In our rapidly digitizing world, the role of cybersecurity cannot be overstated. The increase in online platforms and the adoption of digital solutions by businesses of all sizes have led to a surge in cyber threats. While the scope of online risks is expanding, the need for cybersecurity grows exponentially.
A challenge for some is a golden opportunity for others. Thus, this growing need for cybersecurity solutions presents a lucrative business prospect for Managed Service Providers (MSPs) and resellers to partner with cybersecurity firms and offer their clients robust protection.
Cybersecurity market: threats and opportunities
Despite the escalating cyber threats, virtual work setup offers immense potential for businesses and enterprises. To better understand the risks and, paradoxically, their advantages, let’s review the current cybersecurity setting.
Luring risk of cyber attacks
According to Statista, projected from 2023 to 2028, the total global cost of cybercrime is anticipated to surge by 5.7 trillion U.S. dollars, showcasing a notable rise of 69.94%. The latest estimates indicate that by 2028, global expenses related to cybercrime will soar to 13.82 trillion U.S. dollars.
Year after year, data breaches and ransomware attacks have wreaked havoc on the digital landscape. Recent cybersecurity threats research revealed that phishing attacks and malware are top risks businesses of all sizes are exposed to the most. Yet due to the dynamic cyber climate, leading threats constantly evolve, shifting their positions.
For instance, small- and medium-sized businesses (SMBs) are the most vulnerable, as companies with fewer than 1,000 employees bear the brunt of 46% of all cyber breaches. These statistics emphasize that no business is too small to ignore the importance of cybersecurity.
Moreover, analysis shows that ransomware attacks will reach an astounding 620.5 million cases in 2023, eventually costing approximately $265 billion U.S. dollars by 2031. Although it’s only a glimpse into the future digital ecosystem perceptions, the need for fortified cybersecurity solutions is more pressing than ever.
Possibilities dictated by the digital landscape
The silver lining in this situation lies in a boom in the cybersecurity market. This creates an opportune moment for MSPs and resellers to venture into cybersecurity. The global cybersecurity market size is predicted to grow exponentially in the coming years, and those prepared to seize the opportunity now stand to gain immensely.
This opportunity emerges as a prediction for MSP industry revenue to reach €21.18bn in 2023. The anticipated annual growth rate (CAGR 2023-2028) is 2.84%, culminating in a market volume of €24.36bn by 2028.
According to cybersecurity investments research, 59% of companies plan to purchase cybersecurity solutions, services, or applications. 52% of those who plan to invest in cybersecurity solutions and services are small– and medium–sized enterprises.
In addition, research gives an overview of major markets like the U.S., Canada, and the United Kingdom, revealing that approximately 22% of enterprises outsource their cybersecurity expertise. On average, almost 12% of companies don’t have in-house or outsourced cybersecurity professionals.
Regarding company size, a majority (52%) of small businesses don’t have and don’t outsource skilled cybersecurity staff, while 29% of medium-sized companies tend to outsource these functions.
Challenges faced by most MSPs & resellers
Like every sector has its own challenges, managed service providers and resellers encounter various obstacles in outsourcing business. According to Statista, in 2022, the most prominent impediments were coping with advanced and sophisticated security threats and acquiring more customers.
In 2022, 30–40% of respondents in EMEA (Europe and Middle East Africa), Americas, and APAC (Asia-Pacific) regions saw gaining new customers as a challenge. By 2023, 29% of service providers still cited the acquisition of new clients as their biggest challenge, followed by revenue growth and profitability.
Besides the struggle to find more clients, handling cybersecurity threats is an issue for a significant number (approximately 20%) of MSP and reseller companies in 2022. Service providers are directly exposed to digital threats like their customers and any other modern company.
NordLayer: your trusted cybersecurity partner
Navigating the cybersecurity landscape might seem daunting for many MSPs and resellers. That’s where NordLayer comes into play.
NordLayer offers a comprehensive partner program to help you tap into this booming cybersecurity market, enhancing your business performance and increasing your profits.
Boost your business performance
With NordLayer, your business can gain a competitive edge through an accessible software-defined solution. Our remote security solution ensures your clients stay safe online, allowing you to stay ahead of the game.
Grow your profits
NordLayer’s easy-to-adapt software eliminates the need for expensive hardware, saving your clients significant costs. By opting for a subscription-based SaaS model, you can enjoy a steady stream of recurring revenue, greatly amplifying your financial gains.
No tech expertise is needed
NordLayer simplifies the process of selling cybersecurity solutions. This means you don't need a deep understanding of tech and network knowledge or invest in human resources education or competencies to start selling.
24/7 support
We believe that partnership goes beyond selling solutions. With NordLayer, you gain access to a committed, caring, and proficient technical support team available round the clock, helping you identify and close deals and propelling you toward success.
Efficiency is our priority
At NordLayer, we prioritize efficiency. With our solutions, you can onboard clients in under 10 minutes and scale rapidly. No minimum order requirement makes NordLayer ideal for SMBs. Network deployment and administration are simplified, without the need for complex hardware or tedious configurations, saving time and resources while boosting productivity.
Afterword
The time is ripe for MSPs and resellers to seize the opportunities in the cybersecurity market. With NordLayer as your partner, you will be well-equipped to navigate this booming sector and take your business to new heights. The cyber threats are real, but so are the opportunities. Now is the perfect time to start selling cybersecurity solutions.
Future partner, become an enabler securing all ways of working by joining forces with NordLayer.
