MSP Research: SMBs Spend $11 Billion on Managed Security Services
The global remotely managed security services market is projected to expand at a compound annual growth rate (CAGR) of 14 percent between 2017 and 2021, according to industry analyst AMI-Partners. North America likely will remain the largest market for remotely managed security services in the years to come, and the United States is expected to account for 92 percent of the global remotely managed security services sector by 2021.
In addition, small and medium-sized businesses (SMBs) spend approximately $11 billion on remotely managed security services, AMI stated. These businesses also represent the primary driver for the global remotely managed security services market’s projected growth.
How Can MSPs Capitalize on the Rising Demand for Managed Security Services?
The need for high-level security services to safeguard critical data is expected to increase among SMBs, AMI indicated. This creates an opportunity for managed service providers (MSPs) to expand their security offerings and capitalize on the rising demand for remotely managed security services.
Twenty-two percent of an MSP’s total revenue is generated by providing managed security services, according to AMI. As SMBs add new services and outsource their data security to MSPs, this figure may increase.
Find the Right Managed Security Services Partners
Establishing trust with SMBs remains a major challenge for MSPs, AMI said. However, MSPs can use the following criteria to select the right managed security services partners:
- Deliver superior technology platforms and tools in comparison to market rivals.
- Provide scalable and customizable technology solutions.
- Carry relevant certification and audit credentials to ensure compliance with data privacy and security laws.
MSPs also should offer managed security services that provide a high level of automation, regular security testing, the flexibility to adapt to changing industry requirements and the ability to deliver quick customer support, AMI noted. By doing so, MSPs can deliver end-to-end security services to protect SMBs against evolving cyberattacks.
Provide SMBs with a Cybersecurity Checklist
- Conduct a security risk assessment.
- Train employees.
- Keep software up to date.
- Develop easy-to-understand cybersecurity policies.
- Back up critical data.
- Deploy a modern data protection solution that offers “instant recovery” capabilities.
- Know where business data resides.
- Manage computer and system access.
The aforementioned checklist can help SMBs address cyberattacks before they escalate, Datto indicated. As such, MSPs can use the checklist to teach SMBs about cyber risks and plan accordingly.