Key Cybersecurity and Compliance Facts MSPs Should Know

Team of Professional IT Developers

Cyberattacks are unleashed every 11 seconds, and the global cost of cybercrime is expected to reach $6 Trillion in 2021. High-profile data breaches (e.g. SolarWinds, Microsoft Exchange, CNA Financial, Bombardier, Acer, etc) are fuelling a surge in demand for cybersecurity services, as companies become increasingly aware of the need to safeguard the personal information of their customers.

Meanwhile, governments around the world are tightening data privacy regulations. Keeping up with the many security compliance standards, such as HIPAA, GDPR, PCI-DSS, NIST CSF and more, has become a top priority for organisations of any size.

As an MSP/MSSP, clients have probably asked about your cybersecurity and compliance services. Here are the key facts and statistics you should be aware of, to navigate this fast-changing environment.

Cybersecurity Is a Top Concern

The fast pace at which businesses are adopting technologies, coupled with the shift towards remote work, means that cybercriminals are currently more active than ever. According to the Global MSP Benchmark Survey Report published by Kaseya, nearly 20% of MSPs confirmed that advanced and sophisticated security threats are their greatest challenge. 77% of respondents indicated that 10 to 20% of their clients experienced at least one cyber attack in the past 12 months.

Cybersecurity Services Is Good Business

The report also found that 65% of MSPs saw a lift in security services revenue in 2020. Meanwhile, cybersecurity represents 37% of MSP growth opportunities in 2021. Almost two-thirds of respondents said that remote monitoring and management are the most in-demand, as clients need support to manage their remote workforce without compromising IT security. Additionally, many companies seek help in the area of business continuity and disaster recovery (BCDR).

Regulatory Compliance Has Global Impact 

HIPAA impacts 76% of MSPs in the US, followed by PCI DSS, GDPR, and NIST CSF. 69% of MSPs in the Kaseya survey said their clients struggle to meet the increasingly stringent compliance requirements. As more new regulations are passed, the problem will become more severe. 

An increasing number of MSPs recognise the value of delivering compliance services, and over 50% of MSPs worldwide are already doing so. Most providers plan to add these services to their offerings within the next two years, and those who fail to do so will get left behind. 

MSPs Are Prime Targets

Cybercriminals target MSPs/MSSPs because they manage high-value data for their clients. Infiltrating the environment of one MSP could mean gaining access to data from multiple organisations. For example, over 33% of all global MSPs were targeted by a WannaCry variant in 2020. At least 13 MSPs  were used to push ransomware in 2019. MSPs realise they have a bullseye on their backs — in fact, 39% say their business is more at risk today. 

MSPs are being targeted from all directions. Every piece of digital real estate and infrastructure (e.g. partners, customers, software) connected to their systems can be used in an attack. It’s not a matter of “if” but “when” your business will become the next target. MSPs must develop a cyber-resilient posture and 360° awareness of the threat landscape 

Navigate Today’s Cybersecurity and Compliance Landscape

MSPs and MSSPs require a two-pronged approach: 

1) Offer High-Quality Protection For Your Clients 

MSPs must provide best-in-class cybersecurity and compliance services to expand revenue opportunities and stay competitive or risk losing business to their competitors. For many MSPs, the challenge is to gain access to all the necessary applications without breaking the bank. They need a turnkey managed cybersecurity solution designed specifically for MSPs/MSSPs to broaden their existing services with affordable, accessible, scalable, and mission-critical security tools.   

Look for a solution that allows you to monitor all network traffic and Windows logs, conduct deep packet inspection and intrusion detection, as well as use cloud API connectors to provide oversight for M365, AWS, Google Workspace and Azure environments. Weekly vulnerability scanning is a must,as is comprehensive weekly and monthly reporting. 

An effective managed cybersecurity solution for MSPs should also give you access to a wraparound SOC team that monitors the threat environment and actively responds to the kill chain in real-time, 24/7/365. Last but not least, your vendor should provide robust support to help you solidify your organizational expertise as an MSSP, which is key to building client relationships and revenue streams.   

2) Strengthen Your Security Posture

All the efforts you invest in securing your clients’ systems will be for nothing if hackers can infiltrate your network to gain access to your customers’ data. That’s why it’s just as important, if not more so, to strengthen your defense. 

You need an enterprise-grade cybersecurity solution that can help you mitigate threats and vulnerabilities before they lead to losses in reputation and market share. It should also enable both you and your clients to meet various security standards, such as HIPAA, PCI, GDPR, DFARS, CMMC, and more, so you can expand your services to customers and industries that require vendors to be compliant with those requirements. 

The good news is that when it comes to implementing the many tools, policies and practices you need to deliver authoritative cybersecurity and compliance services (while protecting your systems) at an MSP/MSSP-friendly price point – you’re not alone.  

Our complete range of cybersecurity solutions allows your MSP/MSSP to resell the most advanced cybersecurity services to open up more revenue opportunities. Meanwhile, you can leverage our MSP Protect package to ensure that your own system gets the same high level of protection, so you can focus on growing your business.