Wednesday 13th April 2022

BLOG: How Cyber Risk Ratings Can Help MSPs Protect Businesses from Data Breaches

The tactics and strategies of threat actors mean that no organization whether big or small is safe. Reports show small and medium businesses seemingly are the main target therefore organizations need to focus on strengthening their security posture.

Threat actors are getting smarter and implementing more advanced tactics than ever and the threat landscape is constantly changing. Security measures incorporated even as recent as six months ago may not be enough protection. Organizations should ensure that continuous risk monitoring is a focal point. Understanding the most critical threats to an organization such as system failures, malicious threat actors, and more. These threats determine the impact they may have on organizations.

This means that MSPs must keep their security standards high if they want to retain existing customers. It has previously been reported that 93% of small and medium businesses would consider moving to a new MSP if they offered a cybersecurity solution that “fits”.

Continuous risk monitoring provides the ability to identify new risks or differences in customers’ cybersecurity coverage. The difference between a proactive and reactive approach is huge, and MSP customers will feel secure knowing their MSP can spot and stop potential threats before they happen, 69% of small and medium organizations that use an MSP say they’d hold the MSP at least somewhat accountable in the event of a cyberattack and 35% would hold them solely accountable.

Frequent backups are necessary to recover from data loss and/or corruption occurring from security breaches. MSPs should consider using a data protection tool as that helps and reports state that 30% of MSPs have suffered brand reputation damage after a client experienced a cyberattack.

Cyber risk ratings can help MSPs alleviate their cybersecurity concerns by providing them with key information that gives access to quality advice on what is needed to protect their customers from threat actors and cybercrime. Cyber risk ratings and continuous risk assessments provide a snapshot of the internal and external factors that threaten not only MSPs’ business, but also their customers.

These assessments show customers that your company can address their specific cybersecurity concerns. By offering a comprehensive cybersecurity package, MSPs can play a key role in ensuring businesses are sufficiently protected against cyberattacks.

Focusing on cybersecurity tactics with customers, provides clients with more understanding of cybersecurity best practices, they’re less likely to invite unnecessary risks and will protect their organization autonomously which in turn makes MSP easier. To learn how we can help with this, click here.

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