Demand for Cybersecurity Services among SMBs Until recent years, most small and medium-sized businesses (SMBs) harbored the misconception that they were safe from cyber attacks. Ransomware and data breaches were seen as incidents that only happened to large enterprises with very deep pockets and expansive operations. These attitudes have been changing with increasing awareness about cyber risk and the stringent data privacy requirements that apply to all businesses – regardless of size. SMB Cybersecurity Market – Double-Digit CAGR Between 2024 and 2032 the SMB cybersecurity market in the US is estimated to grow at a CAGR of 13.2%, higher than the overall US cybersecurity CAGR of 12.3%. Globally, the cybersecurity market is projected to grow from USD 193.73 billion in 2024 to USD 562.72 billion by 2032, at an estimated CAGR of 14.3%. In the global analysis, too, the SMB market is expected to grow at a higher CAGR than large enterprise security. According to the 2024 “State of SMB Cybersecurity” survey, while 83% SMBs are planning to invest more in cybersecurity over the next year, 76% percent say that their organization would be unable to deal with cybersecurity issues effectively without external support. This is because cybersecurity expertise is difficult to acquire, and it isn’t feasible for SMBs to build security infrastructure and dedicate resources to running security programs in-house. The most straightforward solution is to outsource security to managed service providers (MSPs). Tips for MSPs and MSSPs Offering Cybersecurity Services to SMBs With cybersecurity demand among SMBs at an all-time high, now is a great time for MSPs and MSSPs to put plans, processes and service packages in place to protect their SMB clients. Here’s a list of tips and best practices for MSPs and MSSPs looking to expand their security services with a focus on reducing cyber risk for SMBs: Use consolidated, multi-feature platforms: Use consolidated all-in-one platforms to reduce costs both for you as a service provider and for your SMB clients. This will also increase efficiency and enable you to cover essentials without the complexity of managing multiple tools. Tailor solutions to client needs: Conduct thorough needs assessments to understand each SMB's unique security requirements so you can tailor your services accordingly. A personalized approach will help you demonstrate a commitment to client needs and build trust. Offer tiered service offerings: Provide a range of service levels, including co-managed, fully-managed, and self-managed options with support so your SMB prospects can choose the level of engagement that best suits their needs and budget. If possible, offer flexible, per-endpoint-based pricing which can be scaled up or down as your clients’ needs evolve. Create service bundles focused on essentials: Bundle related services such as vulnerability management, data loss prevention, and compliance audits to provide more value at more attractive pricing to your end customer, while increasing your own revenue margins. Leverage certified consultants: For more security-conscious customers in regulated sectors, consider offering specialized services from certified consultants, such as those with CISSP or CISA certifications. This will enhance the value you’re providing and also command higher service fees. Offer a free proof of value: A free proof of value such as a free security assessment, or a limited-time trial of specific services will allow your SMB prospect to experience the value of your services firsthand and build trust before they are ready to commit to a longer-term engagement. Consider starting with limited-time professional services: Offer initial services as a limited-time professional engagement to demonstrate your expertise and build a relationship with the client before transitioning to a longer-term managed services agreement. Read some MSP and MSSP success stories here. How CYRISMA can help The CYRISMA Cyber Risk Management Platform was developed with the vision of making cybersecurity accessible to all businesses. The platform brings together multiple tools to enable service providers to build strong risk reduction programs for their SMB clients while keeping costs low and processes simple. We’re always believed that building a strong cybersecurity program doesn’t have to be prohibitively expensive and CYRISMA has made affordable, effective and strong security a reality. Platform features include vulnerability and patch management, sensitive data scanning, secure configuration scanning, cyber risk quantification, cybersecurity compliance (covering multiple standards), dark web monitoring, and more! BOOK A DEMO for a deep dive. |
