Organizations worldwide have seen an unprecedented rise in cybercrime in recent years. Now more than ever, small or medium-sized businesses (SMBs) are at the forefront of these attacks. The FBI estimates that cybercrimes against small businesses can reach up to $2.4 billion, and troublingly, 88% of small business owners surveyed by the U.S. Small Business Administration (SBA) feel vulnerable to a cyberattack.
MSPs need to capitalize on this opportunity by sitting with the SMBs to educate them on the proactive steps they can take to remain protected in this ever-evolving threat landscape. Even implementing simple procedures, such as better rotating passwords, reviewing access credentials, and operating procedures, can mean the difference between remaining secure and being the target of the next cyberattack.
Initiating these conversations is not just about security, but also about empathizing with SMBs' business priorities and processes. MSPs, with their deep understanding of the key business issues faced by SMBs, can guide them on the transformative potential of technology. It's not just about security, but about using technology to drive tangible changes that solve real business problems, all while ensuring the security of SMBs.
Creating a roadmap that both sides can build trust upon and execute against is crucial. This trust will be the foundation for successful collaboration, driving digitization and, by extension, increasing productivity, revenue, and profitability.
Navigating Widespread Challenges
One of the biggest issues associated with cybersecurity is cost and ensuring SMBs understand the required investments to protect themselves. This is particularly important in cyber insurance, where costs have risen by 70% since 2022, and as few as 14% of SMBs have coverage.
Since MSPs and subject matter specialists are already technology experts, there’s an opportunity for MSPs to explain technology more effectively using a vocabulary that resonates with SMBs, defining the outcomes of using the technology to improve SMBs' productivity, efficiency, and profitability.
Given their limited resources, it’s important to recognize that technology exists to assist businesses in solving problems, and SMBs cannot do this independently. Therefore, the role of MSPs is to assist SMBs by allowing them to figure out exactly what they need in their technology stack and help them scale from that point on.
From Investment to Impact: Strategies for Implementing the Correct Tech Infrastructure
The democratization of technology with the breakthrough of solutions in cloud, AI and cybersecurity offer a chance to reset this paradigm and drive digitization as technology is now becoming an increasingly important topic in the boardroom. This provides another opportunity for MSPs to increase their sphere of influence. One example is the explosive growth of ChatGPT, which is not necessarily a new technology. However, it resonates well with users as they now realize the value of technology in their everyday lives.
These new technologies, such as AI, can automate the certification and accuracy of compliance, which will only increase as the world becomes more digital. The National Institute of Standards and Technology (NIST), Cyber Essentials and Essential Eight remain separate from cyber insurance, showcasing how this will likely increase. It will become a bigger barrier to winning and protecting business at the required margin. Leveraging specific tools to reduce these activities frees more time for MSPs to demonstrate their value.
In short, investing in the correct technology infrastructure will scale with the company as they continue growing. This way, MSPs are addressing their technology needs at the current size and advising on how to generate ROI over time. Part of investing in this technology means also using the technology to address talent shortages, upskill current employees, and more. MSPs need to provide strategic guidance on the technology needed for SMBs. In return, remaining secure provides them the foundation to align their technology investment to broader business and growth goals without disruption.
A Journey Towards Holistic Business Advisory
As businesses grow, MSPs need to be able to work more effectively with SMBs. This means transitioning from the traditional technology support role to a holistic business advisor. MSPs must prioritize moving from the server room to the boardroom through technological explanations that resonate with SMB audiences.
MSPs can do this by engaging with SMBs to identify their top security problems by asking them open-ended questions to find pain points. They can only produce solutions that address their ongoing concerns once this has been established. Additionally, for MSPs to be considered more of a technology advisor, they need to understand the business problems that an SMB is facing and provide effective solutions that deliver tangible results quickly. Another example moves beyond reducing costs and toward overall business transformation. Mainly increasing the amount of compliance required to win and maintain business.
As opposed to providing solely general technology support, MSPs that advise SMBs can build a strong foundation for success by taking on this role.
MSPs must spend time and effort with SMBs to understand their key business problems and outline exactly what can be possible using technology to drive and address them.
It’s time to focus on how these strategies can improve MSPs’ maturity in driving more leads, better margins, and more value to grow profitability. When MSPs create a plan and take on this strategic role for SMBs, they capitalize on a real opportunity to unlock business success.
