Security is the No. 1 concern of business owners today. This isn’t surprising given the number of hacks, breaches, data thefts, ransomware attacks, and privacy violations that we hear about on a daily basis. And those are just the ones we know about. According to the Online Trust Alliance’s (OTA) most recent Cyber Incident & Breach Trends Report, cybersecurity incidents nearly doubled from about 82,000 in 2016 to 160,000 or so in 2017. But since so many breaches go unreported, the OTA notes that this number could easily be more than double that.
The necessity to thwart cybercriminals and protect critical business, financial, healthcare, and other data has created a tremendous opportunity for IT service providers to address this challenge while benefiting from a continually growing revenue stream.
In this series, I’ll dive deep into the topic of selling security services and cover essential topics such as the solutions available within different levels of security offerings; how to lead with security to prospect effectively and set appointments; and how to price, position, and sell these services, even if you’re not a security expert.
Cybersecurity Services Features and Benefits
We know that security is the #1 concern of today’s business owners, regardless of the industry they serve, and that strategic leaders understand they must increase their security posture to protect their data, systems, and users against internal and external threats.
Therefore, offering cybersecurity services is a strategic client service and control point for security providers. These high value, high margin services represent a stable, growing revenue opportunity with an extremely low barrier to entry and delivery.
What are Managed Cybersecurity Services?
Managed cybersecurity services are a defined set of onsite or remotely delivered services that are prepaid for at a fixed rate on a recurring basis, where the security provider assumes complete responsibility for the management and delivery of these security services and their outcomes.
In addition, these services are governed by a service level agreement, or SLA, and are scheduled, preventative, and proactive. On the other hand, managed cybersecurity services are not measured by time invested. Nor are they reactive services. Finally, they are not billed for on a time and materials basis.
The Old Way of Delivering Security Services vs. The New Way
The old way of delivering security services to clients meant that the service provider was most profitable when their client was in the most pain, as the price of reactive, emergency security remediation services are always higher than scheduled, monitored, preventative services.
And clients are never prepared to pay for these reactive, costly emergencies, which can negatively impact their cash flow, operations, brand, image, and customer relationships, and create tension between them and their reactive security provider.
The new way of delivering managed cybersecurity services is much more attractive and beneficial to clients, as the security provider actively seeks out and delivers security solutions to protect their clients’ data and environments from security incidents and manages security risk and response for a flat monthly fee.