There are two staggering cash stats that should keep you up at night as an MSP:
- The first affects your clients’ businesses. In 2021, the global average total cost of a data breach was a staggering $4.24 million. Not only is that cost going to rise, but also, as an MSP, YOU shoulder a huge responsibility for making sure your clients aren’t included in that jaw-dropping number.
- The second statistic affects your business. Over the next five years, the market for managed security services will increase from $22.8 billion last year to $43.7 billion in 2026. That’s a LOT of revenue opportunity for you!
In order to grab (and keep!) your part of the exploding market AND keep your clients out of the ever-increasing list of SMBs being devastated by expensive cyber-attack remediation, you must be on the cutting edge of offering progressive and all-inclusive cybersecurity solutions.
Because of this, having a SOC is no longer an option for MSPs today — it’s absolutely crucial for both your and your clients’ survival. Here are four business-saving reasons you MUST include a managed SOC as a part of your solution stack.
- Offload the round-the-clock “threat watch” anxiety that can cause crippling fear.
We know two things: 1. Cyber threat actors don’t have “work hours” and will attack at any time, so CONSTANT watchfulness is mandatory to keep clients safe, and 2. Without help, it’s impossible to monitor every possible open door, every second of every minute of every day. That’s what a managed SOC is for. They monitor for malicious activity 24/7 and keep the threat radar circulating. It doesn’t stop proactively hunting for threat indicators, no matter what.
- Stop franticly
recruitingbegging and payingoverspending on highly skilled cybersecurity talent — only to end up in an AWFUL position when they get recruited away.
MSPs spend a lot of time and money trying to find experienced candidates to internally hire for cybersecurity-related positions. Working with a SOC ensures you have access to security expertise at all times of the day without the time-consuming and financial burden of hiring for specific cybersecurity roles, just to have them swiped away by big corporations.
- Keep your clients’ money in their pockets (and your clients staying with you).
Dwell time is the amount of time a threat actor goes undetected after accessing an MSP’s network. The longer the actor is inside the network undetected, the greater the financial impact. Dwell time = Money, both your clients’ AND yours. Implementing a SOC reduces dwell time and almost completely diminishes the financial impact of an intrusion.
- Let the AI robots do all the hard work.
A SOC has the ability for artificial intelligence (AI) forensic investigation in the cyber world. That’s a sexy way to say that it uses data and evidence from previous cyber-attacks to create and proactively launch solutions for network vulnerability. Some of these capabilities include gathering data on active threats and filtering historical and real-time data so that you can document and create crisis plans. This means BETTER protection than what humans could develop on their own and implemented in a fraction of the time.
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