Managed service providers (MSPs) deliver critical operational support for businesses around the world. As third-party providers of remote management, MSPs are typically contracted by small and medium-sized businesses (SMBs), government agencies and non-profit organizations to perform daily maintenance of information technology (IT) systems.
Similar to an MSP, managed security service providers (MSSPs) offer comparable organizations security management of their IT infrastructure, but are also enlisted to detect, prevent and respond to threats. An MSSP’s security expertise allows organizations that may not have the resources or talent to securely manage their systems and respond to an ever-evolving threat landscape.
Dark forces are increasing
The rise of ransomware, malware and other malicious vectors has transformed the threat landscape. According to our Hidden Costs of Ransomware report, 46% of businesses said their clients were impacted by an attack. A single cyber attack could trigger as much as $80 billion in economic losses across numerous SMBs, not to mention the ongoing supply chain attacks that stand to cripple an MSP’s business. With all this in mind, many MSPs have considered evolving into an MSSP provider, but at what cost?
Competitive advantage and financial gain
Some of the driving forces fueling MSPs towards this security-infused business model are revenue generation and market share. With the global managed security services market expected to balloon to over 65 billion USD within the next five years, becoming an MSSP has many tangible benefits. MSPs have the chance to extend their current offerings, fueling additional benefits for customers and potential growth to their customer base at the SMB and mid-enterprise level.
How to get there
To be considered an MSSP, an MSP needs to secure high availability security operations centers (SOCs) to enable 24/7/365 always-on security for their customers’ IT devices, systems and infrastructure. SOCs are comprised of highly skilled professionals. These professionals are trained to detect and mitigate threats that could negatively impact a customer’s data centers, servers or endpoints.
MSPs can take three approaches towards establishing MSSP offerings:
“Only a handful of MSPs in the industry have been able to transition themselves into MSSPs. The lack of bandwidth and resources needed to address compliance issues keep many MSPs at bay. The transition is incredibly resource-intensive,” says George Anderson, product marketing director at Carbonite + Webroot, OpenText companies.
“MSPs contemplating the move to an MSSP business model should consider the value of a partnering strategy with a well-known security provider. By partnering with an existing MSSP, an MSP will be able to securely protect its customer IT infrastructure and provide timely responses after hours to ensure efficient detection and response,” says Shane Cooper, manager, channel sales at Carbonite + Webroot.
Transition to MSSP: risk or reward?
Transitioning from MSP to MSSP brings with it a series of quantifiable benefits. However, MSPs need to consider the size and scalability of service offerings they can provide, not to mention the costs associated with initially building their services or acquiring them from another provider. Partnering with a seasoned security provider allows MSPs to maintain their customer base while tapping into the resources and talent of a skilled and experienced provider.
“Many customers may be unaware of the quality of their SOC provider. MSPs transitioning into an MSSP may lack the proper resources and talent to respond to threats. It pays to optimize your investment with a security stack that brings the robust service and security elements together,” says Bill Steen, director, marketing at Carbonite + Webroot.
Webroot offers an MDR solution powered by Blackpoint Cyber, a leading expert in the industry. Webroot’s turnkey MDR solution has been developed by world-class security experts and is designed to enable 24/7/365 threat hunting, monitoring and remediation.
Optimize and mature your security stack with a provider you can trust. Secure your stack with Webroot.
To learn more about why partnering with Webroot can help your business and support your customers, please visit https://www.webroot.com/ca/en/business/partners/msp-partner-program