We’ve quickly turned the corner on 2024 and are sprinting towards 2025. What better time to reflect on what remains for the next several months. I’ll take a stab at it!
1. Industry Consolidations – Both on the vendor and MSP sides, I’m seeing continued consolidations.
That’s not a surprise with the number of cybersecurity vendors entering the SMB MSP space has accelerated. Need proof? Just survey the aisles at large MSP events you like to attend. Admittedly, many of those cybersecurity vendors are “one and done” logos but you’d be surprised with the M&A activity occurring in the background. Heck some times I wonder if folks created ISVs just to be acquired.
On the MSP front, as many in our space are aging out and private equity is circling the wagons to prey upon MSPs, you are seeing folks thinking getting acquired is looking pretty darn tootin good. Just had a cup of coffee with an MSP
mate this past weekend who is thinking this is his next step. It makes sense. If you want to double-click on this topic, track The 20 HERE
2. Love My Co-Managed Business Model –
In speaking with several MSPs (heck that’s my job LOL), I’m hearing that being part of the internal IT team at clients is increasingly desirable. For a lot of us, it’s lonely out there and we’re RMMed out. Ergo, increasingly MSPs are pitching co-management services. It’s like having a job without a job. Don’t take this option off the table folks!
3. Flight to MSSP – The times are a changing rapidly – it’s the nature of our industry. Increasingly you are seeing the conversation shift from just being an MSP to add or elevate to the MSSP stature. What is an MSSP? A quick gen AI “search” returned the following:
A Managed Security Service Provider (MSSP) is an external company that offers cybersecurity services to businesses. MSSPs can help organizations improve their cybersecurity maturity by providing services such as:
Vulnerability management
Identifying, classifying, and mitigating vulnerabilities in systems, applications, and networks. This can include vulnerability scanning, penetration testing, and remediation advice.
Network security management
Using tools and techniques to manage network security, such as implementing firewalls, intrusion detection systems, and VPNs. MSSPs also monitor networks for unusual activity that could indicate a cyber attack.
Compliance checks
Helping organizations understand their compliance obligations and implement the necessary security controls.
Incident response
Building a network of security experts who can respond to attacks as they happen. MSSPs can also conduct forensic analysis to manage incidents efficiently.
Expert advice
Providing advice on how to strengthen networks against cyber threats, such as recommending changes to network architecture or suggesting new security technologies.
Many organizations choose to outsource their security to an MSSP because of the complexity and niche expertise required to run an effective security program. MSSPs can offer a complete outsourced security solution, from baseline system monitoring to fully managing a customer's security.
The challenge in evolving into an MSSP is that it is the next level of growth and not all of the SMB Nation MSPs have the resources to do this. Fortunately there are vendors in our space you can team with to make it happen. One such vendor is AlertLogic.
4. Increased professionalism. Ryan McDowell from the UK offered the following insights. “Sooner the better… Regulation of MSPs in the UK to cut down on cowboys.” The National Society of IT Service Providers (NSITSP) has this exact mission. In fact if you hurry, you can go whole hog, dive in here and run for a board seat. The deadline to register for the election is August 31, 2024. It all starts HERE
Another group to get involved with is the International Association of Microsoft Channel Partners (IAMCP) where I’m a board member. Take a peek at it’s peer-2-peer (P2P) offering. It all starts HERE.
5. Anything Jay McBain and his team offer. Jay and the team over at Canalys are always looking forward. Here are a couple complimentary resources that Jay recently shared with me.
- One on managed security -https://canalys.com/reports/cybersecurity-managed-services
- Other on next 5 years in marketplaces -https://www.canalys.com/.../hyperscaler-marketplaces...
If you like what your reading here, please join us September 20th at the next MSP Rescue event. The event is HERE www.msprescue.pro