Chris Swagler | January 25th, 2023

Managed service providers (MSPs) shouldn’t have to spend numerous hours researching, interviewing, and testing cybersecurity vendors to identify the best fit for their business model. With numerous cybersecurity solutions and companies on the market, selecting a cybersecurity partner might feel like looking for a needle in a haystack. Finding a cybersecurity company that meets the demands of MSPs’ clients is easier when the business leaders know what they’re looking for and what to be wary of. Before getting into the five most important tips for selecting the right cybersecurity company, here’s why MSPs should include a managed security solution in their portfolio.

Small and mid-sized enterprises (SMEs) are struggling to manage their IT infrastructure and protect it from cyber threats. Traditional cybersecurity products, including antivirus software, were used to keep SMEs safe and worked well for a while. However, cybercriminals have homed in on smaller companies and are now executing sophisticated cyberattacks that yesterday’s cybersecurity tools can’t defend against. Because of the increased risk of cyberattacks, SMEs were forced to turn to their trusted MSPs for cybersecurity assistance. The data shows that the market for managed security services is target-rich and full of potential. In Canada, 97.9% of companies are classified as small (with 1-99 paid employees), and 1.9% are classified as medium-sized (with 100-499 employees). Small businesses account for 99% of all companies in the United States.

It’s in everyone’s best interest for MSPs to offer managed security. Promoting, selling, delivering, and maintaining a new service involves time and skill that not everyone has. Existing resources are frequently overburdened as MSPs focus on core company operations. Additionally, acquiring the specialized skills required to provide managed security is time-consuming and costly. Partnering with a cybersecurity company makes sense for MSPs looking to strengthen their clients with high-quality managed security services while increasing their return on their investments. However, not all cybersecurity companies or their products are created equal. Here are some questions for MSPs to consider when selecting a cybersecurity company:

Can a Cybersecurity Company Offer the Expertise MSPs Need?

MSPs will realize increased growth and a shorter return on investment if they choose a cybersecurity partner with the necessary experience. MSPs only have one chance to make a good impression and prove they can secure their clients’ companies. A cyberattack on one of their clients can be embarrassing and catastrophic. A confirmed attack frequently causes financial and reputational damage, making it more difficult to attract and maintain clients. Avoid a cyberattack by selecting cybersecurity companies that are dependable, experienced, and capable of keeping companies safe. Specifically, MSPs should look for these cybersecurity offerings: incident response services, public testimonials, and success stories, and threat hunting capabilities.

 Hiring security professionals is costly; however, there’s no alternative to real-world experience. As part of the partnership, some cybersecurity companies provide professional services, support, or training. Having access to specialized cybersecurity professionals that are experienced, stay updated on new threats, and regularly undertake training allowing MSPs to provide a better-managed security service to their clients.

Can a Cybersecurity Company Support Marketing, Sales, and Service Delivery?

Because numerous MSPs are not cybersecurity experts, they might not be able to effectively market, sell, and support a managed security service. MSPs may instead try to develop the knowledge in-house, but they’re typically too busy focused on their main business to divert resources to learn and support a new service. MSPs need to look for a cybersecurity company that can help with marketing, sales, and service delivery in the following areas:

 Hosting webinars to discuss emerging cyber threats, cyber security best practices, and more

Cybersecurity companies’ level of hands-on support is significant and can accelerate time to revenue by assisting MSPs in getting the service up and operating quickly.

How Much Threat Surface Can a Cybersecurity Company Protect?

It’s difficult to know which cybersecurity technology to give MSPs’ managed security service. There are more acronyms than any company can remember, and each tool differs in terms of functionality and coverage. MSPs are frequently forced to sew together numerous tools each addressing a different IT ecosystem component and it’s time-consuming, difficult, and financially draining. Each additional tool adds service costs, making it more difficult to attract new clients and keep existing ones, or reduces MSPs’ profit margins, neither of which are ideal for their business.

Will the Cybersecurity Company Offer the Scalability An MSPs’ Clients Need?

Another thing to consider is that traditional market leaders may not be a good fit for MSPs, their clients, or their business strategy. Most are larger and have complicated partnership processes; they’re sometimes over-established and offer less flexibility. In other circumstances, even their smallest licensing bundle is far too large for MSPs’ average client size. MSPs’ clients should not be charged for protecting 300 users when they only have 20. Cost is an important factor, especially for MSPs that serve smaller companies that don’t have room for unnecessary added fees. The ideal cybersecurity company should provide MSPs with a scalable solution, especially if they’re working with growing small companies. This adaptability makes it simple to market, execute, and personalize for their clients.

Is the Cybersecurity Company Reliable and Comprehensive?

The days of just installing a firewall are over. Smaller companies and their MSPs know that robust security is now a requirement, not a luxury. An assortment of cybersecurity solutions will produce more issues than solutions, given the rapidity at which the threat landscape changes. MSPs need to protect every component of their clients’ IT infrastructure, which requires a comprehensive approach to monitoring, identifying, and responding to threats and risks. The all-encompassing approach to security should protect endpoints, cloud services, and IT networks around the clock. Cybercriminals don’t take a holiday. Cyberattacks can occur day or night at any time, so choose a cybersecurity company that provides 24/7/365 comprehensive coverage.

Finding the right cybersecurity company is always important for managed service providers when it comes to defending their clients against potential cyberattacks. At SpearTip, MSPs can upsell their security offerings by incorporating our pre-breach risk services into their current catalog. Our certified engineers have extensive experience responding to thousands of security incidents to improve MSPs’ clients’ operational, procedural, and technical control gaps based on security standards. SpearTip offers an integrable cybersecurity solution allowing MSPs to focus on their clients’ core IT objectives while providing industry-leading protection against malicious cyber threats. Partnering with SpearTip will allow MSPs to gain our expertise in conducting comprehensive security assessments that go beyond simple compliance checks. Additionally, MSPs will receive a turnkey SOC and a team of experts dedicated to their accounts on a 24/7/365 basis allowing their current team to focus on client interactions.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.