State of SMB Cybersecurity Report (2022)

MSP Benefits for SMB

Small to Medium Sized Businesses (SMBs) traditionally look to IT Managed Service Providers (MSP) to cover cybersecurity and technical support for their business as there are many benefits instead of hiring in house IT support. These benefits are:

• Cost savings:MSPs can help you save money on IT costs by providing a variety of services at a fixed monthly fee. This can be more cost-effective than hiring and paying full-time IT staff, especially for small and medium-sized businesses.
• Access to expertise:MSPs have a team of experienced IT professionals who can provide a wide range of services, including network management, cybersecurity, cloud computing, and more. This means that you don’t have to hire multiple IT specialists to manage your IT infrastructure.
• 24/7 support:MSPs typically offer 24/7 support, so you can get help with your IT problems whenever you need it. This can be especially helpful for businesses that operate outside of regular business hours.
• Scalability: MSPs can scale their services up or down to meet your changing needs. This is especially helpful for businesses that are growing or experiencing seasonal fluctuations in demand.
• Reduced risk: MSPs can help you reduce the risk of IT outages and data breaches by providing proactive monitoring and maintenance services. This can help you protect your business from costly downtime and security incidents.

Increasing Number of Threats

ConnectWise is an industry leading provider of IT software and solutions for MSPs and they recently completed a “State of SMB Cybersecurity” report that aggregated research into what SMBs think about MSPs and cybersecurity. The report is full of statistics that cybercrime is growing and becoming smarter. Alarmingly, 76% of surveyed SMBs reported being affected by at least one cybersecurity attack, a significant increase from 2020’s 55%.

It is important to note that these are SMB’s that were affected and not businesses that just witnessed attacks. The impact of being affected can range from a relatively minor act of resetting a password to severe consequence of stopping operations due to an unanticipated ransomware attack.

SMBs Are Not Satisfied with Their Current MSP

While more SMBs are shifting towards MSP’s there is a lack of trust when giving the keys to an outside company. A substantial 88% of SMB respondents mention at least one challenge related to their MSP, particularly in organizations planning to switch to a different provider soon. According to ConnectWise’s results only 47% of IT MSPs plan to continue with their current provider. The number one reason for wanting to change is a lack of trust in provider as 43% of SMBs believe this and 29% also believe that they have inadequate cybersecurity protections.

Don’t Wait to Switch MSP’s

“94% of respondents would consider using or moving to a new MSP if they offered the “right” Solution” (ConnectWise). Business leaders will typically wait until the contract with their current MSP is over then start looking for the next partner. With 60% of SMBs going out of business within six months of a cyber-attack, businesses can’t wait around to make the switch to the right provider. Open a conversation with us here at www.pivitstrategy.com and let us take those concerns away from you.