How risk management increases MSSP value for customers
Small and medium-sized businesses (SMBs) face a variety of risks in their day-to-day operations, and unfortunately many simply do not have the skilled people, time, or resources to identify, mitigate, and manage these risks.
That’s why a growing number of SMBs are now turning to MSSPs (Managed Security Service Providers) to help them identify risk across their business, set risk thresholds, and develop plans and policies to manage that risk, even as a their company and so on. As a result, the risk landscape is evolving and becoming more complex.
Why is this good news for MSSPs?
Not only does it create opportunities for MSSPs to win new business, but it also helps increase the value of an MSSP to existing customers.
In essence, adding risk management services to an MSSP portfolio can help ensure that once you acquire these new customers, they will stay with you for the long term.
Risk management challenges
There are a number of challenges for organizations trying to establish and mature their risk management programs.
From the start, the realization is that risk management means different things to different people. And that can apply from internal team to team across the organization.
Often team members think about risks related to the health of the organization or financial risks.
However, the reality for modern businesses is that the risks are much more. And even if an organization manages to create a comprehensive list of its risks, it must understand that today’s risk landscape is constantly changing and expanding.
Additionally, organizations across all industries feel they are constantly faced with rising compliance and regulatory expectations. As a result, many companies feel they cannot manage all of their risks.
That’s why they need help from MSSPs, and why MSSPs are best equipped to add value to their clients when they add risk management services to their portfolio of offerings.
Understand risk management
So what exactly is risk management, particularly for the governance, risk and compliance (GRC) clients of MSSPs?
When we speak of risk management in this context, we are referring to all ways in which an organization identifies, assesses, mitigates, remediates and manages its risks, particularly to its core services, products or day-to-day operations.
In terms of compliance, this ensures that an organization is aware of all of its risks, has established a risk threshold and that its teams are using best practices to ensure an organization meets all of its requirements.
And it’s important to note that risk management is not a one-off process.
Keep in mind that modern businesses are constantly evolving, and so is the threat landscape. This is another reason why MSSPs can step in and close a key service gap for their customers – MSSPs are able to establish ongoing risk management and risk mitigation practices that many SMBs simply cannot accomplish on their own.
That’s because an MSSP is able to access talent, tools, and resources that some SMBs don’t have access to or don’t know how to access.
Additionally, MSSPs are great at bringing a diverse group of people and ideas around the table (aka those differing understandings of what risk management is and what it means for organizations) and helping get everyone on the same page.
It’s about an entire organization speaking the same language when it comes to identifying and quantifying risk, which in turn helps build cross-organizational collaboration to mitigate and remediate those risks, and ultimately drive better data-driven business decisions that everyone keeps work towards the same strategic goals.
Why some MSSPs struggle with risk management
While risk management is a great service to MSSP customers, the reality is that some MSSPs are struggling to figure out how to do it in the most effective, efficient, and cost-effective way.
This is especially true for MSSPs, who have a growing customer base and when those customers come from different industries, each with unique compliance, privacy, and security requirements.
That’s because some MSSPs still try to tackle risk management for all of their clients using spreadsheets or static word processing documents.
What starts as a single tab with multiple rows of data on a new client project can quickly become a monster sheet of data that is difficult to track, manage, and nearly impossible to provide accurate, point-in-time reporting.
Multiply that across your entire customer base and before you know it, your MSSP is losing track of valuable data that could actually be increasing your customer risks.
The good news is that there is a better way.
With a SaaS-based GRC platform, your MSSP can get a handle on all this data, all in one easy-to-understand dashboard that allows you to ditch the spreadsheets and say hello to task automation, simplified reports, and streamlined templates to meet the compliance needs of the Customers.
A SaaS-based GRC solution can provide an MSSP with near real-time, clear, comprehensive visibility into all of their customers, allowing them to understand exactly what risks pose the greatest threats and help their customers prioritize those that may be the most have the greatest impact, and then remediate those risks no matter how rapidly their environment evolves or how complex it becomes.
In addition to streamlining data collection, reporting, and storage, a SaaS-based GRC platform can help your MSSP accurately manage the five key risk management steps for each client, including:
- Risk assessment
- risk analysis
- risk assessment or ranking
- risk treatment
- Continuous risk management
And by offering these services to your clients, you can help them build confidence that they are meeting all of their risk management compliance obligations — all without having to hire additional staff, which is especially important given a global lack of compliance and security Challenge represents , and risk management experts.
Don’t let your clients falter as they try to manage their risk. Deploy a GRC platform to help manage them.
Not sure what to look for in a reliable, easy-to-use, and industry-recognized GRC solution? Here are some key elements to ensure your GRC program provides:
- user friendliness
- Simple user interface
- Comprehensive compliance management capabilities
- Incident Response Assistance
- Executive level reporting and analysis
- Variety of integrations
- Exceptional value for investment
Interested in simplifying your risk management and want to get rid of using spreadsheets and static word processing documents? Risk management doesn’t have to be as complicated as it used to be. Learn more about how Apptega can help.
*** This is a Security Bloggers Network syndicated blog from the Apptega Blog written by the Cyber Insights Team. Read the original post at: https://www.apptega.com/blog/how-risk-management-increases-mssp-value-to-customers