How Risk Management Increases MSSP Value for Customers
Small and medium-sized enterprises (SMEs) face a range of risks to their day-to-day operations, and unfortunately many simply don’t have the trained staff, 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 risks across their enterprise, establish risk thresholds, and develop plans and policies to manage this risk, even as their businesses, and as a result, the risk landscape, evolves and becomes more complex.
Why is this good news for MSSPs?
Because not only does it create an opportunity for MSSPs to win new business, but it also helps increase the value of an MSSP for existing customers.
Essentially, adding risk management services to an MSSP portfolio can help ensure that once you win those new customers, they’ll stay with you for the long haul.
Risk management challenges
There are a number of challenges for organizations trying to establish and scale their risk management programs.
Right from the start, you realize that risk management means different things to different people. And that can ring true from one internal team to another across an entire organization.
Often team members think of risk in terms of organizational health or financial risks.
However, the reality is that for modern businesses, the risks are much more than that. And even when an organization succeeds in compiling a comprehensive list of its risks, it must understand that today’s risk landscape is constantly changing and expanding.
On top of that, organizations across all industries feel like they are constantly faced with increased compliance and regulatory expectations. As a result, many organizations feel they cannot control all of their risks.
That’s why they need help from MSSPs, and that’s why MSSPs are uniquely positioned to add value to their customers when they include risk management services in their portfolio of offerings.
Understand risk management
So what is risk management, especially for governance, risk and compliance (GRC) MSSP clients?
In this context, when we talk about risk management, we refer to all the ways in which an organization identifies, assesses, mitigates, corrects and manages its risks, in particular for its most critical services, products or day-to-day operations.
In terms of compliance, it is about ensuring that an organization knows all of its risks, has established a risk threshold, and that its teams employ best practices to ensure that an organization meets all of its requirements.
And, it is important to emphasize that risk management is not a one-size-fits-all process.
Remember that modern businesses are constantly changing and with it the threat landscape, so this is another reason why MSSPs can step in and close an important service gap for their customers. MSSPs have the ability to establish ongoing risk management and mitigation practices that many SMEs would simply not be able to manage on their own.
Indeed, an MSSP has the capacity to exploit talents, tools and resources that some SMEs cannot or do not know how to access.
On top of that, MSSPs are great at bringing a diverse group of people and ideas to the same table (i.e. those varied understandings of what risk management is and what it means for businesses) and help get everyone on the same page.
It’s about getting an entire organization to speak the same language when it comes to identifying and quantifying risk, which in turn helps establish cross-organizational collaboration to mitigate and remediate. these risks, ultimately fueling better data-driven business decisions that keep everyone toward the same strategic goals.
Why some MSSPs struggle to manage risk
While risk management is a great service for MSSP customers, the reality is that some MSSPs struggle to figure out how to do it in the most effective, efficient, and economical way.
This is especially true for MSSPs that have a growing customer base and when those customers belong to different industries, all of which have unique compliance, privacy, and security requirements.
Indeed, some MSSPs are still trying to tackle risk management for all of their customers using spreadsheets or static word processing documents.
What might start on a new client project as a single tab with multiple rows of data can quickly become a monster sheet full of data that is hard to track, hard to manage, and nearly impossible to provide accurate and timely reports. .
Multiply that over your entire customer base and before you know it, your MSSP is losing track of valuable data that could actually be increasing risk to your customers.
The good news is that there is a better way.
With a SaaS-based GRC platform, your MSSP can manage all that data, all in an easy-to-understand dashboard that lets you toss the spreadsheets and say hello to task automation, reporting simplified and templates that streamline customer compliance requirements.
A SaaS-based GRC solution can give an MSSP clear and complete visibility into all of their customers, in near real time, so you can accurately understand which risks pose the biggest threats and help your customers prioritize which ones may have greatest impact, and then address those risks, no matter how fast their environment changes or how complex.
In addition to streamlining data collection, reporting, and storage, a SaaS-based GRC platform can help your MSSP accurately manage the five critical steps of risk management, for every customer, including:
- Identifying risks
- Risk analysis
- Risk assessment or ranking
- Risk treatment
- Continuous risk management
And, by offering these services to your clients, you can help them ensure that they meet all of their risk management compliance obligations, all without having to hire additional staff, which is particularly difficult account. given the global shortage of compliance, security and risk management professionals.
Don’t let your clients get bogged down in managing their risk. Use a CRM platform to help them manage it.
Not sure what to look for in a reliable, easy-to-use, industry-respected GRC solution? Here are some key things you’ll want to make sure your CRM program provides:
- Simplified user interface
- Comprehensive compliance management features
- Incident response assistance
- Management-level reporting and analysis
- Variety of integrations
- Exceptional value for investment
Do you want to simplify your risk management and want to get rid of the use of spreadsheets and static word processing documents? Risk management doesn’t have to be as complicated as it always has been. Learn more about how Apptega can help.
*** This is a syndicated blog from the Security Bloggers Network of 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