Attentiveness overtakes pricing as businesses seek out new MSPs
If anyone was in any doubt about the increasing cybersecurity risks faced by SMBs, the latest State of SMB Cybersecurity report from ConnectWise makes for sobering reading.
According to the survey, 76% of SMBs had been affected by at least one cybersecurity attack in 2021, up from 55% in the previous year. Unsurprisingly, this is prompting a large number (78%) to increase their cybersecurity investment over the next 12 months.
One of the biggest challenges they face, also unsurprisingly, is a lack of in-house expertise to defend themselves against cybersecurity threats. Which means that many of them are likely to engage a partner to do a lot of that work for them. The problem here, however, is that many SMBs are feeling disillusioned with their current partners.
According to the report, 89% of SMBs are using an MSP but 88% have identified “at least one MSP-related challenge that they face or expect to face”.
For many, a big problem is “a lack of trust in their provider”. The report suggests that one way MSPs could help build trust is by enhancing their cybersecurity protections for SMBs.
“An MSP that can educate SMB employees on cybersecurity attacks and help them to safeguard IT systems and processes against such threats stands a much better chance of being able to position itself as the trusted partner that SMBs clearly seek,” the report says.
It is worrying for MSPs that 94% of SMBs said they would “consider using or moving to a new MSP if it offered the “right” cybersecurity solution and 42% said they already planned to ditch their current MSP in the near future.
The report argues that “SMBs are often not going to tolerate an MSP that cannot deliver on their cybersecurity promises. MSPs need to be able to walk the walk as well as they can talk the talk, so this means helping SMBs to build and maintain a truly secure and resilient IT environment that doesn’t falter when threat actors come knocking.”
Positivity and profitability
So there’s no doubt that there are a lot of unhappy SMB customers. Or rather customers who don’t think their partners are up to the job. And the thing is, according to the survey, they would be willing to pay quite a premium if they could find the right partner, with 39% saying they would pay a new MSP 39% extra each year if they were able to provide the “right” cybersecurity solution.
Commenting on the report Raffael Marty, general manager, cybersecurity at ConnectWise, makes the salient point that partners need to do more to provide the right cybersecurity solutions to customers when so many SMBs are dissatisfied with the service they receive and are prepared to make a change.
But while that is a threat for many incumbents, it also serves as an opportunity for other MSPs. Given that 42% of SMBs are already planning to change their MSP, that’s quite an opportunity. But it also suggests there are some serious shortcomings in the overall provision of cybersecurity services to SMBs by MSPs. Complacency on behalf of MSPs may be the cause for some of that unhappiness.
As the report concludes: “Complacency must be avoided. It is essential that MSPs are able to clearly and concisely illustrate to SMBs exactly how their solutions, services and support can help them to stay safe while also continuously developing offerings to ensure they keep pace with the ever-changing needs of modern-day SMBs.”
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