As an MSP business, you may have helped countless small and medium-sized companies provide improved customer experiences. Many argue that the emergence of MSPs has leveled the playing field with larger companies. Yet, customer data must be protected or businesses will inevitably suffer a low retention rate that could ultimately close their doors. Such data must be safely collected, stored, and accessed.
The Challenge of Data Security
Most small and medium-sized business owners do not understand the nuances of IT security. Enter the MSP business. Data security starts and stops with the MSP. Verizon reports a whopping 63% of data breaches are the result of weak passwords or stolen passwords. If a breach occurs, there will likely be downtime, sales interruptions, and a loss of data. There are also long-term consequences of security breaches. The company will endure damage to its reputation. Revenue will likely decrease. The worst case scenario is that the business shuts its doors due to an egress of customers.
Means of Protection
Merely implementing antivirus software or anti-malware solutions will not suffice. Consider a situation in which credentials are pilfered and a subsequent data breach occurs. Antivirus software won’t stop this from happening. This is precisely why more than 25% of MSPs provide IAM security. Fast-growing MSPs provide upwards of eight security-related services compared to the half dozen provided by slower-growing MSPs. Such enhanced security guards against uncertainties. These protections also stimulate business growth, boost the customer retention rate and ensure agreement with compliance standards.
Consider a Two-Pronged Security Strategy
The first step to protecting customers is to protect your MSP. This internal protection is essential as you won’t be able to help customers until your system is fully secure. Once you have protected your company, it is time to implement safeguards for clients. Consider AuthAnvil Security-as-a-Service, commonly referred to as “SECaaS.” It provides an array of protection options that are otherwise unavailable to small and medium-size businesses.
Customers should also be provided with two-factor authentication. The majority of small and medium-size businesses, especially those in industries that are highly regulated, need this extra protection.
Must-Have Security Features
Implement the following features to maximize your identity and access safeguards:
- Single sign-on
- O365 user provisioning
- Universal Directory
- Directory synchronization
- Advanced policy control and management
- Self-service reset of passwords
Merely relying on a pre-packaged safety solution will not spike your revenue. Rather, you need a security solution specifically designed for MSPs. AuthAnvil provides the technology necessary to safeguard your MSP as well as your customers while allowing ample room for margin growth.
AuthAnvil includes the remote training known as “Go-to-Market in a Box” that instructs your team how to advertise and sell this single sign-on, two-factor authentication service to customers. AuthAnvil MSP Protect is also available for MSPs that are not in a position to provide SECaaS to customers. The MSP Protect version includes exclusive integration with an array of MSP tools to guarantee that your MSP infrastructure is protected at all times.
The Fate of Your MSP Hinges on Data Security
It is clear that safeguarding your own data as well as that of your customers is essential to your bottom line in the short -term and long-term. When in doubt, overcompensate by applying more safeguards than necessary. Customers who are not saddled with the seemingly endless number of problems stemming from a data breach will be much more inclined to remain loyal to your MSP business in the long haul. They will also recommend your services to fellow business owners and managers in the community. This is exactly how you build a successful business that stands the test of time.
