Managed service providers (MSPs) face increasing pressure to secure their clients’ data and systems in compliance with regulatory requirements and industry best practices. Indeed, ensuring compliance is not only a legal requirement but an essential capability for building trust with customers. However, achieving and maintaining compliance can be complex, especially for MSPs working with clients across multiple sectors.
One powerful tool that MSPs can leverage to enhance their compliance practices is a comprehensive security auditing solution. In fact, EY research shows that organizations leveraging automated security solutions achieve a 51% improvement in meeting compliance requirements. There are multiple factors that contribute to this success.
Identifying Vulnerabilities
Security auditing solutions play a crucial role in identifying vulnerabilities in an MSP’s infrastructure. These solutions scan the network, systems and applications and pinpoint weaknesses that could be exploited by attackers. According to the Verizon Data Breach Investigations Report, 75% of cyberattacks target small and medium-sized businesses (SMBs) like MSPs, making vulnerability identification a critical step in safeguarding client’s data.
Achieving Cyber Insurance Readiness
Security auditing also helps MSPs empower their customers to meet the standards needed to qualify for cyber insurance. It strengthens the security controls, vulnerability mitigation processes and incident response capabilities that insurers assess to determine coverage levels and premiums, or even to qualify for any policy at all. According to the Netwrix 2023 Hybrid Security Trends report, 59% of organizations have a cyber insurance policy or plan to purchase one within 12 months. Accordingly, MSPs that proactively support cyber insurance auditing requirements can deliver a highly valuable service to many of their customers.
Proactive Risk Management
With the threat landscape becoming increasingly sophisticated, MSPs must adopt a proactive approach to risk management. Security auditing solutions offer real-time monitoring and alerting capabilities, enabling MSPs to promptly detect and respond to threats. A study conducted by Ponemon Institute reveals that organizations with a continuous monitoring solution experience 63% fewer security breaches than those without such a tool. By identifying anomalies and suspicious activities using security auditing technology, MSPs can catch cyberattacks in their early stages and minimize their impact.
Streamlining Incident Response
In the event of a security incident, MSPs need efficient response processes to minimize downtime and other damage. Security auditing solutions play a significant role in incident response by facilitating rapid threat identification, containment and recovery. These solutions provide detailed reports on security events, enabling MSPs to analyze and remediate incidents effectively. According to Ponemon Institute industry research, companies that can contain a breach in less than 30 days save an average of $1 million in remediation costs.
Building Customer Trust
Demonstrating a commitment to security and compliance is vital for gaining and maintaining customer trust. By implementing a robust security auditing solution, MSPs can provide evidence of their adherence to security best practices and regulatory requirements. This transparency fosters trust with clients, positioning the MSP as a reliable partner for their cybersecurity needs. A SiteLock survey found that 88% of organizations are more likely to trust a company that demonstrates robust security practices.
Conclusion
As the threat landscape continues to evolve, MSPs must prioritize security auditing solutions to navigate the complex world of compliance effectively. From vulnerability identification to proactive risk management, these solutions provide MSPs with the tools they need to enhance security and build customer trust. By streamlining incident response and aligning their practices with industry standards, MSPs can establish themselves as reliable partners in the fight against cyber threats.
