Is partnering an effective way to add security services to my offering stack?
MSPs look for partnerships when they lack the resources or the internal knowledge to provide security services. Delivering best-of-breed services requires collaboration with a reputable security services provider. You could, for instance, construct your own SOC, but according to our study, this can cost anywhere between $1.5 and $5 million. As an alternative, you may team up with someone who is already active in that industry and incorporate their services into your own. There is no doubt that we are observing an increase in partnerships.
How do I properly align our clients’ security expectations with what we are providing?
Understanding your client’s degree of risk tolerance and desired level of protection is a good place to start. Their whole danger landscape and the risks they are considering will be revealed via a gap analysis. The MSP must decide what is necessary to fulfill the client’s security standards. A SIEM and a SOC with Managed Detection and Response (MDR) may be used in that scenario. The customer could have to spend money on endpoint detection and response (EDR). The customer can also require a full-stack solution.
Then, by being explicit about the solution you can provide and how it handles its risks, you may set expectations. When reacting to alarms, be clear about what is included, when reports will be released, how they happen, and who is in charge of what.
What’s the best approach to getting customers to adopt advanced threat detection and response or any other more advanced offering?
Versioning your security service offerings—V1, V2, V3, and so on—is one strategy we’ve seen work well. This enables you to gradually add more services to your providing stack while keeping your clients informed about the new features and advantages they bring. Customers are ready to upgrade to the new version when it comes time for renewals in order to take advantage of the new features. This method also includes a time frame before retiring older versions so that customers can prepare for the change.
If a prospect insists on retaining a legacy anti-virus product because the license is still valid, should we insist on an upgrade to modern EDR before we accept them as a customer?
Yes, to answer briefly. The client is depending on your knowledge. Although they have antivirus, they require better, next-generation security. This is your chance to prove your worth by outlining the drawbacks of relying only on anti-virus software. Keep in mind that you will adopt a prospect’s issues when you are considering them. You don’t want to endanger yourself or any of your other clients. Everybody needs to be prepared to turn down opportunities occasionally if they don’t make sense from a business or risk perspective.
When it comes to regulatory compliance, who is responsible for the data – the business owner, the MSP, or the security services vendor?
It is without a doubt the owner of the data who is ultimately responsible. Both the MSP and the vendor have a duty to protect the data as much as feasible on behalf of their respective clients and to spot signs of network intrusion. However, the ultimate liability for the safety of the data belongs to the consumer.
Will 24×7 monitoring of security events reduce my client’s cyber insurance premiums?
Although it depends on the insurance provider, it is undoubtedly feasible that round-the-clock monitoring will contribute to lower prices. Some cyber insurance providers refuse to provide coverage to businesses that lack managed detection and response.
How can I show a business owner the ROI from 24×7 security monitoring?
To deal with this, make sure you collaborate with a security services partner who offers in-depth reports you can discuss with your client. For instance, whether or not they turned out to be true positives, all of the priority one events we saw throughout the reporting period are listed in our weekly or monthly reports. This shows that the 24/7 SOC is doing a lot of work so your customer doesn’t have to do it themselves or spend money on the necessary knowledge. When that event is a success, the consumer pays for a degree of protection that will be present, and they get a call telling them to take action to secure their data.
How much protection do small and medium-sized businesses need? Are ransomware attackers going after small and medium-sized businesses as opposed to large ones?
Size is irrelevant. Your customer is vulnerable to attack if they generate a profit that can be taken. No one is too little; “security by obscurity” is a thing of the past. Instead, the issue is how simple it is to compromise a corporation. More organizations than ever are being targeted by ransomware criminals, including small and medium-sized enterprises. They focus on sectors that have lagged behind in security. Small firms in these industries generally lack security maturity, making them ideal targets for ransomware and other types of attacks.
Conclusion
Firms of all sizes, especially the small and medium-sized organizations that are the sweet spot for MSPs, are becoming more aware of the importance of security and the implications of not having it, and more businesses are opting to outsource security. By collaborating with a security services company like CYB3R-X to offer these services, you may generate additional revenue without having to spend the time and money necessary to develop and maintain an internal solution. It’s an exciting moment to be an MSP because of the expanding possibilities in this field.
To improve your risk posture and make threat detection and incident response simpler, find out more about CYB3R-X Managed Open XDR solution.
