The Royal Mail ransomware attack earlier this year, which caused the postal service to temporarily shut down its international exports, is just the latest demonstration of the chaos that can result from a major business falling victim to a significant cyberattack. For SMBs, the stakes are even higher. Sixty-nine percent of SMB owners fear that a successful hack could put them out of business entirely.
To protect their financial and reputational stability, more and more businesses have started to invest in security solutions. Despite economic headwinds, Canalys forecasted that security sales will grow by 13.2% in 2023, as business owners look to protect what they can’t afford to lose. As a result, managed service providers (MSPs) must now enhance their security offerings to reflect the needs of the market and help businesses protect themselves against an ever-evolving threat landscape.
MSPs Are Trusted Advisers
Customers rely on MSPs to provide sorely needed expert guidance and advice on IT and security matters. SMBs often lack the resources to have a dedicated cybersecurity team, so they depend on MSPs to act as their first line of defence against cyberattacks. So, the responsibility falls to MSPs to stay up to date with the latest security risks and ensure they have the necessary solutions and services in place to protect their clients from these threats.
Displaying awareness of the latest security risks, as well as helping with the customer’s understanding of those threats, is essential for building and maintaining trust. MSPs play a vital role in helping businesses navigate the constantly changing technology landscape. They also have a deep understanding of their clients’ technology systems and should combine this knowledge with their technical expertise to provide guidance on the best security solutions that meet their specific needs. For example, if an SMB has a remote working model, an MSP should ensure that the business has a solid VPN and two-factor authentication set up on their corporate networks.
Being transparent and honest with clients also builds trust and helps to establish long-term relationships. This means being upfront about any potential issues or risks, as well as providing regular updates and progress reports.
A Wider Range of Threats Requires a Wider Range of Services
Cyberattacks are becoming increasingly common and sophisticated, making it important for MSPs to stay on top of the latest threats. They also must have a range of services and solutions in their portfolio, such as email security solutions to protect against phishing attacks, backup and disaster recovery solutions to restore data in the event of a ransomware attack, endpoint protection solutions to prevent malware attacks, network security solutions to protect against DoS attacks, and security awareness training to educate employees on how to identify and prevent cyberattacks.
Compliance and Regulatory Requirements
As cyberthreats continue to evolve and become more sophisticated, regulatory pressures are increasing for SMBs to protect their customers’ data. Governments around the world are implementing strict data protection laws and regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. These regulations put the onus on SMBs to do everything in their power to prevent hacks and protect sensitive customer information. Failure to comply with these regulations can result in significant fines and damage to a company’s reputation.
As a result, SMBs are increasingly seeking an MSP’s expertise, resources, and technology to stay ahead of the latest threats and meet the growing regulatory pressures to protect customer data.
MSPs not only have an obligation to their clients to ensure that their data is secure, but UK MSPs specifically now also face strict regulatory pressures themselves. In December 2022, the UK Government announced that MSPs would now be defined as key service providers and could face fines of up to £17 million if they fail to implement effective security pressures.
Compliance with these regulations involves implementing proper security controls and procedures, performing regular audits and assessments, and providing clients with detailed reports on their compliance status. Failure to comply with these regulations can result in hefty fines and penalties and can also damage the reputation of the MSP. As a result, MSPs must stay informed about the latest regulatory requirements and make sure they have the processes and systems in place to meet them.
Comparatively, in the US, the importance of security for MSPs has increased due to the evolving threat landscape and the recognition of the need to protect critical infrastructure. To that extent, the White House has emphasised the need to rebalance responsibility between the government and MSPs, urging them to implement robust cybersecurity measures to safeguard against cyberthreats and protect sensitive data from potential breaches. At the state level, Louisiana in 2020 became the first to implement a law regulating MSPs serving public entities.
As awareness of the importance of online security grows and regulators attempt to counteract the rising tide of online malicious actors, the role of network professionals has become more business critical. It has never been more important for MSPs to equip themselves with the appropriate cybersecurity solutions to protect both themselves and their clients from threats.
RACHEL ROTHWELL is UK and Western Europe senior regional director at Zyxel Networks, a leader in delivering secure, AI, and cloud-powered home and business solutions. With over 20 years of experience in sales, Rothwell i has a proven track record of implementing strategic sales strategies to help grow Zyxel’s Western and Southern European markets. Follow her on LinkedIn, or @ZyxelUK on Twitter.
