Should MSPs Expand into Cyber Security?

As the volume of cyberattacks explodes globally, companies require ongoing security support. Many small and mid-sized businesses (SMBs) are now looking to their MSPs (managed service providers) for this additional help. After all, MSPs already know their customers and understand their business needs. Many MSPs recognize their unique position to offer security-as-a-service and are considering expanding into cyber security.

Growing Importance of Cyber Security

Cyberattacks will only increase in the years to come, so companies must take preventative measures. With the potential for costly damage from an attack, organizations of all sizes must take cyber security more seriously. Businesses realize their vulnerabilities as targets for ransomware, denial-of-service, or phishing.

Other challenges companies face are the evolving requirements for compliance and privacy policies, and the security issues related to a remote workforce. Another problem is the global shortage of cyber security experts to handle the security workload.

Advantages for Expanding into Cyber Security

Companies are spending more on security each year as owners and executives worry about cyber threats that cause lost data and customers, damage to their reputations, and the costs of recovering from an attack. And it is mostly SMBs that rely on MSPs to fulfill their security needs.

One of the best reasons for adding cyber security solutions is longevity and relevance for your MSP firm. All companies are looking for robust ways to prevent or mitigate the damage from cyberattacks. MSPs who don’t offer high-level security risk losing customers to MSPs who provide such services.

Other advantages of expanding your service portfolio include the creation of new revenue streams, increased customer loyalty, and higher profitability. By adding security services, you also help reduce the IT personnel gap.

Disadvantages of Expanding into Cyber Security

The main challenge to expansion is the cost. An MSP must invest in equipment and security professionals. Time is also a factor when setting up your security operation. You must also learn about and manage the complexities of security support such as real-time monitoring, and threat detection and blocking. MSPs must utilize the right products, technologies, and processes to achieve the best cyber security solutions.

However, there is an alternative to the route. An MSP can partner with an existing cyber security provider such as an MSSP (managed security service provider.)

Why You Should Expand Your Service Offerings

Expanding into cyber security is an excellent opportunity for MSPs that already provide basic security. By offering higher-level cyber security, MSPs fulfill an ever-growing need for protection against external and internal security threats. With a larger service portfolio, MSPs can help companies navigate through the complex arena of cyber threats while improving their bottom line.

Cyber security offers many opportunities for MSPs. Companies are relying more on their MSPs for cyber protection. To keep your business moving forward, you should expand into cyber security, an in-demand service that adds value to your customers.

Learn more about protecting digital assets with Ringstor, a data management company. We can help organizations recover from a cyberattack. Contact our experts via email or call us today at (609) 955-3422 for more information.

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