Cybersecurity is an issue that’s becoming more and more difficult for SMBs to manage on their own. As a result, MSPs are on the rise. Data from Canalys indicates that the cybersecurity managed services business grew by 18% in 2021, driven by the combination of the increasing sophistication of cyber threats and the shortage of dedicated cybersecurity personnel, which makes the situation unscalable for SMBs and midsize companies who often hire an external MSP to help solve these issues.

Unpatched software vulnerabilities continue to be the most widely used attack vector. There are several factors behind this: SMBs are implementing new software applications in their infrastructure more than ever to simplify business operations and be more efficient. But this reality is changing their organizational landscape, adding more complexity to their security posture.

MSPs are being targeted by cybercriminals, as a single successful attack opens the door to multiple victims. This puts additional pressure on cybersecurity partners to step up the security services they offer their customers. The figures are worrying, as 9 out of 10 managed service providers state they have suffered a successful cyberattack since the start of the pandemic. This means MSPs are overtaking end users as the main target of malware, ransomware, phishing and other threats.

Data and money are two of the key assets that any industry needs to protect, and this is particularly important for financial institutions. Defending financial services against cyberattacks can be managed internally by relying on the organization's own systems; however, relying on an external cybersecurity provider offers a number of advantages that make a difference in the event of an attack.