Gordon Lawson is CEO of Conceal, which enables organizations to protect their privacy and security using dynamic obfuscation.
The cybersecurity threat landscape is constantly changing with organizations of all sizes struggling to keep pace with increasingly complex and sophisticated cyber threats.
Currently, there is a staggering $2 trillion market opportunity between cybersecurity technology and service providers, making it a prime area for managed service providers (MSPs) to explore and seize. Here are some ways that MSPs can tap into this lucrative market.
The Role Of MSPs In Cybersecurity
MSPs proactive managed service model allows them to provide relevant services on a subscription basis. With the global cybersecurity market set to rise 13% annually up to 2025, driven by regulatory frameworks such as GDPR and increasing privacy concerns, there is currently an even more lucrative opportunity for MSPs to enter the cybersecurity space. Some key areas where MSPs can contribute include:
Security Assessments And Overall Cybersecurity Strategy
MSPs can provide clients with a thorough evaluation of their current security posture, followed by recommendations for improvements and the development of a tailored security strategy they can manage on their behalf. This approach allows the organization to optimize and cut costs as they can become the primary provider and manage any other vendors and third parties that are a part of their tech and security stack.
Managed Security Services
By offering a range of managed security services, such as endpoint protection, web-browser security, intrusion detection and vulnerability management, an MSP can provide end-to-end support for an organization’s cybersecurity program. This approach can include proactive and reactive capabilities so that the services are robust and increase the organization’s overall cybersecurity maturity. A thorough approach such as this allows organizations to outsource the securing of their systems and data.
Incident Response And Remediation
As part of the end-to-end approach discussed above, MSPs can support organizations in the event of a security breach, assisting with incident response, remediation and implementing proactive security measures to prevent future cybersecurity attacks from crippling an organization.
Compliance And Regulatory Support
MSPs can help organizations navigate the complex and continuously changing landscape of cybersecurity regulations, ensuring that they remain compliant with the relevant laws and regulations for their business.
Challenges For MSPs In The Cybersecurity Space
Despite the significant market opportunity discussed above, MSPs must also be prepared to overcome common challenges in the cybersecurity space. While not unique to others in the industry, it is important to note that MSPs will not be immune to such challenges.
Ever-Changing Threat Landscape
With a continuously evolving attack surface, cyber threats are continually advancing. This requires MSPs in the industry to stay updated on the latest attack vectors so that they can adapt their security strategies for different organizations accordingly.
To stay ahead of evolving cyber threats and adapt security strategies, organizations can employ various measures including threat intelligence, collaboration, subscriptions and proactive readiness services. Subscribing to threat intelligence services provides real-time information on emerging threats, while collaborating and following different forums and reputable sources can offer valuable insights.
Cyber Skills Shortage
I find that the demand for working professionals with a cyber skill set far outweighs the supply, making the ability to provide the services listed above challenging. Additionally, retaining the skilled talent you do have is growing in difficulty, too.
Retaining skilled talent in cybersecurity requires a tailored approach compared to other specialties due to the unique challenges and demands of the field. Cybersecurity professionals face rapidly evolving threats, constant learning and a dynamic landscape that necessitates continuous skill development. To retain talent in cybersecurity, organizations can focus on providing ample opportunities for professional growth and development, including ongoing training programs, certifications and exposure to cutting-edge technologies.
MSPs are uniquely positioned to attract cybersecurity talent from other sectors as they often work with a diverse range of clients, which provides cybersecurity professionals exposure to various industries, technologies and challenges. This exposure can be appealing to individuals seeking diverse experiences and the opportunity to expand their skill sets.
Scalability
As the cybersecurity market continues to grow and the needs of organizations continue to shift to address the ever-changing threat landscape and attack surface discussed above, MSPs will need to be able to scale their services to accommodate increasing demands and requirements.
Efficiently scaling cybersecurity services for MSPs involves:
• Implementing standardized processes and automation.
• Utilizing a scalable infrastructure.
• Proactively monitoring and leveraging threat intelligence.
• Investing in staffing and skills development.
• Fostering collaborative partnerships.
• Segmenting clients and customizing services.
• Maintaining a continuous improvement feedback loop.
By adopting these best practices, MSPs can effectively meet the growing demands and ever-changing threat landscape, ensuring high-quality cybersecurity services while accommodating increased service requirements.
Differentiation
As the need for reliable cybersecurity solutions and services continues to increase, MSPs entering the cybersecurity market will need to do what they can to stand out from the competition to succeed.
To help stand out in the crowded cybersecurity market, MSPs can specialize and differentiate their services, emphasize proven expertise and adopt innovative technologies and approaches. Additionally, I think MSPs can focus on providing comprehensive solutions, building strong customer relationships, establishing thought leadership through education, focusing on compliance and regulatory standards, and delivering exceptional service and responsiveness. By following these tips, MSPs can distinguish themselves from competitors, attract clients seeking specialized knowledge and establish a reputation for providing effective and reliable cybersecurity solutions.
Conclusion
The $2 trillion market opportunity in cybersecurity presents a significant growth potential for MSPs willing to invest in the space. By leveraging their expertise in security services and addressing the challenges of this dynamic sector, MSPs can capitalize on this opportunity and position themselves as leaders in a rapidly expanding cybersecurity market.
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