Every enterprise operation, including Managed service providers (MSPs), needs to drastically improve cybersecurity measures for themselves and their clients if they don’t want to become obsolete in the future. According to cybersecurity threat intelligence, IT service providers must recognize that the days of unregulated MSPs and other security companies are soon coming to an end.
MSPs and other security industry participants will be required to comply with a rising number of security regulations and compliance orders issued by various government agencies and other clients. The United States Department of Defense (DOD) is the largest and most visible federal department in demanding more strict cybersecurity measures from contractors, suppliers, and MSPs. However, 20 additional federal government agencies are watching how the DOD’s security mandates are implemented, and they appear poised to impose the same numerous rules on MSPs, contractors, and supply-chain companies.
State governments are becoming more interested in privacy and security issues, and insurance carriers are setting their own security compliance requirements. MSPs and their clients will have to fulfill more strict cybersecurity standards in the future or risk failing as companies. MSPs risk going out of business because of not adapting to the new regulations. It’s important that MSPs recognize that they must improve their compliance game or face serious consequences, including losing customers. MSPs need to view the new regulatory era as an opportunity since numerous clients will require assistance in complying with various new security regulations.
Some MSP executives, as with most business leaders, are usually not fans of more regulations. However, MSPs have become increasingly major targets for threat operators and more security measures are needed. Additionally, numerous clients are being targeted by cyberattacks. The new compliance mandates for MSPs are necessary because MSPs need to be held to a higher standard. The majority of clients are SMBs and not government agencies. Some companies have not strengthened security measures to comply with new government directives. However, companies are planning to adapt to the changing times and increase their security posture because it’s important to hold MSPs accountable.
With an increasing number of regulatory, legislative, and industry standards of interest raising the bar for insurance requirements, it’s important for MSPs to regularly update their cybersecurity measures to meet compliance requirements. At SpearTip, MSPs can upsell their security offerings, by incorporating SpearTip’s pre-breach risk service. Our engineers’ extensive experience responding to thousands of security incidents improves MSPs’ clients’ operational, procedural, and technical control gaps based on security standards. When partnering with SpearTip, MSPs gain our expertise in conducting assessments that go beyond simple compliance checks and ensure valuable insurance coverage.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.
