Cybersecurity brings great opportunity for MSPs to expand, grow their business

Cybersecurity is a lucrative business. Cybercrime is a booming business, inflicting damage to businesses estimated at $3 trillion per year and growing to $5 trillion by 2024, according to a recent report by Juniper Research. Cyberattacks are a costly business nightmare, resulting in profit-sapping downtime, lost revenues, brand damage, stock price losses and regulatory fines. The growing risk of being hit by a cyberattack makes it a no-brainer for organizations of all sizes to adopt cybersecurity solutions. This is where MSPs come into the picture.

Cybersecurity poses a great opportunity for MSPs to expand, grow their business, and drive revenues while providing customers with more comprehensive solutions. Ransomware is designed to completely encrypt a victim’s file system, potentially causing an irreversible loss of data. Second, an increasing number of cybercriminals are utilizing ransomware to extract money out of victims.

Some surveys have shown that losses for businesses can average $2,500 for each incident, with businesses willing to shell out millions of dollars to decrypt their data in some instances. Given the whole purpose of ransomware is to extract money from victims, total loss values are often the numbers people care about the most.

There is an increasingly large number of businesses, governments, and individuals faced huge losses due to these types of virus attacks. Cybercrime is estimated to have increased by around 600% in the past year, with ransomware alone costing companies around $75 billion a year. A report says, the right cyber protection capabilities and management tools can capitalize on ransomware’s growth and add significant value to your service, allowing you to grow your client base, customer satisfaction, and revenue streams.

71% of ransomware targets SMBs, and 3 out of 5 MSPs had to deal with a ransomware attack on SMB clients within the last year . As an MSP, you should be realizing that this growing threat can be turned into a revenue opportunity - if you take the right steps. There are potential profits as well as the risks associated with such a business move.

Cybersecurity solutions have great potential to increase your business, but you need to be aware of the potential associated costs and pick them carefully. The big issue in recovering from a ransomware attack is the ability to recover data from a clean source, so you need a solution that moves data to a highly secure offsite facility with multiple, flexible restore points. Going forward, with the introduction of new age technologies, you can expect the number of ransomware attacks to increase and newer forms to become more sophisticated and disruptive. 

S Mohini Ratna, Editor, VARINDIA