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MSP Market Opportunity Report Finds Cybersecurity as Primary Growth Driver as SMBs Lack Resources to Develop Security Program In-House
New report shows 75% of MSPs will invest in security threat intelligence services in the next 12 months to help businesses combat increased threats.
October 25, 2022
4 Min Read
PRESS RELEASE
MIAMI, FL / ACCESSWIRE / October 25, 2022 — Lumu, the creator of the Continuous Compromise Assessment cybersecurity model that empowers organizations to measure compromise in real-time, has partnered with Enterprise Management Associates (EMA) to conduct an independent survey exploring why MSPs are focusing on growing their cybersecurity practices, cites their most pressing concerns when it comes to threats and offers guidance on how MSPs can build a security stack effectively.
"There's been a monumental shift in threat actors' operations, which have led SMBs to face a higher risk of targeted security breaches," said Ricardo Villadiego, Founder and CEO of Lumu. "Now more than ever, entrepreneurs and small business leaders need to understand the heightened need for cybersecurity. With that awareness comes the need to implement a comprehensive cybersecurity program, but not every small business has the means to do so in-house. MSPs that can effectively meet the current needs of SMBs will gain market share and see significant growth opportunities."
The "MSP Cybersecurity Market Opportunity Blueprint" study found that:
In the next 12 months, 75% of MSPs are planning to invest in security and threat intelligence, 66.2% in threat detection and response, 66.2% in real-time attack visibility and 50% in forensics and incident response.
The most important concerns of MSPs when it comes to protecting customers from cyber threats are malware (77.9%), ransomware (70.6%), business email compromise (64.7%), and phishing (69.1%).
More simplistic malware techniques are enough for cyber-criminals to compromise SMBs, while larger organizations must employ more sophisticated and scalable techniques. Cyberattacks on small businesses consist mainly of malware (60%).
The top fears MSPs are around when/if customers experience a cyberattack are operational downtime (69.1%), losing the trust of your customers (64.7%), financial losses (63.2%), and reputational losses (61.8%).
Based on the findings of the report, EMA recommends five steps that MSPs should follow to start or evolve their cybersecurity practice:
Customers' network-level threat visibility is vital: MSPs should develop methods to identify any and all traces of compromise in the network because it will help MSPs minimize damage and avoid disruption.
Ensure scalability through effective tools: MSPs should favor SaaS-based commercially available solutions that can grow effectively with the MSP - tools built to effectively use cybersecurity talent, so they spend their time effectively.
Leverage response automation: MSPs achieve great levels of efficiency by combining real-time attack monitoring with integration capabilities that use out-of-the box or API techniques for data exchange and touchless response.
Understand the pricing thoroughly: MSPs need flexible pricing that matches the services delivered to their customers to not get locked into unfavorable long-term contracts which are undesirable considering the changing threat landscape.
Protect the human element: With phishing and other social engineering techniques increasing in sophistication and effectiveness, MSPs should train their staff and users across their customer base to identify and report these threats.
"We foresee that more than half of SMBs will part ways with MSPs that fail to address cybersecurity needs effectively and seek out alternative solutions," said Chris Steffen, Managing Research Director at EMA. "There's a huge opportunity for MSPs to get ahead of this and invest in security areas that are most prevalent to SMBs in the next 12 months such as security threat intelligence services, threat detection and response, real-time attack visibility, and forensic and incident response. The MSPs that prioritize these areas will be at an advantage over competitors and will be better equipped to grow their customer base."
To view the full findings of the MSP Cybersecurity Market Opportunity Blueprint report please download https://lumu.io/msp-growth-blueprint/.
About Lumu
Headquartered in Miami, Florida, Lumu is a cybersecurity company focused on helping enterprise organizations illuminate threats and isolate confirmed instances of compromise. Applying principles of Continuous Compromise Assessment, Lumu has built a powerful closed-loop, self-learning solution that helps security teams accelerate compromise detection, gain real-time visibility across their infrastructure, and close the breach detection gap from months to minutes. Learn more about how Lumu illuminates network blindspots at www.lumu.io.
About EMA
Founded in 1996, Enterprise Management Associates (EMA) is a leading industry analyst firm that specializes in going "beyond the surface" to provide deep insight across the full spectrum of IT management technologies. EMA analysts leverage a unique combination of practical experience, insight into industry best practices, and in-depth knowledge of current and planned vendor solutions to help its clients achieve their goals.
Learn more about EMA research, analysis, and consulting services for enterprise IT professionals, and IT vendors at www.enterprisemanagement.com or follow EMA on Twitter or LinkedIn.
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