19 Proven Ways Managed Security Services Providers Can Grow Their Business

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Hey Managed Security Services Providers (MSSPs), you’ve got clients, but you want more, which means you’re more than likely competing with other MSSPs offering similar services and going after similar clients. The end result is competing on price. Stop! Growing your business is not about competing on pricing alone, it’s about offering new, innovative products and services. And it’s about using cybersecurity, data privacy, and regulatory compliance as your competitive advantage.

For MSSPs that can develop these products and services – and take them to market (which is actually quite easy!), you’ll experience real growth and long-term revenue streams. How do I know this? Because I help companies every day in leveraging cybersecurity as their true competitive advantage. Here’s 19 proven ways that MSSPs can grow their business in 2019 – and beyond, according to Charles Denyer, one of the world’s foremost experts on cybersecurity and data privacy.

  1. Leverage SECURITY as your new Trust factor. As humans, we can confidently “trust” that many things in our lives will operate with a degree of normalcy. We trust the mail to come from the USPS. We trust the grocery store will have fresh eggs and milk to buy. I could go on. The more we subconsciously trust, the more we gravitate to such businesses that we come to rely on.
  2. Leverage PRIVACY as Another Trust Factor. MSSPs can grow their business by leveraging data privacy as a trust factor. At a higher level, let’s just call it “privacy”. Simply stated, customers expect, want – and demand – that their data is safe and secure at all times, which is essentially part of the SECURITY Trust Factor also.
  3. Leverage COMPLIANCE as yet Another Trust Factor. Ok, so customers expect – and essentially demand – SECURITY and PRIVACY, and one of the best ways to showcase these trust factors is through compliance. There’s a multitude of laws, regulations, and frameworks that businesses need to comply with – some you’re familiar with, others you may not be.
  4. Be that Trusted Advisor to your Clients. Your clients have varying needs when it comes to their business. After all, they’ve come to rely on you for a number of critical services and solutions, so your offerings shouldn’t stop there. What else can you provide? What other value do you have as an MSSP that you can offer? You would be surprised at the professional services you can give to clients once you really stop and think about it.
  5. Dominate the Regulatory Compliance Landscape. The world is awash in regulatory compliance, and it’s only going to continue to grow, become more complex – and costly – for businesses all throughout the world.
  6. Build a “TRUE and REAL” Compliance Zone. What’s a Compliance Zone? It’s a dedicated suite of offerings that help clients manage their massive regulatory compliance reporting mandates. While most MSSP’s talk about tools and solutions they have for helping their clients meet today’s demanding compliance mandates, very few actually do it successfully.
  7. White Label Information Security Documents. Here’s a question for you? What’s one of the most time-consuming, demanding, and mundane measures that almost any business has to undertake? It’s developing the seemingly never-ending list of information security policies and procedures. From growing compliance mandates to insurance requirements – and more – InfoSec documentation is a big piece of the puzzle for any successful business in today’s world.
  8. Offer Information Security Policy Writing Services. Offering InfoSec policy templates is one thing – and many of your clients will happily say yes to such services, but don’t forget about the lucrative fees available for actually writing the documents. For all the clients that will happily buy a set of templates from you, the vast majority will also want you customize them – after all – who has time to write policies and procedures – probably not your clients, so you can surely it add it on as a professional services offering.
  9. Offer Annual Risk Assessment Services. Almost every company needs some type of risk assessment performed each year, so why not build an online risk management portal where clients can simply perform their risk assessment online, save it, and sent it to whomever they need to send it to, such as auditors, etc.,
  10. Offer Third-Party Vendor Due-Diligence and Ongoing Vendor Management Services. Today’s service economy is a great example of how everyone is outsourcing some type of service to another business – call it the new norm.
  11. Offer Professional Consulting Services. Earlier, I spoke about dominating the compliance landscape (#5), and a big part of that can be had by offering scoping & consultative services. Specifically, clients need help in understanding today’s growing regulations, how they impact their business, how to stay compliant, and along with so many other issues.
  12. Offer Virtual Compliance Officer Services. Your clients need help with regulatory compliance – big time – so why not offer professional services for relating to many of today’s growing laws and regulations. Think PCI DSS, SOC audits, GDPR, FISMA compliance, and much more.
  13. Offer Data Protection Officer (DPO) Services. Similar to virtual compliance officer services, why not offer outsourced Data Protection Officer (DPO) services? The General Data Protection Regulation (GDPR) is one of the most fundamentally important – and consequential – pieces of compliance legislation ever to be issued, and the GDPR requires a DPO be in place in certain circumstances.
  14. Offer Security Awareness Training. I’m amazed at the money left on the table by MSSPs when it comes to security awareness training. Here’s a recent example that should be an eye-opener. An MSSP I recently consulted with has 225 clients with a total, aggregated number of 11,275 employees. And in today’s market, average pricing for security awareness training is roughly $40 a year, per employee. Do the math and that equates to $451,000 of potential avenue revenues if they can build and sell a security awareness training program to their clients.
  15. Build a Compliance as a Service (CaaS) Portal for your Clients. Your clients need a place to store and organize their policies and procedures. They need a place to upload and share documentation relating to risk assessments, incident response reporting, security awareness training – all the compliance requirements that businesses are being faced with today. Why not build what I call a Compliance as a Service (CaaS) model?
  16. Offer an All-in-One Security, Privacy & Compliance Toolset Solution for Specific Target Industries. I once had an MSSP come to me frustrated about business growth. He was competing on price, and still not winning new clients. After some deep digging and soul searching, we decided to formulate a strategy for going after accounting firms that included the design and development of a comprehensive toolkit that met a CPA’s needs for growing security, privacy, and compliance needs – and their customer’s downstream needs.
  17. Re-sell Security Products: Many of today’s MSSPs are building their own toolsets and offering them to clients, but a growing number are also reselling Security Information and Event Management (SIEM) tools, such as AlienVault, and other security related tools. It all comes down to how deep you are getting involved with your client’s operations. If you’re doing managed applications, managed desktops, then it’s a good idea to partner and re-sell software for anti-virus, anti-malware, and others.
  18. Get a Marketing Makeover: When is the last time you really took a good, hard, objective, unbiased look at your entire brand image? Probably quite some time, so ask yourself these basic questions?
    • Are we positioning ourselves in the best possible manner for growth?
    • Do we have a strong Internet presence that consists of both paid advertising and organic search engine optimization (SEO)?
    • Do we have strong Call-to-Actions (CTA) on our website for obtaining target leads?
    • Are we developing and curating new and useful content on a regular basis – specifically – white papers, blogs, webinars?
    • Are we listening and learning from our competitors, and fine-tuning our marketing message to outpace the competition?
  19. Listen and Learn: All businesses have needs, so take the time to truly listen to what your clients are saying.

Download the full copy of 19 Proven Ways Managed Security Services Providers (MSSPs) Can Grow Their Business in 2019 today. Here’s what you’ll learn with my free guide:

  • Understand the core trust factors when it comes to cybersecurity.
  • Learn how to be innovative and think outside the box for future growth.
  • Learn how to increase your revenues with proven services and solutions.
  • Learn how to use cybersecurity as your competitive advantage in the marketplace.
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