Jul 9, 2024 - The Right Relationship: Small to Mid-Sized Businesses & an MSP

In a rapidly evolving, increasingly complex technology environment, maintaining an in-house team to manage your organization’s IT needs is becoming more difficult, and more expensive. 

The ongoing skills shortage is certainly making the situation tougher. According to the 2024 Work Trend Index report by Microsoft and LinkedIn, 55% of business leaders worry about having enough talent to fill open roles, particularly in fields like cybersecurity.

So, it’s not surprising that an increasing number of organizations across industries are looking for a Managed Services Provider (MSP) to deliver the consistent expertise and insight they need to make the most of the right technology and ensure their cybersecurity position keeps pace with evolving threats.

What can an MSP do for my business?

While reducing or eliminating the cost and complexity of maintaining an internal IT team is certainly a major benefit of partnering with an MSP, there are many other reasons to look outside your office walls for expertise. 

The right MSP can offer a fresh, highly informed perspective on the most effective ways for technology to add value and increase efficiency in your organization. On top of that, partnering with a recognized expert can communicate to current and potential customers that you’re serious about security, and committed to protecting their data. 

Additional benefits can include:

• Access to experienced, highly specialized expertise you wouldn’t be likely to find in a full-time internal team.
• Access to knowledge and insights gained from experience in multiple engagements across a wide range of industries.
• Ability to rapidly scale systems and resources up or down, as your needs change
• Improved business continuity in the event of a data breach or other malicious event.
• Access to industry knowledge, providing visibility into future trends and emerging technology.

Who’s on the team?

If you’re considering looking to external IT expertise, it’s helpful develop a basic understanding of the types of professionals an MSP can introduce into your organization. Here are some of the most common roles:

• Account Manager (vCIO) – focused on client satisfaction, maintaining relationships, and ensuring you’re aware of any services that might benefit your business.
• Network Engineer – handles the design, implementation, and maintenance of network infrastructure, with a focus on connectivity, security, and performance.
• System Administrator – manages servers and storage systems, and is responsible for system updates, backups, and troubleshooting.
• Cloud Architect – designs and manages cloud infrastructure and services to ensure scalability, reliability, and cost-efficiency.

The vCISO – your fearless leader.

While every member of an MSP team makes valuable contributions that help keep your organization operational and secure, a Virtual Chief Information Security Officer – vCISO – provides the big-picture leadership that keeps everyone connected and moving toward the same goals. Their responsibilities can include:

• Strategic guidance – they’ll help develop and implement a comprehensive security strategy that’s aligned with your goals and meets any regulatory requirements.
• Risk management – they’ll assess and manage cybersecurity risks as they evolve, and ensure you have appropriate protections in place.
• Incident response – they’ll take the lead in responding to security incidents, including investigation, mitigation, and communication with stakeholders.
• Compliance – they’ll ensure your systems are compliant with all relevant regulations and industry standards and monitor for changes in those regulations and standards.
• Training and awareness – they’ll oversee programs to educate employees about security best practices and emerging threats.

A vCISO can offer substantial value to small to mid-sized businesses, providing access to top-tier security expertise without the expense of a full-time executive. (According to salary.com, the median annual compensation for a full-time CISO comes in at a whopping $245,000.) 

Of course, a vital part of maximizing the value you receive from a vCISO is ensuring they have the skills, experience, and approach that will benefit your organization. That’s why CompassMSP makes it a priority to find the right vCISO for each client.

A growing trend

According to a report from management consulting firm Analysis Mason, by 2026 small and mid-sized businesses in the US will spend $109 billion a year on cybersecurity - up from $76 billion in 2022. The report predicts that going forward, a growing portion of that spending will go to MSPs.

There are many good reasons more and more small and mid-sized businesses are turning to MSPs. Growing and evolving cybersecurity threats, increasing reliance on technology, the adoption of cloud-based solutions, and other factors are all driving savvy business leaders to seek external expertise. 

A CompassMSP representative would be happy to discuss your needs and explain how the right external expertise can help propel your organization toward your business goals more efficiently and effectively. Please contact us here, or call 833-444-2677.

Register for the next CompassMSP Cybersecurity Webinar

You're invited to join us on July 25th at 1:00 PM EDT for "Protect: Securing Operations: Strengthening Foundations for Business Success," the third of a series of informative webinars. We'll discuss the current cybersecurity landscape, a roadmap to effective, holistic protection, and much more.