There is a rise in awareness with small to medium-sized businesses (SMBs) of the threat to their cybersecurity. The problem is, it causes a subsequent rise in a risk factor to Managed Service Providers (MSPs). That risk is of them losing their business.
According to a recent report conducted by Continuum and Vanson Bourne, “Underserved and Unprepared: The State of SMB Cyber Security in 2019” uncovered a shocking number – 93% of SMBs would consider moving to a new MSP if they offered the “right” solution. This corresponds with their plans to invest more heavily in cybersecurity over the next 12 months – 79% and their belief that there should be more of an emphasis on that cybersecurity – 75%. In fact, 89% mark it as a top priority.
These businesses believe that they are ill-equipped to deal with an attack on their own. They believe that they are helpless (52%) and do not have the in-house skills needed to handle an attack on their own (62%).
Is this an opportunity for MSPs to increase awareness in their client relationship of their offering? We think so.
Continually growing your offering to offer a complete solution responds to their fear of being unprepared, and adding cyber insurance provides peace of mind that if you can’t resolve the issue, a team of experts will be at their disposal.
We must reinstate the confidence in our client relationships and show them that while they may lack confidence in their ability to respond to a breach, we are here as their trusted ally and are fully prepared.
Learn more about our Cyber Insurance offering here.