Cybersecurity has become so costly and complex that a lot of businesses are ready to throw in the towel. It’s not that they’re giving up on security altogether; they’d just rather have someone else handle it for them.
From an MSP perspective, that’s a good thing. With 49% of US and UK businesses questioned planning to outsource security in the next 12 months, according to a recent SolarWinds MSP survey, the time has never been better to become an MSSP (managed security services provider).
Security spending is on the rise. According to Gartner®, the worldwide information security market will reach $86.4 billion by year’s end, a 7% increase from 2016. The upward trend will carry on into 2019, when Gartner estimates the market will reach $93 billion.
In its survey, SolarWinds MSP found two main reasons businesses want to outsource cybersecurity—to cut costs and improve performance. But they are not going to hand over this critical function to just anyone. Service providers must prove they have the knowledge, organizational ability, technology, tools, and resources to handle clients’ security needs. These break down into four primary areas: infrastructure, data security, risk and vulnerability management, and identity and access management.
The survey revealed businesses are far more inclined to trust their security to an MSSP than to a generalist provider, with 70% of respondents saying they prefer an MSSP to an MSP.
Security is a huge opportunity for MSPs for various reasons. Clients are more inclined than ever to adopt IT service models since they don’t have the necessary security expertise, and even if they wanted to hire security professionals, skilled candidates are very scarce.
With that in mind, MSPs should consider launching an MSSP practice. Here are three solid reasons to do it sooner rather than later:
- Profit PotentialThe projected increase in security spending bodes well for providers looking for a new revenue stream to increase profits. Security is going to remain an acute need for businesses for a long time to come, so if you have the skills and expertise to handle it, now is a good time to get serious about it.
- Value-AddAs already noted, security is too complex for most businesses, especially SMBs. Providers that can solve this problem for clients, therefore, position themselves to a deliver much-needed value.
- Customer LoyaltyWhenever you address a critical need for clients—especially something they can’t accomplish on their own—you take a solid step toward indispensability, which translates into customer loyalty and long-term relationships.
In today’s business environment, every MSP has to offer some level of security. It’s not enough to simply run your client’s environments; you must also protect them. While not every MSP has the wherewithal to offer security services beyond the basics, those who do need to seriously consider the opportunity.
Get the full survey here.
- The Path to MSSP
- 5 Ways to Evolve Your Managed Security Offering
- Security, the New Beachhead for Growing Your Business
- Making a Big Deal out of Managed Security Services
By Pedro Pereira
Pedro Pereira is a Massachusetts-based writer who has covered the IT channel for two decades. Recognized as one of the first journalists to cover managed services, Pedro continues to track, analyze and report on the IT channel and the growing MSP partner community.