The data protection market is becoming increasingly challenging. More competition, sophisticated ransomware and shrinking client budgets are just a few things that keep Managed Service Providers (MSPs) asking the question: How do I stay above the competition? While there are many avenues that they can explore to address this challenge, today we will be focusing on one that deserves the spotlight – Managed Detection and Response (MDR)! Over 90% of MSPs offer some sort of cybersecurity offering within their portfolio. Unfortunately for some of them, they still lack a comprehensive cybersecurity tool to adequately protect against the newest threats out there.
So, what does an MDR Solution offer to clients?
MDR continuously monitors your computer network to detect, analyze, prioritize, investigate, and proactively search for threats. They rely on a combination of security platforms (such as endpoint detection and response, security information and event management, and other third-party threat intelligence feeds) as well as a top-tier security analysts who monitor and respond to the endpoint alerts.
Why consider adding MDR to your current solution offerings?
A survey conducted by Kaspersky Daily in 2021 found that 44% of MSPs are already partnering with MDR providers. As cyberattacks rise to unprecedented levels with no signs of slowing down, small to midsized businesses (SMBs) require more protection. Many of these SMBs are outsourcing their cyber security needs to MSPs due to their ability to offer them 24/7 protection. So, does adding an MDR solution make sense for you as an MSP? Here are five key questions to ask yourself:
1 – Does your team lack the time and expertise to deliver 24/7 cybersecurity services?
Cybercriminals don’t take weekends or evenings off. If your team is only operational 40-50 hours a week, you are leaving gaps where your customers are at risk of a malware attack. The majority (76%) of ransomware attacks happen on weeknights, or over the weekend. With threats occurring 24/7, SMBs need around the clock protection. By partnering with an MDR provider, you’re able to offer your clients 24/7 maximum security, while freeing up valuable time for your team to turn their focus on new billable projects.
2 – Does your team suffer from alert fatigue?
Cyber criminals are relentless, and with that comes copious amounts of threat alerts. MSP IT teams can spend a significant amount of time each day reviewing and prioritizing these alerts. When overwhelmed by the sheer quantity of alerts (with nearly half of them proving to be false positives), it’s easy for your team to let some alerts slip through the cracks. By partnering with an MDR provider, you gain an entire team of experts who will sift through the alerts for you. This means your team receives fewer alerts, reducing the likelihood of missing critical threat alerts.
3 – Could your dwell-and-response time use improvement?
Dwell-and-response time refers to the number of days a cybercriminal is undetected in your system before a successful attack is identified, and a response is initiated to contain it. The longer it takes to contain a breach, the costlier its effect. With an MDR, you can significantly reduce your dwell-and-response time from the average of over 200 days to just hours, or even in some cases minutes. MDR proactively hunts down both known and unknown threats, often eliminating them before they can infect systems.
4 – Do you have clients that need to mitigate the risk of regulatory violations?
Many SMBs collect and process data that is safeguarded under one or more data protection regulations, such as HIPPA or PIPEDA. The costs associated with non-compliance are substantial, including potential compensation and loss of clients’ trust. Partnering with an MDR can support your customers’ compliance needs and help them avoid these costly violations.
5 – Do you want to increase your monthly recurring revenue (MRR)?
One of the biggest challenges in increasing revenue is finding new customers. One way to do so is to expand your IT security offerings. As more organizations begin to utilize MDR services, failing to offer these services could be detrimental to your MSP business. Offering MDR can help generate new recurring revenue by keeping your business one step ahead of other MSPs who may be slow to adopt MDR provider partnerships. This ensures that your organization can offer customers a new value-added service.
If you answered “yes” to any of the questions listed above, then partnering with an MDR provider is an excellent choice for your MSP. As many SMBs do not have the resources to staff a Security Operations Center (SOC) team, let our team here at HostedBizz and Field Effect act as your SOC team for you and your end clients. We’d love to connect and discuss a roadmap to start selling MDR.