6 Tips For MSPs To Make Security Resonate
Managed IT services could reach over $250B in 2021 according to BBC Research
Many businesses use managed services providers to outsource services such as cloud functions and website management. Additionally, large firms in a range of sectors rely on MSPs to carry out security and technology operations, generally at a lower cost than if they assigned those tasks to in-house staff.
In fact, BBC Research recently showed that “the global market for managed IT services reached $149.1 billion in 2016. This market is estimated to reach $256.5 billion in 2021 from $166.7 billion in 2017 at a compound annual growth rate (CAGR) of 11.5% for 2017-2021.”
See Related: “Education Is Key When Selling Security Services”
The report shows that the sector is flourishing, and the potential for value-added resellers (VARs), break/fix providers, or emerging MSPs to achieve scalable, profitable growth in IT is tremendous.
Continuum recently surveyed small-to-midsized (SMB) companies around the world which resulted in showing that overall they care about their security and they want more information about it. However, the landscape can be confusing and hard to navigate. The survey also noted that:
- 78% of SMBs plan on spending more on cyber security in the next 12 months.
- 93% of SMBs would switch MSPs if another offered the right security solution.
- 24% is the average amount more an SMB is willing to spend with an MSP who offered the right security solution.
These numbers imply that there’s a hunger for security, which can be the biggest risk as well as the biggest opportunity for MSPs. Why? Because cyber security conversations aren’t that simple.
A lot of SMB clients don’t have real inside IT expertise, which can make it even more of a challenge to sell security to them. “You have to make security resonate. Make it personal and make it simple,” said Brian Downey, senior director of product management for Continuum. In a recent webinar Downey explained how creating security demand requires showing clients the issues, which can be done with these six tips:
- Use a client-facing assessment report to highlight the current gaps.
- Highlight compelling events which demand action from the client.
- Use dark web as a clear way to highlight challenges.
- Provide clear next steps on how to reduce risk.
- Leverage POC or monitoring only solutions to demonstrate the risk.
- Emphasize that SMBs are not too small to be a target.
Downey closed the session with this advice for MSPs on selling security, “The biggest thing I’d say for all is to jump on security – take action now. We see a lot of MSPs who are still trying to feel things out … but this is a space where there’s so much demand — and so much risk for not providing it.”
You could easily get left behind Downey noted. “You’re much better off taking action, having the conversations, being bold around security — and starting to deploy solutions. And even having some missteps in that process [is better than] having missteps by not bringing this to market soon enough.”