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Vulnerability Risk Management Marketing is Growing
The vulnerability risk management (VRM) market is growing fast.
The global security and vulnerability management industry is booming, with experts predicting it will be worth $18.7B by 2026. That’s a 26% increase from the 2021 market size of $13.8B (Source).
The main drivers behind this growth are:
- An increasing number of vulnerabilities around the world
- High financial losses caused by the lack of security and vulnerability management solutions
- Strict regulatory requirements and data privacy compliance
- A surge in adoption of IoT and cloud technologies
- The integration of advanced technologies such as AI and ML with security and vulnerability management solutions
According to the 2022 Cost of a Data Breach Report by IBM and Ponemon Institute, Vulnerability in third-party software was the fourth-most common initial attack vector, with the third-highest average cost of a breach. These same attacks had the fourth-highest mean time to identify and contain at 284 days, and history has proven that the longer it takes to identify and contain, the more damaging the breach becomes.
The Case for Managed VRM
As the threat of cybercrime increases, it is more important than ever for businesses to have a strong cybersecurity team in place. However, the reality is that there simply aren’t enough qualified cybersecurity professionals to meet the demand. According to a recent study, more than 57% of organizations have been impacted by the cybersecurity skills shortage, with application security being one of the areas most affected.
Security breaches are a major concern for businesses of all sizes. New vulnerabilities are discovered on a monthly basis, making it difficult for enterprises to keep track of which ones could pose the biggest threat to their business-critical applications. Without a prioritization tool to help automate and streamline the process, teams can spend countless hours managing it manually.
This is where an MDR provider like CyberMaxx can come in to help not only help implement, scan and prioritize vulnerability management, but maintain in order to make sure that vulnerabilities are recognized and remedied on a regular basis.
What to Look for in a VRM Solution
There are many providers both VRM solutions that can be self-implemented and companies like CyberMaxx that provide managed VRM, but not all are created the same and one size does not fit all.
When evaluating managed VRM solutions, organizations should look for several key features:
- State-of-the-art, Reliable Scanning Technology: With CyberMaxx’s managed MAXX VRM service, a partnership with the industry-leading VRM technology, Tenable.io, is used to perform periodic scanning in the SOC. Tenable.io provides the most accurate information about your assets and vulnerabilities, available as a cloud-delivered solution.
- A Personalized Scanning Strategy: Because the vulnerabilities in a network can stem from a wide range of areas, such as rogue devices and web applications, the scanning strategy should be highly personalized. Remember: one size does not fit all and should be aligned with the organization’s needs/infrastructure setup.
- Prioritized Remediation: While many scanning solutions will provide guidance regarding which vulnerabilities to tackle first, the safest way to prioritize remediation is with a team of experts who provide insight based on vulnerability severity, asset criticality, compliance requirements, and threat intelligence through a personalized report crafted specifically for your organization.
Organizations can protect themselves from potential threats by collaborating with an MDR like CyberMaxx that fits their budget and needs. By working together, they can create a risk-based vulnerability management program that is tailored to their specific situation.