Introduction

Managed Service Providers (MSPs) take on endless IT support roles for numerous businesses. They take care of network support, take charge of cloud services, and more – all to ensure that everything works seamlessly. However, as cyber risks grow, they also become more complex than what traditional IT support can manage. Today, almost every company needs to implement robust cybersecurity measures – it has become a fundamental business concern. This is why consulting cybersecurity should be included in the MSP service catalog – it’s crucial not only for business competitiveness but also for client protection.

This blog will discuss why it’s necessary for MSPs to include cybersecurity consulting in their practice, how it will benefit them, and what measures are needed for a smooth shift within their organization.

The Increasing Landscape of Cybersecurity Threats

The rate at which cyber attacks are increasing is extremely concerning. The incidences of data breaches, phishing attempts, ransomware, and zero-day exploits are very high and ever increasing in complexity. This leads us to a very sensitive area of focus: the smallest and the medium scale businesses, also known as SMBs, are some of the most affected ones. These enterprises deeply depend on MSP’s services for handling their IT infrastructure.

According to Cybersecurity Ventures, the predicted expenditure inflicted by cybercrime is said to reach a staggering $10.5 Trillion USD annually by 2025. With the ever looming threat of cyber attacks against a business, global enterprises are turning towards more secure solutions. If MSPs do not use security consulting, there are very high chances of them falling behind.

Why Your Business Should Provide Cybersecurity Consulting

1. Increase in Security Services in high demand by business’ clients.

Companies are averagely aware that cyber attacks can result in data breaches, financial losses, and reputational damage. These businesses require expert assistance to help them through the confusing world of cybersecurity. By providing cybersecurity consulting, MSPs can fulfill this need while helping their clients have the right protection in place.

2. Boost Profitability and Revenue.

Cybersecurity services are extremely valuable in terms of pricing. Unlike IT management services that put more focus on maintenance and support, cybersecurity consulting offers higher earning potential as MSPs have to put in lesser effort. Providing additional services like security audits, compliance consulting, and incident response services greatly enhances an MSPs revenue.

3. Adding New Components to Services Provided Business Differentiation.

Many Managed Service Providers (MSPs) provide basic IT support services and only a few provide advanced cybersecurity services. An MSP business can add security consulting services and become far more appealing to clients who want complete IT solutions and security services.

4. Lessening Risks for Clients and for MSPs the Consultant.

If an MSP allows a client to experience a security breach, the MSP’s reputation could be ruined as well as having to deal with potential legal and financial issues. Quick proactive steps in the form of cybersecurity consulting can go a long way in preventing incidents.

Assistance With Compliance Issues

Certain industries such as healthcare, finance, and retail are required to follow strict regulations, including HIPAA, PCI-DSS, and GDPR. Consultants in MSP cybersecurity help clients remain compliant, avoid large fines, and keep industry standards.

Important Cybersecurity Services MSPs May Provide

An MSP does not have to completely change the way business is done to start consulting on cybersecurity. The following services can easily become a part of an MSP’s existing services and be added with little effort.

Assisting Your Clients With Security Risk Assessments

Review a customers security systems, determine existing gaps, and provide solutions on how to fix them.

Managed Security Services

Provide proactive monitoring, detection, and response to security threats.

Compliance Consulting

Assist clients in gathering relevant materials and information to achieve required compliance within their field.

Awareness Training

Train personnel on issues related to cybersecurity in an attempt to mitigate breaches resulting from human actions.

Penetration Testing and Vulnerability Management

Inspect a system for potential loopholes and weaknesses, and create mock scenarios to challenge the security mechanisms of an organization.

Incident Response Planning

Plan and prepare for breaches of security by creating a step by step guide on what actions should be taken.

How to Get Started with Cybersecurity Consulting

Becoming a cybersecurity consultant can be achieved step-by-step. The following are suggested for Managed Service Providers (MSPs) and other IT consultants to ease the transition:

Get Trained and Certified

The cybersecurity domain is multifaceted and requires proper planning to achieve proficiency. MSPs may want to consider paying for staff training and industry certifications like Certified Information Systems Security Professional (CISSP) or Certified Ethical Hacker (CEH).

Collaborate With Established Vendors

Working with known vendors eases the burden on MSPs and helps in building stronger cybersecurity solutions because they won’t have to build everything from scratch.

Begin with the Essentials

It can be overwhelming to try and cover all advanced cybersecurity offerings and take them on all at once. Lots of businesses do not realize that you can begin by adding basic security services which include risk assessments and security awareness training.

Help Clients Appreciate Cybersecurity

Most businesses still ignore the focus of cybersecurity. MSPs should offer guidance on how to handle the growing threat landscape, covering key risks and best practices to help clients appreciate the importance of strong cybersecurity strategy.

Create IT And Cybersecurity Bundles

MSPs provide IT management, IT security and infrastructure support services, which can be made easier for clients to adopt by putting cybersecurity at the forefront. So instead of making it a separate service, bundle it with other offerings.

Conclusion

The world of cybersecurity is evolving, and MSPs will need to keep pace. Adding cybersecurity consulting to their list of services helps MSPs fulfill increasing client expectations while generating new business and mitigating risks for the MSP as well as the client.

That said, change does not have to be painful. With effective training, the right partners, and a sound plan, any MSP can add cybersecurity services to the portfolio and remain relevant in a market that is becoming increasingly aware of security issues.

In the modern context, cybersecurity is an operational essential, not a value added service. Those MSPs who understand this fact will not only reap business rewards, but will also contribute towards protecting their clients in a fast changing threat landscape.

Are you an MSP looking to branch out into cybersecurity consulting? What concerns, if any, do you have? Let’s talk about it in the comments!