It’s no secret that the biggest threat – and opportunity – facing managed service providers today is how to keep their business and their clients’ business safe. In a recent keynote given at IT Nation Connect, ConnectWise CEO Arnie Bellini (pictured further below) shared cyber crime accounts for $6 trillion annually (source: Cybersecurity Ventures), which represents 7% of the world’s economy, with the average security breach costing $7.35 million.
But it’s not just the price tag of a security breach that concerns small businesses; nearly half of all SMBs (49%) have been hacked, and approximately 60% of those business never recover, shutting their doors in less than six months. Because of the consequences a breach can have on a business, and the talent gap that exists in the cybersecurity market, managed service providers need to increase their security knowledge to not only keep themselves safe, but to also help their clients protect themselves against ever-prevalent threats.
Being ahead of the security curve and proactively offering much needed services to safeguard clients against the increasing likelihood of a security breach offers a huge competitive advantage and differentiation in a fierce market. We’re talking about a $25 billion opportunity in 2019 alone.
But security represents more than just an additional revenue stream solution providers, like you, can sell to your clients. Let’s explore the different reasons it’s becoming inevitable to offer some level of security services
- You have a social responsibility and obligation to protect your clients’ data as their managed service provider (whether you currently offer managed security services or are considering adding this additional line of service).
- It’s a liability if you’re not doing your due diligence to secure their information. You could be at risk of being sued.
- While it’s not currently regulated, we believe in following the cybersecurity framework, which could impact future regulations. It’s better to be ahead of it, rather than trying to make sweeping changes later on.
So what can you do? Start by protecting your house and understanding the cost of leaving your breach risk position unaddressed. Premiering December 6th, ConnectWise will launch a unique webinar series covering the best practices for offering security, along with how to assess your real risk—including why contract language and insurance may not be enough protection if your client is breached.
It takes a nation to fight a cyber war. By assessing your risk you can work on eliminating your liability.