It's that time of year again. Time to review the past year and look to the future and predict what is likely to happen.
The MSP world is changing more rapidly than ever before. Let's take a look at what 2024 has in store for the MSP profession.
Ransomware Responses Changing: MSPs (and customers) have to look at ransomware in a very different way in 2024. As numerous governments worldwide continue to march towards inevitable prohibition of ransomware payments, MSPs need to adapt to this evolving threat response and develop new service delivery models to help their clients prepare for breaches and attacks.
Break/Fix is still dead. If you are clinging to reactive IT service delivery models, be aware that the break/fix business model is still dead. If you have reactive clients, either a) convert them to managed services, or b) terminate your relationship with them. It may sound harsh, but times change and we all have to keep up with change!
AI or no AI, that is the question: No matter what your opinion of AI happens to be, you have to have one (an opinion, that is). Some MSPs are pursuing AI technology to be a force multiplier of their existing team, while other MSPs are having to confirm to customers that AI will not be part of their managed services experience.
Create your MSP Baseline: All MSPs should be entering 2024 with the objective of creating an MSP baseline. What is an MSP baseline? The minimum requirements you have for any managed services customer. This baseline will be different for each MSP. But you should have one because we are now at a point in our profession where all organizations ought to be practicing some minimal level of security standards.
Review/Adjust MSP Pricing: Once you have created your MSP baseline, then the fun begins. It's now time to establish or adjust your risk based pricing models. It does not matter what type of pricing model you use, you can always apply a risk based pricing element to that model. Implementing a risk based pricing model with the aid of managed services baseline becomes incredibly easy; or at least much easier than trying to apply some regional minimum wage labor rate model.
What's your compliance situation? Compliance is one of those topics (like AI) where you have to have a position. As so many customers are turning to their MSPs for help with compliance related matters, MSPs cannot claim ignorance on the subject of compliance. Whether you have a formally developed CaaS/vCISO/vCIO program, or you are just casually helping clients fill out cyber insurance forms, MSPs have an undeniable role to play in modern compliance and should act as such.
XDR Upgrade: For those of you still using (or selling) legacy anti-virus and firewall technologies, it's time to upgrade your tool belt. For MSPs, it is considered a current best practice to have some form of XDR technology deployed internally in your MSP practice. For customers, XDR would also be considered a modern day best practice for any sized organization. If your NOC/helpdesk team is stretched thin, consider a managed XDR/EDR solution (they'll thank you for it).
Get Cyber Verified: It's 2024. If you haven't started the process of getting your Cyber Verify certification, you should start your planning. Not only will it open up new opportunities for your MSP practice, it's also a great way to simultaneously achieve compliance with many globally recognized certifications and audits!
Ep 257: What do PE Firms Want from MSPs?
Accounting Firms and MSPs, Master Cyber Providers, and MSP Pricing Reality Check
Ep 255: Internal IT vs MSP; MSP Market is still growing; Does size matter in managed services?
Ep 254 N-able CEO Advises MSPs on Upcoming Challenges; MDS vs MSP; Tightening Credit Markets Create Choices for MSP Channel
Ep 253: Can MSPs Guarantee Compliance; Converting Reactive Clients to Proactive; Should MSPs Get Involved with Customer Policies
Ep 252: Don’t Rely (too much) on Cyber Insurance; MSP Economics Update for Q2; Should MSPs Represent Themselves During M&A Deals?
AI Ethics in Managed Services, Compliance Reporting, and Making Peace with Cyber Consultants
Cyber Consultants at it again; managing remote MSP workers; compliance isn’t security
Ep 249 Q1 MSP report card; Cyber consultants continued; AI vs Automation
Ep 248 - North Dakota mandates cyber education; MSP recession planning; CaaS dangers MSPs should avoid
Continuous Compliance, Tech industry isn’t ruining the economy, and Perils of Mislabeling your Services
SVB, Compliance Advice for MSP Startups, is it time to lower your pricing?
Cyber Tax, Cyber Verify, and a new book on managed services
2023 Managed Services State of the Union
3 Benefits of Managed Services During a Recession
How to Achieve Continuous MSP Compliance
Should MSPs Be More Like Cloud Providers
The New MSP Roll Up
Cyber is Uninsurable
Managed Services Lessons Learned in 2022
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