"How do we stay cyber secure?" is quickly becoming the top question many MSP customers ask. However, for MSPs, offering a comprehensive security managed service is no easy task. Here, Julian Lee provides a detailed plan on the steps MSPs can take to become trusted and reliable security providers for their customers.
Every MSP will eventually have to provide some sort of cybersecurity protection to their clients, or they will most likely go out of business. If they do not provide good cybersecurity to their clients, it is just a matter of time until their competition does, or worse, they get breached and it is too late.
The reality is that most MSPs are not doing nearly enough in terms of cybersecurity, and as a result, they and their clients are setting off cyber time bombs. You can watch the many news interviews I made with experts at www.eChannelNEWS.com.
MSPs are a popular attack vector for cyber thieves. Breach one to get to many is an ideal scenario for bad actors! If one of their clients is breached, it's likely that their other clients will be next.
Every MSP should complete this exercise: Determine how many customers or sales you can afford to lose before your firm becomes unprofitable. Depending on your gross margins and cost structure, this figure might be about 20%. Incorporate this into your what-if predictions to determine how long you can endure the loss. Nothing illustrates it better than numbers! Consider the loss of trust as well as the cost of rebuilding! When you look at this scenario, it's evident that cybersecurity is important for corporate resiliency.
According to studies, 93% of end customers would leave their current MSP for one with superior cyber protection.
Whether you believe it or not, cybersecurity poses a clear, present, and persistent threat to almost every business and humans. Furthermore, governments and insurance companies' compliance and rules are expanding, with increasingly grave implications. Some Governments and organizations require that you cyber protect yourself and your supply chain before selling to them.
Keep in mind that if you can't prove your compliance, the government has a policy that states they can pursue you for false disclosures, and the lawyers will circle your wagon.
If all of this isn't enough to convince you why cybersecurity is important to you, you don't have to keep reading.
If this resonates, MSPs have only two realistic options.
Create a comprehensive cybersecurity business practice internally or outsource it. Each has its own advantages and disadvantages.
1. Build it aspects to consider:
- Can you provide a comprehensive and profitable managed service?
- Do you have adequate human resources and skills?
- Are you willing to invest in the building costs?
- Do you have proper infrastructure to deliver cost-effectively?
- Do you have the mental capacity to operate 24/7?
- Will you be competitive?
2. Outsourcing factors to consider:-
-How will you choose the right partner?
- What will be the revenue share?
- How will you collaborate to share client loyalty and retention?
- What are the agreement's terms and conditions?
If you can build it in-house and retain an efficient workforce and infrastructure, you may generate a lot more money and build a much higher business valuation, but weighing the risks and rewards is a prudent exercise to perform before taking the plunge.
Outsourcing to an MSSP or SOC is the simplest method to resolve this issue for you and your clients. It also lowers the risk! It also implies that you will not make as much money, but it will allow you to devote more attention to other managed services that will drive income.
A hybrid model is a good concept because it allows you to do some things in-house while outsourcing the rest.
Thinking you know cybersecurity and knowing you do are not the same thing. This is one place where you cannot afford to make mistakes. Thinking you have a good cybersecurity posture is exactly how you become a victim of a hacking attack. It's exactly what the bad actors are hoping for!
The second major problem is to educate your end customers about the risks and fit the appropriate cyber solution into their limited budgets. How much protection is enough? How much can they afford? What is the liability risk for them and you?
The answer is ultimately determined by their level of risk tolerance. The two major considerations are how much time businesses can afford to be down and how much money they can spend to mitigate the downtime. One thing to remember is that you must continue to justify what you charge your clients every month, as such, providing good monthly reports can be helpful to customer satisfaction and retention.
How should an MSP approach its cybersecurity journey?
There are many "experts" offering different ideas and information. But buyers, beware! Most include selling something on the back end, which may or may not benefit the MSP or the client! Listen to everyone but do your own homework!
Setting up a cybersecurity managed service is difficult, expensive, and emotionally exhausting. If you decide to jump in, take the time to do it well.
Here is my idea for starting the process at no cost to you. First, look at this 36-step road map https://cybersecuritydefenseecosystem.com/membership-benefits/ to learn about the typical journey of an MSP to an MSSP. Give or take a few steps, this is the general path to success. Determine where you are on your cyber maturity journey and create your own road map. Without a plan, you will go nowhere, so if you need assistance, contact the Cybersecurity Defense Ecosystem, and speak with a cyber professional.
Here's a quick start.
1. Based on your situation, put together a good mixture of practical cyber solutions. You will have to ask, but we can recommend a starter solution mix to get you up and running quickly that provides 90% protection right out of the box and does not involve any heavy lifting on your part!
2. Spin up three platforms from the Cybersecurity Defense Ecosystem that require no upfront cost to use!
3. As you learn, add a few services that will help you scale.
You can do all of this inside the first 30 days!
How is that possible?
We have spent two years pulling everything together for you under one resource https://cybersecuritydefenseecosystem.com. Today, several vendors provide pay-as-you-go outsourcing options that MSPs may mix, implement, and manage without requiring in-house resources. This is an excellent opportunity for any MSP to enter or expand in the cybersecurity market with little to no initial costs.
I'll leave you with one of my favourite quotes: "It takes a wise man to learn from his mistakes, but an even wiser man to learn from the mistakes of others". Joining a peer group can assist you to overcome your business challenges and implement the most effective cybersecurity practices. You may be shocked to learn that you share common difficulties and are not alone! We can suggest an appropriate peer group, or you can find or create your own. In fact, if you just did one thing in business, it should be to join a proper peer group, as it can have a significant impact on your future and life!
Today, any MSP can establish a successful cybersecurity business practice, regardless of where they start. It's lot easier to do today than it was before. Simply encouraging your clients to use advanced basics such as Two Factor Authentication with a solid BDR solution and good employee awareness will significantly improve your cyber posture and set you up for success. It's not as difficult as you may think! You've got this!
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