The landscape for Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) is on the brink of significant transformation. As businesses increasingly depend on digital technologies, the role of MSPs and MSSPs is expanding beyond traditional IT services to more complex and integrated solutions, particularly in cybersecurity.Â
Key takeaways
Market growth and investment in security: Gartner's projection that security service spending will reach $90 billion in 2024 highlights a growing demand for comprehensive cybersecurity services.
Cybersecurity as a central focus: with 42% of security and risk management spending geared towards security services, MSPs and MSSPs must prioritize enhancing their cybersecurity capabilities to grow and expand customer relationships.
The critical role of SSE in cybersecurity: the integration of Secure Service Edge (SSE) frameworks, including technologies like ZTNA, FWaaS, CASB, and SWG, is essential for MSPs and MSSPs to protect client data and ensure robust network security efficiently.
Expanding service offerings: with cloud security, data protection, and identity and access management, an MSP business can differentiate itself, attract more clients, and enter new markets.
Enhancing client retention and trust: effective data protection and robust IAM practices not only retain clients but also build trust, positioning MSPs and MSSPs as reliable partners in cybersecurity.
Scalability and compliance: offering scalable solutions and staying ahead of compliance help MSPs and MSSPs meet the evolving needs of their clients and adhere to regulatory requirements.
MSPs predictions and trends
According to Gartner, spending on security services, which includes consulting, IT outsourcing, implementation, and hardware support, is anticipated to reach $90 billion in 2024. This impressive figure highlights how businesses increasingly prioritize fortifying their digital defenses.Â
Moreover, the global market for managed security services is expected to grow at an average annual growth rate (CAGR) of 11.66% over the next five years, with a projected market size of $36,129 million by 2024. This rapid growth underscores an expanding opportunity for MSPs and MSSPs to offer comprehensive cybersecurity services.
The emphasis on cybersecurity is more pronounced than ever, with 42% of security and risk management spending expected to be directed towards security services. This trend indicates a shift from traditional IT support to more specialized security-focused offerings.Â
For MSPs and MSSPs, this move means that enhancing their cybersecurity capabilities is not just an option but a necessity. As cyber threats evolve and multiply, providing robust security solutions will be a critical factor in maintaining and expanding new customer relationships.
Cybersecurity solutions for MSPs' and MSSPs’ growth
MSPs and MSSPs are pivotal in safeguarding client data and ensuring robust network security for companies that need external security and technological support. But what solutions best aid MSPs and MSSPs in this task?
The Security Service Edge (SSE) framework is an agile and flexible solution that is easy to customize based on business needs. SSE through Zero Trust Network Access (ZTNA) combines access controls, FWaaS helps with network segmentation by managing the traffic flow, Cloud Access Security Broker (CASB) enhances cloud security, while Secure Web Gateway (SWG) prevents unsecured traffic from entering the network.
By strategically adopting SSE frameworks, MSP and MSSP providers can leverage advanced cybersecurity solutions like cloud security, data protection, and Identity and Access Management (IAM) to drive business growth and enhance client safety.
Cloud security
At the heart of SSE, cloud security is fundamental for MSPs and MSSPs aiming to protect clients' cloud-based systems and data. This solution includes encrypting data both at rest and in transit, deploying security configurations that automatically update to counter new threats, and implementing strict access controls.Â
By offering comprehensive cloud services, MSPs and MSSPs can assure clients of their ability to protect sensitive information against emerging threats, thus strengthening client trust and satisfaction. It’s crucial for establishing new customers and expanding on MSP growth.
Data protection
Data is the lifeline of modern businesses, making its protection critical to expanding for sustained growth and compliance. Under SSE, data protection strategies encompass various technologies like backup solutions, encryption, and intrusion detection systems.Â
These tools help MSPs and MSSPs prevent data breaches and ensure quick recovery from incidents, minimizing downtime and financial loss. Effective data protection not only helps retain existing clients but also positions MSPs and MSSPs as reliable guardians of data security that are attractive to prospective clients.
Identity and access management (IAM)
IAM is crucial for controlling who can access what within a network. This includes multi-factor authentication, single sign-on services, and user access reviews., All of these are aligned with SSE principles to ensure that only authorized users gain entry to sensitive systems and data.Â
By implementing robust IAM practices, MSPs and MSSPs can offer tailored access solutions that bolster security while improving the user experience. This supports client operations in a secure, efficient manner.
SSE solutions benefits for MSPs and MSSPs
Expanding service offerings: By adding cutting-edge SSE solutions in cybersecurity offerings, MSPs and MSSPs can differentiate themselves from competitors, appeal to a broader client base, and enter new markets.
Enhancing client retention: by providing dependable, state-of-the-art cybersecurity measures, MSPs and MSSPs can improve client satisfaction and loyalty while increasing their revenue. Clients who feel their data is secure are more likely to renew their contracts.
Building trust through compliance: demonstrating compliance with data protection regulations makes MSPs and MSSPs providers partners of choice in industries where data security is paramount.
Offering scalable solutions: SSE enables the provision of scalable cybersecurity solutions that grow with clients' businesses. This flexibility is attractive to clients at all growth stages, ensuring that MSPs and MSSPs can meet evolving security needs.
By focusing on primary challenges to counter modern cyber threats and offering tailored advanced security solutions, MSPs and MSSPs can position themselves as strategic partners in their clients’ digital transformation journeys. These solutions are not complex, resource-intense, and complex
Cloud services allow managed service providers to expand their scope and revenue with little costs for clients, making it a win-win situation for all parties.
Expand MSPs and MSSPs with NordLayerÂ
To capitalize on growth opportunities, MSPs and MSSPs must focus on expanding their service offerings. Opting to collaborate with a strong partner ensures a firm background for future client relationships.Â
While MSPs and MSSPs operate as consulting services that help businesses understand and implement the right security strategies for their specific needs, NordLayer stands strong as a network access security tool provider that offers solutions in different setups:
Secure Remote Access
Scenario: With a dispersed workforce, companies need to ensure secure access to corporate resources from anywhere in the world.
NordLayer solution: Provides secure and scalable remote access solutions that MSPs can manage for their clients, ensuring employees can access what they need securely and efficiently.
Enhanced network security
Scenario: Businesses face increasing threats from cyber attacks but often lack the internal expertise to effectively counter these risks.
NordLayer solution: Offers advanced network security features, including threat protection and data encryption, enabling MSPs to bolster their clients' defenses against cyber threats.
Simplified compliance
Scenario: Companies operating in regulated industries require robust compliance measures to protect sensitive data and avoid penalties.
NordLayer solution: Helps MSPs ensure their clients meet compliance standards by providing tools for data protection, secure access, and audit trails.
Streamlined IT infrastructure
Scenario: Businesses seek to minimize IT complexity while ensuring their teams have the necessary tools and access.
NordLayer solution: Enables MSPs to offer streamlined, cloud-based security solutions, reducing the need for multiple vendors and simplifying the IT landscape for their clients.
Cybersecurity without internal experts
Scenario: Many SMBs cannot afford or find the cybersecurity talent needed to protect their operations.
NordLayer solution: MSPs can step in to fill this gap, using NordLayer's intuitive platform to provide top-notch cybersecurity services without the need for in-house experts.
Scalable security solutions
Scenario: Growing businesses need security solutions that can expand with them without requiring constant reinvestment or reconfiguration.
NordLayer solution: Offers scalable security services that MSPs can easily adjust to fit the changing needs of their clients, supporting growth without compromising security.
