ON THE HORIZON
THE NEXT BIG MONEY MAKER
FOR MSPs ?
Just like buying car insurance or going to the dentist , compliance is something you must take care of now to avoid bigger problems down the road . No one wants a security breach — and some companies may be lucky enough to avoid a malicious attack forever — but not preparing for bad things is a recipe for steep financial penalties and reputational damage that some companies never recover from .
Protecting customer and patient data is essential due to endless waves of cyberattacks and the increasingly rigorous standards that companies are expected to meet . The proliferation and evolution of standards such as GDPR , HIPAA , PCI , FINRA , and their brethren make securing private information from a host of threats no longer optional .
While most enterprise-level companies have taken this obligation seriously , many SMBs are delaying preventative measures , taking shortcuts , or simply ignoring their responsibilities altogether . This may be a short-term money-saving tactic , but a single incident could put these companies in serious hot water and financial jeopardy .
For MSPs serving the SMB market , the looming threat of noncompliance coupled with the growing number of security breaches represents a tremendous opportunity for generating incremental revenue from existing accounts and winning new business . This simultaneously offers incredible value to their customer base and protects their own interests .
6 | MSPSUCCESSMAGAZINE . COM • VOLUME 2
Many small businesses such as dentist ’ s offices , nursing homes , and law firms don ’ t typically do their own IT because it ’ s not economically efficient for them ; it ’ s not their core competency , and they don ’ t want to spend their limited time worrying about firewalls and data backups . Instead , these organizations turn to MSPs to handle such matters .
But the same factors leading SMBs to outsource their technology solutions to MSPs are also the reasons why many businesses lack the awareness and urgency to take compliance seriously and invest in the required solutions to protect themselves . This is where MSPs can save the day for customers who are too busy , distracted , or unconcerned about hardening their systems .
What They Don ’ t Know Will Hurt Them
Most businesses are familiar with the regulations governing their practices . Doctor ’ s offices know about HIPAA , and retailers understand PCI . Therapists know they must close the door and turn on the white noise machine before they begin their counseling sessions , and the online boutique has figured out that transmitting credit card numbers in plain text is a bad idea .
But many SMBs don ’ t understand the full extent of their liability , particularly when it comes to the digital aspects of their business . When those regulations change or new initiatives emerge , such as GDPR , they are even less prepared .
This gives MSPs an opportunity to educate their clients and prospects as a trusted advisor . Since SMBs may not be experts on digital compliance , MSPs can offer not only their technical services but also their general knowledge of what ’ s required to remain compliant . This often means breaking the bad news that these businesses are currently putting
" The incremental revenue
opportunity is significant , and an extra 20 % in monthly recurring revenue
can make a massive impact on the profitability and growth potential for any MSP business ."