Guest blog courtesy of Check Point.
As the end of 2024 approaches, Managed Security Service Providers (MSSPs) are looking for effective strategies to boost their revenue. Here are three actionable ways to achieve this goal:
1. Run a Cyber Monday/Boxing Day Sale
One effective strategy is to capitalize on the holiday shopping season by running a Cyber Monday or Boxing Day sale. Offering discounts can attract new customers who are looking for cost-effective security solutions. This limited-time offer can create a sense of urgency, encouraging potential clients to onboard quickly.
• Target Your Audience Where They Hang Out:
Understanding where your target audience spends their time online is crucial. Cybersecurity professionals often frequent unique online forums and websites. Instead of traditional social media platforms like Instagram or LinkedIn, consider focusing your marketing efforts on platforms like Reddit and Twitch. These platforms are popular among tech-savvy individuals and can be more effective for reaching your audience.
• Provide Limited-Time Offers Addressing Pain Points:
Crafting offers that speak directly to the pain points of your potential clients can be highly effective. Emphasize the profitability and ROI of your security solutions, and address common concerns such as the increased risk of breaches during the holiday season when fewer staff are on duty. Highlighting these points can make your offer more compelling.
2. Onboard a New Solution to Boost Revenue
Addressing Growing Vulnerabilities
Did you know that exploiting externally facing vulnerabilities saw a 180% increase from 2023 to 2024, according to the Verizon 2024 Data Breach Investigations Report? The main vector leveraged by ransomware and other extortion-related threat actors was externally facing web applications. Therefore, onboarding a tool to address this growing vulnerability is logical. If you currently lack such a tool, it is a clear need for your clients and an obvious revenue booster. Solutions like Check Point’s Infinity External Risk Management can be a logical next step.
Consolidating Partial Coverage
If you have partial coverage, such as Attack Surface Management but lack brand protection, or have threat intelligence but no supply chain intelligence, consolidating into a solution that provides all these offerings makes sense. When these solutions work together, they often boost performance. For example, dark web monitoring can help detect phishing campaigns before they go live, allowing MSSPs to proactively mitigate threats. This integrated approach enhances security and streamlines operations.
Review and Optimize Vendor Agreements
Review your existing external risk vendor agreements (in fact you should do this with all vendors) to ensure they still meet your needs cost-effectively. Evaluate new partners if necessary to ensure you’re getting the most appropriate solutions and support at a fair price. Consolidating your services and using fewer vendors can also be beneficial.
Reduce Overhead and Operating Costs with Automation
Automation helps MSSPs streamline their processes, improve security response times, and reduce human errors, all while maintaining cost efficiency. Automation can be a key enabler for vulnerability assessment and management, event handling and MDR. A Kaseya report found that about 90% of respondents said automation is crucial for their business because it improves efficiency, allows them to take on more clients, and generates more revenue.
• Ensure Integration with Existing Tools:
Make sure your External Risk Management (ERM) solution can integrate with your Security Information and Event Management (SIEM) system. Prioritizing alerts is crucial; for example, if you have an Attack Surface Management solution, ensure alerts are prioritized using threat intelligence. Solutions that include active vulnerability scanning can also boost prioritization efforts. With the number of CVEs growing immensely over the past decade, automatic prioritization is key.
• Phased Rollout and Team Education:
A phased rollout is essential to avoid errors. Educating your team on new tools and processes is also crucial. Once rolled out, monitor improvements in security response times, staff efficiency, and overall performance.
To a Profitable Q4 for MSSPs
By implementing these strategies, MSSPs can boost their revenue before the end of 2024. Running targeted sales, addressing specific pain points, onboarding comprehensive solutions, optimizing vendor agreements, leveraging automation, ensuring tool integration, and educating your team are all effective ways to enhance your service offerings and drive growth.
About Check Point Infinity External Risk Management
Medium to large MSSPs rely on Check Point’s solution to protect against a variety of external risks, including vulnerabilities, misconfigurations, phishing, impersonation attacks, malware infections, exposed credentials, data leaks, fraud, and third-party risks.
By integrating various capabilities such as continuous discovery, automated intelligence collection, and multitenancy, Check Point’s solution provides a more cohesive and effective defense strategy.
Get a demo of the MSSP offering here.
