Guest blog courtesy of ArmorPoint.
As a Managed Service Provider, you have long been the backbone of IT support by providing a comprehensive range of IT support services, from meticulous network management and proactive system monitoring to timely software updates and effective troubleshooting. However, as the threat landscape evolves with increasingly sophisticated cyber threats, there is an undeniable need for more robust and advanced defenses. This shift represents a crucial opportunity for MSPs to transform into Managed Security Service Providers (MSSPs), expanding their business models to incorporate critical cybersecurity solutions that address the growing demand for advanced cybersecurity services.
Here are the top 7 reasons why adding cybersecurity to your service suite not only makes strategic sense but is also essential for staying relevant and competitive in this dynamic industry.
Top 7 Reasons to Add Cybersecurity to Your MSP Service Suite
1. You’ll Meet Client Demand and Enhancing Retention Through Comprehensive Solutions
Currently, 44% of businesses specifically seek MSPs for their cybersecurity capabilities to combat the increasing digital threats. This demand, combined with the need for integrated solutions, provides a lucrative opportunity for MSPs ready to step up and deliver these essential services. By handling both routine IT services and cybersecurity, your MSP becomes integral to your clients’ operations. This comprehensive approach reduces vendor fatigue, deepens trust, and increases your stickiness as a provider, boosting client loyalty and satisfaction in an era of heightened cyber risks.
2. You’ll Stabilize and Grow Your Revenue with Recurring Services
Cybersecurity services create a reliable and predictable revenue stream, a fact demonstrated by the 37% of MSP revenue that currently comes from recurring services. Transitioning to a model that includes robust cybersecurity solutions can secure a continuous income flow, enhancing financial stability and business valuation in the volatile tech landscape.
3. You’ll Drive Profitability Through High-Demand Services
The correlation between offering cybersecurity services and achieving higher profitability is undeniable. Notably, 97% of MSPs that report annual revenues exceeding $10 million provide managed security services. This significant statistic illustrates that incorporating comprehensive, advanced cybersecurity solutions can set your business apart in a competitive market, driving profitability and growth.
4. You’ll Capture a Share of a Rapidly Growing Market
The managed security services market is on an impressive growth trajectory, set to expand from $38.85 billion in 2025 to $69.20 billion by 2030. This growth opportunity is a goldmine for MSPs ready to capitalize on the expanding needs for cybersecurity. Diversifying into this area both broadens your service offering and sets your business on a path for future growth and success.
5. You’ll Help Your Clients Meet and Exceed Constantly-Evolving Compliance Requirements
With the increasing number of data breaches and cyber threats, regulatory bodies are continuously updating compliance requirements to protect data. Recent changes such as the update to NIST Cybersecurity Framework to NIST CSF Version 2.0, the release of PCI DSS v4.0.1, and new healthcare cybersecurity regulations exemplify the dynamic nature of the compliance landscape. As an MSSP, you can guide your clients through these changing regulations, ensuring that they not only meet but exceed the latest compliance standards. This includes conducting regular compliance assessments, implementing necessary security measures, and ensuring that all data handling and processing activities are up-to-date. By managing these critical compliance requirements proactively, you help your clients avoid costly penalties and enhance their trust in your ability to secure their operations against potential vulnerabilities.
6. You’ll Help Your Clients Navigate Increasing Cyber Threats
Cyber threats are growing in both frequency and complexity, creating an urgent need for enhanced security measures. The global cost of cybercrime is projected to exceed $10 trillion annually, affecting businesses of all sizes, not just the large corporations. By integrating advanced cybersecurity solutions into your offerings, you not only protect your clients' operations but also position your MSP as an essential defense partner in these challenging times.
7. You’ll Help Your Clients Overcome the Cybersecurity Talent Gap
The cybersecurity talent gap remains a significant challenge for organizations worldwide. According to the 2024 ISC2 Cybersecurity Workforce Study, the size of the workforce gap has reached 4.8 million globally, marking a 19% increase year over year. This gap indicates that many businesses are unable to find and afford the skilled personnel necessary to defend against increasingly sophisticated cyber threats. As an MSSP, you provide a vital service by filling this gap, offering your clients access to top-tier cybersecurity expertise without the overhead associated with hiring full-time staff. This not only enhances your value proposition but also provides your clients with peace of mind knowing their cybersecurity needs are managed by experts. By leveraging your specialized skills and services, you help clients protect their critical assets while allowing them to focus on their core business functions, thereby improving their overall productivity and operational efficiency.
Overall, the integration of cybersecurity services is a strategic necessity for any forward-thinking MSP looking to thrive in today's digital landscape. By pivoting to include cybersecurity, you're setting the stage for growth, stability, and long-term success. Get the step by step guide on how to transition from an MSP to an MSSP here.
