Top 5 Revenue Streams for MSPs to Explore in 2022
With ransomware on the rise and cyber attacks happening every 39 seconds, Managed Service Providers (MSPs) face a golden opportunity. With the addition of a few key services, MSPs can increase their revenue and improve their clients’ security – it’s a win/win.
Existing MSP customers are woefully under-equipped to handle a full-scale cyber attack. With bad actors installing malware, stealing data, and leaving environments crippled in their wake, customers need protection capabilities that only MSPs can provide.
Kaysea has found that 90% of high-growth MSPs have added four to five new service offerings to their catalog in the last two years. These services directly target customers’ security gaps – providing anti-virus (AV), patch management, disaster recovery, and data protection.
In this article, we explore how MSPs can increase their revenue by selling software solutions to meet their customer’s unmet needs and installing and running these solutions for them.
Top 5 Revenue Streams for MSPs
Endpoint management expands the core services of many MSPs by adding on an additional layer of service for the customer. Endpoint management is a value-added service that brings together anti-virus, patch management, and configuration management.
Often, MSP customers either do not have endpoint management solutions or the ones they do have require additional setup and configuration beyond the customers’ capabilities.
MSPs get an additional revenue stream by selling, installing, and managing these software solutions. Still, they are also helping to make the customer environment more secure, which decreases support needs.
Many of these solutions come with a convenient dashboard where MSPs will sell to multiple customers and monitor them all through one cohesive dashboard. This allows the tracking of patch status, inventory, as well as delivering remote support.
Example Products include:
- Exosphere is a unified threat management solution for small businesses to protect themselves against viruses and malware. Unlike legacy anti-virus systems, this modern software uses multiple techniques to defend against advanced forms of malware.
- Manage Engine is a comprehensive endpoint management solution for MSPs to help efficiently manage customer endpoints from a centralized location. It incorporates patch management, asset management, and remote control into one easy-to-use interface. Leverage predefined configurations and scripts to better baseline and manage all varieties of customer environments
Backup and Disaster Recovery Services
When disaster or ransomware strikes, customers need to get back their data quickly and efficiently. But without solid infrastructure, they could be left high and dry.
Many customers either have no disaster recovery (DR) or legacy DR in place that is insufficient to meet the needs of backing up and recovering all of their essential data quickly and efficiently.
MSPs can offer disaster recovery as a service (DRaaS) to their clients to help them bridge this gap. As a DRaaS provider, MSPs deliver their process and implementation expertise along with a software solution to the customer.
This added service helps elevate an MSP from simply a service provider to a trusted advisor opening the door for customers requesting future services.
Example products include:
- Exosphere is a multi-purpose solution for your customers. Going beyond simply AV and offering the ability to backup and restore customer endpoint files to rapidly and efficiently recover as a last line of defense against corruption by malware or ransomware.
User Access Review Solutions
Protecting customer data requires taking a data-centric approach to security. To do this, a customer has to ensure that the right people have the proper access.
This includes making sure that they adhere to the principle of least privilege and only have access to the data they need to complete their jobs.
Doing this requires conducting organized access reviews, identifying existing users’ access, and validating whether that is still necessary through the data owner.
There are multiple solutions that MSPs can provide to help customers assess their user access and help them meet their compliance needs. Products such as Saviynt, SailPoint, SecureEnds, and ClearSkye offer in-depth identity governance and administration capabilities that extend from on-premise to the cloud.
Not to be confused with backup and DR (though there is some overlap), data protection ensures that organizations know where their data is being used. Part of this is covered in data loss prevention and partially in data leak prevention.
One helps in cases of ransomware and accidental (or malicious) deletion, and the other ensures that sensitive data does not leave the organization.
Example products include:
- Actifile helps organizations find and protect their most sensitive data. It automates data risk assessments, monitors sensitive data, and applies direct protection and encryption against internal and external threats.
- Stealthbits protects not only an organization’s sensitive data but also the credentials that supply access to it. Stealthbits discovers where data lives and then classifies, monitors, and secures it. It integrates governance into the process, so security, compliance, and operations work as one.
Compliance & Assessment Services
MSPs can help their clients achieve and maintain regulatory compliance. Many clients cannot attain this independently, and MSPs can provide solutions that help them meet these goals.
Each solution listed brings capabilities required for different compliance frameworks such as vulnerability assessment, Zero Trust, and AV/DR functionality.
Some products to help achieve compliance:
- BeSecure is a vulnerability assessment and management tool for networks, hosts, and web apps. It helps organizations cover major compliance mandates such as PCI-DSS, HIPAA, ISO-2700x, and more.
- Ananda connects users, devices, and cloud services using a secure Zero-Trust model. Zero Trust offers in-depth monitoring, access control, and implementation of true least privilege. Each of these can help meet compliance mandates such as HIPAA, SoX, and PCI.
One-Stop Shop for MSP Software
Increasing revenue as an MSP requires going beyond your existing services and providing additional solutions to meet your customer’s needs.
By selling and implementing software solutions that cover customer gaps, you increase revenue and improve the customer experience.
We-Bridge partners with only the best companies to serve you a complete and curated platform of cyber security solutions. Our offerings are trusted solutions with scalable resale models to help meet your customer’s needs no matter their size. Contact us today for a short demo.