hacker with hoodie

Why Hackers Love to Target Businesses That Don’t Have an MSP

 hacker with hoodie

Many of us have heard the term “managed service provider,” but exactly what is an MSP anyway?

An MSP is a company providing remote IT managed services for their clients’ IT infrastructure. The client allows the MSP to monitor its entire network from a centralized location. They will also provide cybersecurity protections, end-user protections, cloud services, and much more. MSPs will bundle the cost of the services into one predictable, monthly bill based on the Service Level Agreement the client signs.

Executives must realize by now that there is a thriving, in fact – BOOMING cybercrime economy. They must also realize by now that the organization they work for is a prime target of malicious hackers. Many small to mid-sized businesses falsely believe they are too small to be of interest to hackers. In fact, the opposite is true.

“We’re too small to fail”

Small to medium-sized businesses (SMBs) saw a 424 percent increase in cyberattacks in 2021, with the average cost of a successful attack surpassing $200,000 per incident. Furthermore, according to the National Cyber Security Alliance, 47 percent of all SMBs were hit by a successful cyberattack, and of that number, 60 percent never recovered. This means 28 percent of all SMBs in the U.S. were forced out of business because of a cyberattack in 2021.

Yet for some reason, most executives have failed to accept the responsibility bestowed upon them to develop effective cybersecurity programs and hire an MSP to reduce overall risk. Some try to do it themselves; others try an out of the box approach to cybersecurity which is like driving a Model T rather than a sports car. It’s no wonder why hackers love procrastinators. Having an MSP is a far cry from a DIY (Do It Yourself) approach to cybersecurity.

computer station

Four commonly asked questions on how utilizing an MSP benefits business owners:

Q. What are the primary advantages of an SMB having an MSP manage their IT network rather than having someone manage it internally?

A. The short answer is that the risk and exposure related to cyber threats is at an all-time high and it is only getting worse. Therefore, companies are looking for more than a transactional relationship in mitigating cyber risk over the long term. Business leaders are looking at cybersecurity more holistically for many of the following reasons according to a recent study by Gartner, Inc.:

  • An MSP offers a highly qualified cybersecurity workforce with the most up to date knowledge and products at their disposal that can be implemented at lightning speed.
  • Most organizations are struggling to build and maintain effective cybersecurity programs.
  • The trend of enterprises engaging in a “do-everything” MSP continues to grow with a business success mindset.
  • Budgeting of professional services is shifting to more long-term spend. Studies have shown that a transactional and reactive approach to client engagement results in a high cost of sales and is inefficient.
  • The leading MSPs are adding more value by investing heavily in professional services development for their clients such as training, webinars, and newsletters.

Q. How has the digital business transformation impacted the need for utilizing an MSP?

A. Digital business transformation is entering a more challenging, urgency-driven phase. Business leaders feel increasingly pressured to provide customers with digital solutions. As part of this transformation, enterprises have many drivers for utilizing an MSP:

  • They may already rely on the technology capabilities of a service provider and want to leverage the additional capabilities available.
  • They may be looking for continuous innovation delivered by the service provider rather than just managing an infrastructure environment.
  • They may know they have a digital business problem and need advice on the best technology solution to deploy.

Q. Why are so many Executives procrastinating?

A. The most common reasons a person dismisses or doesn’t finish the task are:

  • They lack the confidence or expertise to accomplish the job.
  • They have a bias against the task itself.
  • They have a fear of failure – they are perfectionists.
  • There is a more attractive task available to perform – joy of temptation.

 

Why Not Now

Q. What are some ways you can fight procrastination and develop an effective cybersecurity program for your organization?

A. There are five basic ways to be proactive to ensure your company is “Shields Up” against a cybercrime in 2022. According to Cyberstone, a leading MSP authority and strategic partner of MIS Alliance:

  • Embrace the federal government’s “Shields Up” Guide- The Shields Up Guide was initiated by CISA (Cybersecurity & Infrastructure Security Agency), to adopt a heightened posture when it comes to cybersecurity and protecting their most critical assets. CISA has compiled free cybersecurity services and tools from government partners, and industry to assist.
  • Change your mindset - Addressing cybersecurity concerns can be hard, annoying, unattractive, or downright overwhelming. But you must appreciate the fact that it needs to get done.
  • Learn new things – Contact us here for helpful tips and information. Read our blog posts regularly, we often post content about cybersecurity.
  • Don’t worry - Do not worry about creating the perfect cybersecurity program, it will evolve and improve over time. The most important thing is to get started and finish the first step!
  • Contact us- We are ready to help organizations prepare for, respond to, and mitigate the impact of cyberattacks. Call or email us immediately and schedule a complimentary consultation session with one of our cybersecurity experts. We understand all the nuances of cybersecurity and are happy to share our knowledge.

cybersecurity cycle

The bottom line

Hackers will continue to feast upon technology environments that have lackluster defenses and prey on organizations that are woefully unprepared to respond to cyber-attacks. Hackers love procrastination because it promotes their success!

MSPs not only provide the technological know-how, but they can also deliver customer-centric support for better customer experiences which sets your company up for success in the long run. Your enterprise will soon become a business hackers love to hate.