financial/banking managed services market you have to be a very well run MSP. Not only do you have to be good, you have to be able to prove that you are good. That means plenty of documentation and 3rd party examinations. For those MSPs possessing these qualities, the U.S. banking market can be very lucrative and important work. The clients are almost required to maintain high levels of security almost never have the in house capabilities to do so, except in the largest of banking environments.
European Financial Verticals for MSPs
Europe is likely going to see this same type of trend as cyber security threats continue to rise and the emergence of data privacy laws are enacted (for example, ). Moreover, European MSPs should take a note to what happened in North America and begin preparing for this new opportunity.