Cybercrime is forecast to cost the world $6 trillion1 by the end of 2021, with this figure expected to climb to $10 trillion2 by 2025, mainly due to increased levels of connectivity, reliance on technology, cybersecurity risks driven by remote work, an influx of cybercriminals and gaps in physical and information security.
Small and medium-sized businesses are the target of almost 50%3 of all cyberattacks. And because many of them use managed services providers (MSPs) to remotely manage their business operations, MSPs have become an attractive target for cyber criminals too. This should ring alarm bells for MSPs because their vulnerability would leave the businesses they support exposed to data breaches.Small and medium-sized businesses are the targeSmall and medium-sized businesses are the target of almost 50% of all cyberattacks. And because many of them use managed services providers (MSPs) to remotely manage their business operations, MSPs have become an attractive target for cyber criminals too. This should ring alarm bells for MSPs because their vulnerability would leave the businesses they support exposed to data breaches.Small and medium-sized businesses are the target of almost 50% of all cyberattacks. And because many of them use managed services providers (MSPs) to remotely manage their business operations, MSPs have become an attractive target for cyber criminals too. This should ring alarm bells for MSPs because their vulnerability would leave the businesses they support exposed to data breaches.Small and medium-sized businesses are the target of almost 50% of all cyberattacks. And because many of them use managed services providers (MSPs) to remotely manage their business operations, MSPs have become an attractive target for cyber criminals too. This should ring alarm bells for MSPs because their vulnerability would leave the businesses they support exposed to data breaches. almost 50% of all cyberattacks. And because many of them use managed services providers (MSPs) to remotely manage their business operations, MSPs have become an attractive target for cybercriminals too. This should ring alarm bells for MSPs because their vulnerability would leave the businesses they support exposed to data breaches.
To better protect themselves and their clients against cyberattacks, MSPs have many tools at their disposal, including email security protocol solutions, endpoint protection and Domain Name System filtering tools, among others. And while managed service businesses are well aware of the benefits of using a professional services automation (PSA) tool to streamline their operations, they may not be as familiar with the aspects of a PSA solution that lend themselves to improving cybersecurity protocols.
Here’s how a comprehensive, efficient PSA solution can help MSPs overcome cybersecurity challenges:
1) PSA tools help consolidate and centralize data from disparate systems into one secure place.
To minimize cybersecurity risks, MSPs should store customer data in a location that is secure, but also accessible remotely. A modern, cloud-based PSA solution makes it possible for MSPs to create and access a centralized data repository.
Such a one-stop location gives managed service businesses maximum control over accessibility and security while reducing the risk of vulnerabilities, which is very high in a decentralized setup with multiple servers and data storage points.
The use of a PSA tool also reduces the likelihood of human errors that could undermine data security. This is highly important as human errors are behind an overwhelming majority of cybersecurity compromises.
2) PSA tools allow for integration with other tools, particularly cybersecurity tools.
Many MSPs are having to switch between different software to manage their operations, which can lead to missed alerts and threats, and unperformed updates that raise the likelihood of a cybersecurity incident.
Modern PSA tools can help address this issue as they can be integrated with popular solutions that MSPs use, such as accounting and remote monitoring and management programs. The use of a single platform for multiple business functions reduces the number of systems required, thus making an MSP more secure.
Integration with cybersecurity software is one of the most important capabilities that a PSA solution can offer, especially as the majority of MSPs today use multiple solutions in response to the increasingly sophisticated landscape of cyberthreats, with 70% using up to five different security vendors.
Just as in the case of having disparate systems to manage different business functions, flipping between multiple consoles to manage standalone cybersecurity solutions can increase the chances of security breaches and data loss. Having access to an integrated cybersecurity solution through a modern PSA tool not only makes an MSP more secure but also helps it better protect its clients.
Even if a cybersecurity incident occurs, MSPs can use the PSA platform to get a master-level view of what has gone wrong and fix the issue without having to navigate disjointed applications. More importantly, the insight and information gained through such analysis can help prevent similar incidents in the future.
Avoiding costly consequences from cybersecurity attacks
The choice of investing or not investing in a PSA solution is no longer up for debate for MSPs, given the need for and the many benefits of automating business processes. And the fact that MSPs are prime targets for cybercriminals creates a more compelling case for using a PSA tool as it helps managed service businesses build stronger defenses against cyberattacks.
In addition to helping consolidate and centralize data from disparate systems into one secure place and allowing for integration with other tools, particularly cybersecurity tools, a PSA tool automates important but mundane daily tasks, saving employees time and hassle so they can focus on providing a higher level of security to customers.
Failure to invest in an efficient PSA solution can cost MSPs dearly as data breach costs rose from $3.86 million to $4.24 million from 2020 to 2021.
And because automation and security artificial intelligence, when fully deployed, provided the largest cost mitigation—a difference of up to $3.81 million—a PSA solution should be considered an investment well worth the price from both business and security perspectives.
Another cost-saving benefit arises when PSA tools and cybersecurity solutions are integrated: an enhanced ability to avoid and minimize downtime. This is more vital than ever as 44% of firms say hourly downtime costs are between $1 million and over $5 million, exclusive of any legal fees, fines or penalties.
Moreover, a single hour of downtime that takes mission-critical server hardware and applications offline costs 91% of enterprises over $300,000 on average because of lost business, productivity disruptions and the need for remediation efforts.
Streamlining cybersecurity activities with CloudBlue PSA
In this increasingly digital economy and remote work environment, it is more important than ever for MSPs and their clients to increase their level of protection against cybersecurity threats. Using CloudBlue PSA, managed service businesses can enhance their cybersecurity posture while also streamlining their management, monitoring and ticketing.
CloudBlue PSA enables security solutions to be integrated and accessed directly from the PSA tool, providing a single pane of glass for greater visibility into any issues as well as streamlined management. CloudBlue PSA enables MSPs to ensure client data, applications and systems are always protected. If an alert issue arises, they receive a notification through the CloudBlue PSA interface, which allows them to immediately address the issue.
For instance, Acronis Cyber Protect Cloud—a single-agent solution for cybersecurity, data protection and endpoint protection management—integrates with CloudBlue PSA to make it as easy as possible for MSPs to keep close tabs on the workloads they protect for their clients and bring data back online faster should an incident occur.
Simplifying and streamlining your cybersecurity efforts is just one of the many advantages provided by CloudBlue PSA. Learn more about the solution today and contact us at PSA@CloudBlue.com with any questions.
1, 2 cybersecurityventures.com
3 fundera.com
