Maybe the better question is: What can an MSSP do for my business?
An MSSP monitors and manages the security of your organization’s networked IT assets, like platforms, applications, data, and cloud environments, all from a remote location. The exact scope of service depends on the provider’s capabilities and your organization’s specific needs.
Most MSSPs offer MSS services, including:
24/7 network monitoring and logging.
Incident detection, response, and remediation.
Firewall and intrusion prevention system (IPS) management.
VPN setup and management.
Antivirus and endpoint protection.
An MSSP offers constant, consistent, and “always on” data management and oversight. This includes real-time SIEM monitoring and logging at the very least. Some of the better MSSPs back that up with tools to respond to newly detected vulnerabilities, leaks, or actual attacks in milliseconds, rather than minutes, hours, or days.
This sounds a lot like an SOC
It should, because it is one.
Any remote facility with high-enough availability and technical capacity to operate as an MSSP includes a Security Operations Center (SOC) as part of the MSS.
Managed security service benefits
On the simplest level, MSSPs offer the kind of training, experience, and specialization that only the largest (and most expensive) in-house data security teams could match. But because you're not employing a full team 24 hours a day, seven days a week, even much more modestly sized operations can make use of MSSPs for less. You have access to everything, but only pay for what you need.
MSS example
Imagine a large power generation company in North America. They need to bring their cybersecurity up to scratch very quickly over several interlinked facilities, or else risk their NERC CIP compliance status.
Their in-house IT people have deep knowledge of their products, services, and equipment, but have little experience with modern cybersecurity or regulatory compliance. Rather than build a large security team from scratch, they turn to a reputable MSSP to manage both their security and compliance challenges across their entire distributed network, quickly, effectively, and cost-efficiently.