MSPs provide specialized services to small businesses who may not be able to hire a full staff of professionals.
Small business owners with limited resources can’t always afford to hire the professionals they need to help manage their business. They have the same basic needs as larger companies, just on a smaller scale. The problem is that, unlike their larger counterparts, they don’t have the budget or the resources to allow for such extravagances. In an attempt to fill these needs, MSPs were formed.
An MSP, or managed service provider, is a company or team of professionals that offers specialized services to small business. They can be hired on contract or to perform specific jobs. MSPs are made up of professionals who have the advanced training needed to provide a variety of services that fall within their industry. There are MSPs in almost every industry. Professional service providers from each MSP can be hired one at a time or as a team to ensure the right people are selected for each job.
There are several different types of MSPs. IT and security management are two of the most common. There are also MSPs that deal with digital marketing and data analytics that help small companies reach larger audiences with strategically targeted marketing plans. IT companies help small businesses by setting up their digital network and making sure it runs efficiently. While the IT professionals work to protect the company’s information, security management MSPs help to protect the outside. They can install security systems and provide video surveillance cameras that allow the owners to see their property day or night.
The main reason behind the explosion of growth that MSPs are experiencing has to do with filling a niche. MSPs provide specialized services for an affordable price. The owner of the small business only has to pay for the amount of time used or the services that are provided. With little money in the budget for hiring someone full time, using an MSP allows for the business owner to get the services they need at a manageable cost.
One of the main benefits of hiring an MSP to perform specific tasks is that allows the owner to do what they do best. Manage their business. By focusing all of their attention on their business, they are able to maintain continued growth. Many small business owners don’t have the knowledge or experience to handle certain parts of their business. Hiring an MSP team of professionals allows them to hire someone with the knowledge and experience they need only for as long as they need them. This means better control of their business and not worrying about going over their already tight budget.
MSPs have grown considerably over the last few decades. Small business owners no longer have to worry about their lack of experience costing them money. Now they can turn to the professionals they need to take care of the tasks that sometimes went overlooked in the past.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”