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 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 2021 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 $1.59 million. Recent numbers from the 2022 MSP Threat Report by ConnectWise confirm this, reporting nearly two in three midsize organizations have suffered a ransomware attack in the past 18 months. Even more concerning is that 20% of those organizations spent at least $250,000 to recover from it.