ON THE HORIZON
Should You Transition Your MSP To An MSSP ?
Here ' s What You Need To Know Before Making The Decision
The explosive , global demand by businesses of all sizes for a focused set of managed services that can identify , investigate , and respond to security threats presents a huge opportunity for forward-thinking MSPs . Here , we look at the differences between a traditional MSP and a managed security service provider ( MSSP ), the advantages of becoming an MSSP , and how to start the transition .
Managed Security Service Provider ( MSSP ) vs . Managed Service Provider ( MSP )
The managed security services market has grown to include a wide range of security and risk management services but is still often misunderstood by buyers and vendors alike .
To clear up any confusion , let ’ s start with the basic definitions . An MSP provides a technology stack and manages a customer ’ s IT and infrastructure issues while providing a remote help desk for IT support . Some MSPs , of course , offer cybersecurity and compliance offerings but are not considered an MSSP because they lack a security operations center , among other offerings .
An MSSP is essentially an MSP , except an MSSP also specializes in security for their customers in addition to the standard managed IT services , like endpoint management and help desk support . The term is fairly new , and the majority of MSPs have not yet developed the security solutions they need to address this growing market .
Gartner defines MSSPs as :
• The delivery of security operation capabilities via shared services from remote security operations centers ( SOCs ), not through on-site personnel or remote services delivered on a one-to-one basis to a single customer
• The remote 24 / 7 monitoring of security events and security-related data sources
• The administration and management of IT security technologies
Show Me The Money : Why Would An MSP Transition To An MSSP ?
It ’ s clear the demand is there for more aggressive security services . Businesses have always been under attack , but the COVID-19 pandemic has unleashed a new wave of cybercrime , with hackers routinely developing malware variants and exploiting software vulnerabilities , intensifying the need for a strong security posture .
Datto ’ s Global State of the Channel Ransomware Report 2020 showed that ransomware is a huge cause for concern for any type of organization , particularly SMBs , finding that :
• 89 % of MSPs state that ransomware is the most common threat to SMBs .
• 64 % reported attacks against clients in the first half of 2019 , representing an 8 % increase year over year .
And recently , Kaseya ' s Fred Voccola revealed during the company ' s annual user conference that research showed that nearly 76 % of SMBs will experience business disruption as a result of a security event in the next three years .
There is a golden opportunity for MSPs who take the plunge to become an MSSP . In fact , only 5 % of MSSPs versus 87 % of MSPs have lost business because their security offering was lacking something a customer needed , according to a TechValidate survey done by GreatAmerica . This large gap shows you clearly where the green field exists .
Transitioning your MSP to an MSSP can not only help with customer retention , but it also creates long-lasting MRR and can help you bounce forward and scale your business into 2021 by delivering higher margin services that are not as impacted by commoditization . It is easier to differentiate your traditional MSP by providing security services and branding as an MSSP . Lastly , it ’ s a great idea to invest in cybersecurity products and competencies in order to protect yourself — and your clients —
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