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Which Vertical Has the Highest Cost of Security? [CHART]

Posted May 18, 2018by Lily Teplow

Which Vertical Has the Highest Cost of Security?

Today, cyber security is seen as a horizontal practice that’s typically the same across all industries. No matter the vertical, businesses need things like firewalls, DNS, endpoint protection, antivirus and the like. However, this line starts to blur once you bring in various regulations and compliance.

What’s more, the industries that have special security policies and compliance standards in place are finding that they’re increasingly the target of cyber attacks. It seems as though to cyber criminals the harder the information to steal, the higher the price tag. This presents an opportunity for IT service providers to step in and help these vertically-specialized companies in bolstering their cyber defenses with managed IT and security services. So, how can you convince them?

Use the chart below to illustrate the increase of cost of security for clients and prospects and how they could benefit from your services.

Which Vertical Has the Highest Cost of Security?

Want to use this chart right away? Click here to download a customizable version! 

Making This Chart Relate to Your Clients

While there will always be a need for security solutions that span across all industries, MSPs will be looked upon to provide best-of-breed security that encompass vertical industry-specific requirements. When presenting your argument, here is your game plan for appealing to the needs of each specific vertical:

Healthcare

We can see above just how lucrative it is to steal, sell and/or hold protected health information (PHI) for ransom, and how expensive it can get for medical practices. These businesses are low-hanging fruit for cyber criminals, which is why they most need your assistance.

In addition to RMM and BDR services, medical practices can benefit from advanced cyber security services to protect them against hackers and bad actors. For the safety and security of their patients—and their patients’ information—the healthcare vertical needs MSPs who mitigate their risk and exposure to threats, and can remediate them if needed. Urge your healthcare prospects to partner with you as a one-stop-shop for all things IT, allowing them to have their RMM, backup and security services provided from the same MSP.

It’s important to note that every service provider that has clients in the healthcare vertical is intimately aware of HIPAA and the fact that—as a provider to these organizations—you too must be HIPAA compliant. If you take a strategic, thoughtful approach to your compliance, it will lessen the worry for hospitals and medical practices and can become a major selling point for your services.

Pro Tip: For a complete plan to breaking into the healthcare vertical, click here.

Financial

The financial vertical has highly specialized rules regarding data governance, auditing concerns, and due diligence efforts regarding SLAs that differentiate the vertical. MSPs can provide invaluable services to the financial sector in the form of backup and disaster recovery (BDR) and long-term data archiving—especially if data is encrypted at rest and in transit.

However, what’s of increasing concern is the influx of ransomware and other cyber attacks targeted at banks and financial institutions. Here MSPs and your security services will be sought after to help mitigate risk in all its forms to protect clients from ransomware, phishing scams, social engineering threats and the like. The sales angle you should take with this vertical is that you can offer insight and visibility into every aspect of their network, thereby looking out for fraudulent activity and other malicious internal activity that may harm their business and sensitive information.

Industrial

Clients in the industrial industry are looking to not only keep their systems online, but keep their IT environments secure. Businesses in this vertical have their fair share of contracts, client information, confidential project data, and more—all of which needs to be secure at all times. Therefore, your focal point should be on integrated threat monitoring and endpoint protection. These will help you protect against external hackers and internal bad actors, providing your clients with peace of mind and allowing them to position themselves as trusted, reliable contractors.

Pro Tip: Within the industrial industry, the construction industry offers a unique market opportunity for MSPs. Learn about which go-to-market essentials you will need to target the construction vertical here

 

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Lily is a Content Marketing Manager at Continuum and is passionate about helping businesses solve their biggest challenges. She is responsible for managing Continuum’s MSPblog and writing on a variety of topics, from sales and marketing to cybersecurity, helping establish authority in the MSP market. Lily is also a seasoned content creator and has supported Continuum’s PR and media efforts. In her spare time, Lily enjoys singing, traveling the world, and cheering on her favorite Boston sports teams!

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