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How MSPs Can Create a Profitable Cybersecurity-as-a-Service Offering

Posted March 8, 2017by Nate Teplow

How MSPs Can Create a Profitable Cybersecurity-as-a-Service Offering.png

Cybersecurity has been a concern for businesses ever since they started building digital assets. It’s no new topic in the IT industry, either. Due to an increased reliance on technology and a heightened awareness around breaches, cybersecurity has now become a top priority. It's clear that the demand for cybersecurity services is growing rapidly, but many MSPs still find it difficult to establish an effective and profitable service offering. So, what exactly can MSPs do to get from needing a cybersecurity offering to actually having one?

On our recent episode of MSP Radio, we spoke with Win Pham, VP of Development at RapidFire Tools, about how MSPs can create a tiered service offering and start capitalizing on the cybersecurity opportunity among small- and medium-sized businesses (SMBs). 

Here’s what Win had to say about why SMBs are in such need of cybersecurity services:

“Security has become more and more of a concern, and it turns out that a lot of SMBs are starting to wake up and realize that security is something that truly does affect them. To help remember some important facts, I like to use ‘60-33-60.’ What those are some stats from Symantec International Small Business Association. 60 percent of all attacks are targeting small companies nowadays, that’s a much changed ratio from where it’s been in the past. 33 percent of those firms that get attacked require 3 or more days to recover from that attack, so that’s lost business and that’s very tangible and something they can feel. And the last stat is that 60 percent of small businesses fail within 6 months of being hacked for the first time, and that is a very scary number.”

When it comes to creating an effective cybersecurity offering, it typically takes a systematic approach. Here are some suggestions Win gave us on what MSPs should include in a cybersecurity offering:

“You can actually present a tiered offering, because a lot of your customers aren’t all working at the same level or have the same needs. We’ve found that offering a tiered level, like a silver, gold and platinum, allows your customers to basically say, ‘for a certain amount of cost I can go and get this offering, or this offering or this offering.’…Now that a lot of systems are going into the Internet, they all need some level of security offerings. And what you have in terms of providing this for them would be creating these tiers wrapped around services you can deliver and around things that you can remediate.”

To learn more about how to create a cybersecurity-as-a-service offering, click hear to listen to the full episode! As always, head on over to the Continuum Podcast Network for your dose of MSP tips and tricks, industry news and business best practices.

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Nate's experience spans inbound marketing, content strategy, marketing communications and B2B lead generation. A proud Miami Hurricane alumni, Nate enjoys staying active, traveling to new places and performing A/B tests.

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