How to Scale Your IT Business with Cybersecurity

May 28, 2024

45 1 minute read

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The cybersecurity landscape for MSPs

Cybersecurity is more important than ever. Today’s managed services provider (MSP) clients are at risk whether they acknowledge it or not, and they all have varying levels of awareness and appreciation of the security vulnerabilities of their businesses. With the continued rise of remote work, new vulnerabilities have been introduced, and as an outsourced technology provider and trusted advisor to their business, your customers rely on you more than ever to secure their network.

According to IBM’s 2023 Cost of a Data Breach Report, lost business opportunities – including increased customer turnover, system downtime, and increased cost of acquiring new business due to diminished reputation – represented the largest share of breach costs, at an average total cost of $4.45 million, which is at an all-time high and a 2.3% increase from 2022. Recent numbers from the Sophos State of the Ransomware 2024 survey confirm this, reporting 59% of organizations were hit by ransomware in the last year. Even more concerning is that 84% of those organizations lost business/revenue due to the attack.