Why MSPs Should Offer Cybersecurity Services - CMMC, NIST, PCI and More

Managed Service Providers (MSPs) play an important role in assisting businesses of all sizes and industries in remaining operational, ensuring the security of their IT infrastructure and the protection of their data. However, with the ever-increasing threat of cyberattacks and the increasing complexity of regulatory compliance requirements, MSPs are finding it increasingly difficult to meet the demand for cybersecurity, compliance, and risk management services. Adopting cybersecurity, compliance, and risk as a service offering can provide a competitive advantage, increase customer satisfaction, and drive growth and allow the smart MSPs to take advantage of this growing vertical.

The need for cybersecurity, compliance, and risk management services is growing at an unprecedented rate. According to a recent report by MarketsandMarkets, the global cybersecurity market is projected to grow from $152.71 billion in 2018 to $248.26 billion by 2023, at a compound annual growth rate (CAGR) of 10.2%. In addition, the report states that compliance management solutions are expected to grow from $1.1 billion in 2018 to $2.7 billion by 2023, at a CAGR of 20.1%. Furthermore, with the US Department of Defense's introduction of the Cybersecurity Maturity Model Certification (CMMC), there is a significant opportunity for MSPs to provide compliance and risk management services to businesses in the defense supply chain.

MSPs that offer cybersecurity services can benefit from several advantages, including:

1. Increased revenue streams: By offering additional services, MSPs can increase their revenue streams, grow their customer base, and improve their profitability. In fact, a study by MarketsandMarkets found that managed security services are expected to grow from $31.6 billion in 2020 to $46.4 billion by 2025, at a CAGR of 8.0%.

2. Competitive edge: By offering cybersecurity, compliance, and risk management services, MSPs can differentiate themselves from competitors who may only offer basic IT services. This can help MSPs attract new customers, retain existing ones, and improve customer satisfaction.

3. Improved customer retention: By providing comprehensive services that address all of a customer's IT needs, MSPs can improve customer retention rates. This is especially true for businesses that are required to comply with industry regulations, such as HIPAA, PCI-DSS, and CMMC. Thus preventing them from looking elsewhere for support, potentially falling into the hands of an MSP that does provide security services. As the name of the game is growing your monthly recurring revenue (MRR).

4. Increased referrals: Satisfied customers are more likely to refer new business to their MSP. By providing comprehensive cybersecurity, compliance, and risk management services, MSPs can increase the likelihood of positive referrals. Plus, in most industry verticals companies talk amongst their fellow business owners and entrepreneurs. 

With the increase in cyberattacks and data breaches, businesses are looking for MSPs who can provide comprehensive and dependable security solutions to ensure the security of their data and assets. In this article, we will look at why MSPs should offer cybersecurity, compliance, and risk as a service offering, the cybersecurity industry's projected growth numbers over the next five years, and how MSPs can position themselves to take advantage of it.

Offering cybersecurity services can assist MSPs in differentiating themselves from competitors and increasing their value proposition. MSPs can help businesses protect their data and assets from cyberattacks by providing comprehensive security solutions, making them more appealing to potential clients. Compliance and risk management MSPs can assist businesses in navigating complex regulatory requirements, lowering the risk of noncompliance penalties, and improving their overall risk posture.

Position your MSP to take advantage of the growing demand for cybersecurity services

1. Invest in training and certifications: MSPs should invest in training and certifications for their staff to ensure they have the necessary expertise to provide comprehensive cybersecurity, compliance, and risk management services. Certifications such as the Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Certified Ethical Hacker (CEH) are highly valued in the industry and can help MSPs demonstrate their expertise to potential customers. You can also register with the CyberAB to become a CMMC Register Practitioner (RP), and Register Practitioner Organization (RPO) and take additional training to become a Certified 3rd Party Auditing Organization (C3PAO) for auditing CMMC certifications. 

2. Partner with vendors: MSPs should partner with vendors that specialize in cybersecurity, compliance, and risk management services to offer comprehensive solutions to their customers. This can help MSPs expand their service offerings without having to invest in additional resources.

3. Develop a marketing strategy: MSPs should develop a marketing strategy that highlights their expertise in cybersecurity, compliance, and risk management services. This can include creating case studies, developing content marketing campaigns, and attending industry events.

4. Stay up-to-date with industry trends: MSPs should stay up-to-date with industry trends and emerging technologies to ensure they can offer the latest cybersecurity, compliance, and risk management. 

The threat landscape of today's business world is increasingly complex and dynamic, making it imperative for Managed Service Providers (MSPs) to incorporate cybersecurity, compliance, and risk as a service offering. With the proliferation of cyberattacks and data breaches, businesses are looking for MSPs that can provide comprehensive and reliable security solutions that ensure their data and assets are secure. The opportunity cost is well worth the initial investment of adopting cybersecurity, compliance, and risk as a service offering, the projected growth numbers of the cybersecurity industry in the next five years provides a rare opportunity to acquire market share and the wise MSPs will take full advantage of that. 

What Tools Can Help Springboard the Effort of Offering New Services?

For an MSP to manage a comprehensive cybersecurity program, GRC solutions with traditional features as well as the ability to incorporate project management functionalities are required. CentrumCyber, for example, combines all of these stages into a single, simple-to-use comprehensive SaaS platform. Centrum Cyber is a comprehensive SaaS platform that gives you a single point of contact to manage and run your cybersecurity program. It adheres to the methodology described above, allowing for predictable results and the establishment of a cybersecurity program for your organization.

We also integrate with Tenable® and Sentinel One® can help you implement this modern approach and maintain your Cybersecurity Program from a single source of truth for all your clients under management services.

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