Continuum Report: SMBs Will Pay More for ‘Right’ Cybersecurity Solution

Small and medium-sized businesses (SMBs) are increasingly using cybersecurity to determine if they should partner with managed service providers (MSPs), according to a study of 850 SMBs conducted by managed IT services company Continuum and technology market research firm Vanson Bourne.

Key findings from the Continuum-Vanson Bourne “Underserved and Unprepared: The State of SMB Cyber Security in 2019” report included:

  • 93 percent of SMBs said they would consider moving to a new MSP if it offered the “right” cybersecurity solution, even if the business was not planning to change service providers.
  • 89 percent would consider hiring a new MSP if it offered the right cybersecurity solution.
  • 24 percent have already changed MSPs following a cyberattack.
  • On average, SMBs are willing to pay 24 percent more for the right cybersecurity solution.
  • 47 percent would pay at least 20 percent more for the right cybersecurity solution.

In addition, 78 percent of SMBs are planning to invest more in cybersecurity in the next 12 months, and 77 percent anticipate that at least half of their cybersecurity needs will be outsourced in five years’ time, the report indicated.

How Can MSPs Address SMBs’ Cybersecurity Concerns?

Cybersecurity solutions are quickly becoming must-haves for SMBs, and MSPs must update their portfolios accordingly. Otherwise, MSPs risk putting sensitive SMB customer data in danger, as well as falling behind industry rivals without a clear path to recovery.

MSPs can provide cybersecurity solutions to fill SMBs’ security gaps, Continuum indicated. They also can help SMBs build cybersecurity strategies to address both current and future threats.

Furthermore, MSPs must offer the right combination of cybersecurity education and solutions to SMBs, Continuum stated. If MSPs partner with SMBs, both parties can work together to minimize the risks associated with evolving cyberattacks.

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