A new report by Sophos, a leading cybersecurity firm, reveals a critical challenge for Managed Service Providers (MSPs): keeping pace with the ever-changing cybersecurity landscape. Their “MSP Perspectives 2024” survey highlights the talent gap as the biggest hurdle, with MSPs struggling to find and retain skilled cybersecurity analysts.
Key Findings:
- Top Challenges:
- Keeping up with the latest cybersecurity solutions (39%)
- Hiring qualified cybersecurity analysts
- Biggest Security Risk: Shortage of in-house cybersecurity skills
- Growing Demand: Managed Detection and Response (MDR) services for 24/7 coverage
- 81% of MSPs currently offer MDR
- 97% of remaining MSPs plan to add MDR services
- Third-Party Reliance:
- 66% of MSPs use external vendors for MDR delivery
- 24/7 incident response a top consideration when choosing a vendor
- Vendor Consolidation:
- Over half of MSPs work with just 1-2 cybersecurity vendors
- 83% use a maximum of five vendors
- Single platform management could cut daily workload by 48%
- Cyber Insurance:
- 99% of MSPs see a rise in cyber insurance support requests
- Clients seek MDR services to improve insurability (47%)
- Flexibility Matters:
- 71% of MSPs require MDR providers to integrate with existing security tools
- Regional Differences:
- U.S. leads in MDR adoption (94%) compared to others (70% Germany, 62% U.K., 58% Australia)
The Takeaway:
MSPs face a complex environment with evolving threats and a lack of skilled personnel. They are adapting by offering MDR services, often through partnerships with third-party vendors. Consolidation with fewer vendors and platforms is key to streamline operations. The rise of cyber insurance also presents new opportunities for MSPs to support their clients.
Source: Sophos “MSP Perspectives 2024” report (survey of 350 MSPs across US, UK, Germany, and Australia)