Managed Service Providers face a confounding dilemma today—should they diversify their base and provide services to businesses across different industries, or should they prioritize a single industry and cater exclusively to businesses that operate out of it?
Quite like the chicken-or-the-egg scenario, the answer to this question is bound to be varied. However, if you are an MSP involved with cybersecurity, verticalizing is the best way to hold the fort.
This article will help you understand why verticalizing would be a powerful move for MSPs active in the cybersecurity domain.
Why Cybersecurity Matters Now More Than Ever.
As a fallout of the pandemic, numerous businesses were forced to shift their operations to online platforms—creating a pressing need for effective cybersecurity solutions.
According to IBM, online data breaches and hacking can cost businesses a whopping $3.8 million. This figure only increases exponentially for larger businesses.
In 2020 alone, high-profile companies like Twitter, Marriott, Magellan, and Garmin were hit by several cyberattacks.
With data breaches becoming rampant, businesses have started to understand the importance of cybersecurity and its benefits—data protection, increased data privacy, protection from viruses and malware, and many more.
A 2019 study by Deloitte found that nearly 99% of the businesses that participated in the survey were big on outsourcing their cybersecurity operations, with security operations and vulnerability management being the most common.
Why Cybersecurity MSPs Should Verticalize.
To begin with, the demand for cybersecurity is always higher than the supply. So, MSPs providing cybersecurity services need not worry about falling out of demand. Further, by verticalizing, the managed service providers will be forced to take stock of their services and the improvements that can be made.
Second, verticalizing will prompt MSPs to think long and hard about their own cybersecurity measures. In this way, they can address the loopholes and strengthen the services they provide to businesses while benefiting themselves from the improved infrastructure.
Third, a vertical approach will inevitably equip the MSP with a deeper understanding of the dynamic nature of cybersecurity. This means that they will have to remain abreast of the ethics, regulations, and industry-specific cybersecurity requirements. Consequently, MSPs can improve their expertise and knowledge of the domain.
With more knowledge comes an intimate understanding of the risks associated with the service. Once MSPs can identify the risks, they can provide a reliable picture of the same to the businesses. This will help both the MSP and the business to have reasonable expectations.
Fourth, different cybersecurity requirements call for different tools. Thus, MSPs will find themselves needing to invest in tools as they expand their services. Such strategic investments that accompany a vertical approach can help an MSP stay ahead of the game.
Finally, by dispensing cybersecurity solutions to businesses drawn from different industries, MSPs can decide upon the niche or industry they want to specialize in.
For example, if your MSP is planning to zero in on the banking sector, you can then proceed to invest in procuring the tools, knowledge, training, and expertise that will help you deliver services of top-notch quality.
While verticalizing might not be a good idea for MSPs across all industries, it might be a sensible idea when it comes to cybersecurity because of the constant demand that often outnumbers the supply.
Cybersecurity MSPs need to constantly innovate, upgrade their services, procure the necessary tools, understand the risks and identify a niche. And a vertical approach is the best way to check all the boxes.
At Vertex, you will find top-notch cybersecurity solutions, including—regular monitoring of important networks and firewalls, overall network security, quick resolution of spyware threats, and reduced downtime.
Feel free to reach out to our experts to find out about how our cybersecurity expertise can help your business.
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