Partnering with the right technology vendor can help MSPs meet SMBs’ growing cybersecurity needs.
The need for effective, comprehensive cybersecurity continues to grow and analysts with ResearchandMarketspredict that the global managed security services market will grow from $22.45 billion in 2020, $77.01 billion by 2030, represented a CAGR of 12.8%. MSPs who aren’t adjusting their offering in response to this growth are missing out on a huge opportunity.
The use of cybercrime as a service (CCaaS) platforms, for example, has made it easier for even inexperienced attackers to launch successful attacks. This problem is especially acute for small and medium-sized businesses (SMBs), which are 350 percent more likely to experience an email-based social engineering attack than larger companies, according to the Barracuda Spear Phishing Top Threats and Trends Report for 2022.
Unfortunately, most SMBs are ill-prepared for these attacks, and even those that want to be proactive are understaffed, lack sufficient resources to secure their networks and assets, and are generally outmatched by cybercriminals. SMBs often lack offline immutable backups, do not take advantage of phishing simulation to train employees, and often lack written incident response plans. As a result, if a ransomware attack is successful, many SMBs would soon be out of business.
The right investments can help MSPs elevate their service offerings
MSPs are in a perfect position to address this market need, provided they make the appropriate in managed security services. In a new E-book, Conversational Managed Security Services for MSPs, author Nick Cavalancia offers guidance for MSPs who want to level up their managed security services.
Several strategies can help improve service delivery and increase revenue for MSPs that already offer security services. For organizations that have not yet made the move to managed security services, there are profitable ways to expand existing offerings and transition to this model.
Offering the basics of RMM, email security, web protection, security training, firewall management, cloud security, and backup and recovery provides a valuable opportunity to grasp some very low-hanging fruit.
Digital transformation efforts among potential and existing clients, the shift to hybrid and remote work, and the growth of email as a reliable attack vector are only accelerating the need for a comprehensive managed security offering among SMBs. These companies also need help educating their employees about their role in protecting the IT landscape, providing even more opportunities for MSPs to offer training and other add-on services.
MSPs should carefully weigh partnership options
MSPs, however, also face challenges when it comes to shifting to a managed security services model – primarily because they have traditionally offered a suite of disconnected point solutions. As a result, MSPs must establish a proactive, comprehensive cybersecurity offering that offers 24/7 protection to clients without overwhelming MSP staff.
This level of comprehensive monitoring and 24/7 service is difficult for MSPs that may lack experienced employees and the budget to execute such services, particularly across a diverse group of customers.
MSPs have limited options when it comes to ramping up security services. They can partner with an established MSSP or even build their own security operations center (SOC). Unfortunately, the former option puts client relationships at risk (why pay a middleman?), and the latter requires a large amount of capital to build and operate.
A better approach is to partner with a reliable technology vendor that can provide a full suite of cybersecurity technology while also augmenting the MSP with additional staff and resources so that they can deliver the benefits of a SOC without actually having to create one from scratch.
These vendors offer managed monitoring and response services for client devices and networks. MSPs benefit by offering fully staffed, 24-hour monitoring across multiple client networks without having to hire additional staff or create their own multi-tenant solution.
Partnering with this type of vendor not only improves security for your entire client base but also provides a much faster path to market for a managed security offering. In addition, tapping into this type of partnership allows the MSP to identify threats more accurately and respond to them much more quickly.
Look for a vendor that provides:
- A staff of experienced cybersecurity experts
- Comprehensive monitoring
- Intelligent analysis and threat detection
- Centralized visibility
- Proven response processes
Enhancing security offerings this way allows MSPs to take advantage of the growing opportunity for managed services while also offering better protection to clients. In addition, managed security services provide a reliable stream of recurring revenue to the MSP.
You can download the E-book here.
Lindsay Faria is Senior Director of MSP Marketing for the Americas at Barracuda MSP.