Predicted Explosive Managed Security Growth a Boon to MSPs

Anyone can be a cybercriminal these days. With the availability of exploit kits and malware as a service (MaaS), anyone with a grudge, misplaced ambitions or just plain crooked tendencies can attempt to break into networks to steal valuable business information. Cybercrime is no longer the exclusive province of technical wizards.

This reality makes a difficult task even harder for businesses, and MSPs must be ready to help them. The upshot of the cybercrime epidemic is the market for cybersecurity solutions is growing. That translates to revenue potential for MSPs.

Research firm MarketsandMarkets predicts the managed security services market will double in size to $35.5 billion in 2020 from the current estimate of $17.8 billion. That’s an annual growth rate of about 15 percent – five times the growth in the overall IT industry.

Every MSP has to provide some level of security to protect their clients’ data. But considering the growth potential, this is a good time to consider a security specialization. The need for security is only going to intensify as cybercriminals find new and creative ways to hit their quarry.

Growing Black Market

Exploit kits are sold as “crimeware” in the Dark Web, where a cottage industry of cyber criminal activity is alive and growing. You might remember the Blackhole kit and the trouble it caused a few years ago. Blackhole may be the most notorious of the exploit kits, but it isn’t the only one.

Other popular kits include Nuclear, Angle, Magnitude and Rig. “Cybercriminals are spoiled for choice when it comes to exploit kits. There are countless kits available on the black market and they can even adapt themselves to exploit zero-day vulnerabilities. It’s a lucrative business; one exploit kit can earn its developer up to $50,000 per day and some have been created to be used as software-as-a-service (SaaS),” according to a February report in Lifehacker.

If exploit kits weren’t bad enough, novice cybercriminals also have the option of ordering attacks on specific targets through MaaS tools created for that express purpose. Distributed Denial of Service (DDoS) is a favorite MaaS method of attack. Criminals also can order up phishing and spear phishing attacks, which have a high rate of success because they prey on user curiosity to open URLs and attachments in emails.

MSP Opportunity

MarketsandMarkets attributes the projected growth of managed security to factors such as an increase in data breaches, the pervasiveness of malware and the need to comply with data protection regulations. As budgets become more constrained, business will look to MSPs to fill their security gaps.

So get ready. If you lack the requisite expertise, it’s time to seek partnerships with security specialists or build up your own practice by recruiting talent and acquiring the necessary technology.

Cybercrime is a vexing problem for businesses. So long as you make the necessary investments, you’re better positioned than anyone to help clients meet the challenge. In doing so, what could be a bust for your clients is a boon for you.