How to Scale Your IT Business with Cybersecurity

The cybersecurity landscape for MSPs

October is Cybersecurity Awareness Month. If you are a total solution provider, there is no better time to help your customers learn about the looming risk of cyber threats and what businesses can do to protect themselves. Today’s managed services provider (MSP) clients are at risk whether they acknowledge it or not, and they all have varying levels of awareness and appreciation of the security vulnerabilities of their businesses. With the continued rise of remote work, new vulnerabilities have been introduced, and as an outsourced technology provider and trusted advisor to their business, your customers rely on you more than ever to secure their network.

According to IBM’s 2023 Cost of a Data Breach Report, lost business opportunities – including increased customer turnover, system downtime, and increased cost of acquiring new business due to diminished reputation – represented the largest share of breach costs, at an average total cost of $4.45 million, which is at an all-time high and a 2.3% increase from 2022. Recent numbers from the Sophos State of the Ransomware 2023 survey confirm this, reporting 66% of organizations were hit by ransomware in the last year. Even more concerning is that 84% of those organizations lost business/revenue due to the attack.