It was discovered in a recent survey of over 500 independent technology solution providers in the North American cybersecurity industry that 32% of their clients experience at least one cyberattack per day. These clients were most negatively impacted by ransomware in 2017, with many facing business-threatening downtime (61%), Unrecovered data/file loss (60%), and lost revenue (46%) amongst other negative impacts.
These threatening business disruptions can cost clients around $20,000 in lost opportunities and 1-2 days of downtime which could be a potential death blow to SMBs. Additionally, for 63% of IT services providers, this means spending about 11% (17.5 hours) of their monthly working hours in remediation of client data breaches and infections. The time spent rectifying these problems can decrease efficiencies and increase overhead costs.
These are situations that no business owner ever wishes to deal with. Furthermore, if MSPs do not utilize solutions with true cloud multi-tenant management environments, time spent in attack remediation could double or even triple. It has become imperative for IT services providers to reduce the complexity of their security environments and implement cybersecurity solutions that provide multi-tenant/site management.
How does an MSP reduce overhead costs when remediating cyberattacks?
MSPs traditionally have multiple clients located across a certain geographical area that they provide IT services for. Often they have limited bandwidth with every minute critical to their business’ success. They additionally are expected to find efficiencies and deliver more value with fewer resources which remains a critical concept for a profitable business.
Many solutions offered by these service providers, whether cloud or traditional, require providers to work with siloed tenant data, creating unnecessary complexity that raises costs, slows deployment, lowers productivity, compromises performance, and ultimately blocks the path to new value. These solutions simply create too much work for MSPs to handle while growing their business.
Security products an MSP would typically sell, such as endpoint security, which utilize multi-tenant environments can deliver extremely large benefits to these solutions providers. Instead of having to manage each site individually and spend inordinate amounts of time mitigating serious threats, MSPs can easily automate much of the service delivery process. They can reduce most labor-intensive tasks with transparent multi-tenant management and have visibility across their entire client base. This would enable them to surface any issues that require attention and resolve at a quicker rate without leaving any gaps in coverage.
By enabling a solution that automates the deployment/delivery process and adds ease to the threat remediation process, IT service providers can reduce overhead costs, increase efficiencies, and scale at a quicker rate to do the work that matters…growing their business.