A new survey by cybersecurity firm Guardz has unveiled the complex challenges faced by Managed Service Providers (MSPs) across the United States. Over 260 MSPs participated in the Guardz MSP survey 2024, revealing the struggles of balancing multiple cybersecurity solutions while safeguarding small and medium-sized businesses (SMBs) against an evolving cyber threat landscape. The survey paints a challenging picture for MSPs striving to protect their clients, grow their businesses, and keep pace with increasingly sophisticated cyber threats.
The findings reveal that MSPs are overwhelmed by the need to juggle a number of cybersecurity solutions. Specifically, 77% of MSPs currently manage between four and ten-point solutions, while 12% manage more than ten. Managing these disparate systems leaves them vulnerable to errors, inefficiencies, and operational strain. MSPs are also grappling with an overload of security data, with 47% admitting that the sheer volume is leading to “alert fatigue” — making it difficult to identify and prioritize real threats.
In addition, implementing advanced threat detection technologies has been highlighted as another significant challenge, with 42% of MSPs citing difficulties in managing sophisticated cybersecurity tools. Despite the critical role they play in keeping SMBs safe, MSPs face a host of business and logistical issues, including challenges in scaling their services, acquiring new clients, and retaining existing ones. These obstacles are exacerbated by internal staff resistance to adopting new technologies and a lack of adequate training on cybersecurity platforms.
Our further thoughts are below; you can get the whole report here.
Cyber Insurance: The Overlooked Layer of Protection
One of the most notable elements highlighted in the Guardz survey was the lack of awareness among SMBs regarding the value of cyber insurance. According to the survey, 36% of MSPs reported that their clients fail to recognize the importance of having cyber insurance to mitigate the financial fallout of potential cyberattacks. This oversight, combined with a false sense of security, leaves SMBs particularly vulnerable to financial damage in the event of a cyber incident.
Nearly half of MSPs (49%) indicated that their clients mistakenly believe compliance with industry regulations equates to a strong cybersecurity posture. This misconception means many SMBs are not fully prepared for the realities of modern cyber threats.
Data Overload: An Overwhelming Task for MSPs
Data overload is one of the biggest hurdles MSPs face in protecting their clients. The survey revealed that 47% of MSPs are overwhelmed by the massive volume of security data they process daily. The sheer number of alerts, logs, and notifications is contributing to what’s known in the industry as “alert fatigue.”
Alert fatigue occurs when cybersecurity professionals are faced with so much information that they struggle to filter out the noise and effectively prioritize real threats. This can lead to slower response times, missed threats, and increased vulnerability to attacks. In an environment where every minute counts, the inability to quickly respond to threats can have serious implications for both MSPs and the SMBs they serve.
To combat this issue, Guardz is introducing an AI-powered platform designed to streamline cybersecurity operations for MSPs. This platform aims to cut through the noise, automatically analyzing and filtering data to help MSPs focus on what truly matters. By reducing false positives and prioritizing actionable insights, Guardz’s platform allows MSPs to concentrate on protecting their clients and growing their businesses rather than being bogged down by excessive information.
Managing Multiple Solutions: A Double-Edged Sword
The survey highlights that 65% of MSPs are juggling between four to nine cybersecurity point solutions, and 12% manage ten or more. This reliance on multiple platforms is both a strength and a weakness. While using a variety of tools can provide comprehensive protection, managing them efficiently presents a logistical nightmare.
Each platform brings its own set of alerts, data streams, and integration requirements, meaning MSPs are often tasked with manually stitching together insights and making sense of disconnected data. This piecemeal approach not only consumes valuable time but also creates potential gaps in security coverage, as the more complex a system becomes, the easier it is for threats to slip through the cracks.
Advanced Threat Detection: A Struggle for Simplicity
Advanced threat detection is crucial for identifying new and sophisticated threats before they can cause significant harm. However, 42% of MSPs admitted that keeping up with advanced threat detection technologies is a major challenge. Many of these tools are complex and designed for larger enterprises, making them difficult to implement and manage effectively for SMBs.
The Business Side of Cybersecurity: Growth and Training Challenges
The survey also reveals the business challenges that MSPs face in addition to technical hurdles. Specifically, 45% of MSPs cited new client acquisition as a significant challenge, while 44% noted difficulties in expanding and scaling their services. Client retention and satisfaction also remain persistent issues, with 43% of MSPs pointing to these as ongoing problems.
Staff training is another major hurdle. Nearly half (44%) of MSPs reported resistance to change among their staff when it comes to integrating new technologies. This resistance is likely tied to a lack of training, with 41% of respondents highlighting insufficient training as a barrier to effectively utilizing their cybersecurity platforms. Without adequate training, even the best tools can fail to deliver the desired outcomes, leading to reduced efficiency and potential security vulnerabilities.
Misconceptions Among SMBs: A False Sense of Security
The survey found that many SMB clients harbor misconceptions about their level of cybersecurity. Specifically, 53% of MSPs indicated that their clients underestimate the severity of cyber threats. Furthermore, 50% of MSPs noted that many SMBs rely too heavily on a single security solution, mistakenly believing it is sufficient to protect their entire business.
Conclusion
The Guardz survey highlights the multifaceted challenges MSPs face in managing cybersecurity solutions for SMBs, including the overwhelming number of point solutions, data overload, advanced threat detection, and business growth obstacles.
Other News: Guardz Introduces Cyber Insurance and Protection for SMBs(Opens in a new browser tab).
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