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February 4, 2021 | By stephen

Why 2020 May Have Changed The MSP Industry Forever

Last year (2020) was a challenging year for most of us. The pandemic affected many areas of our lives. Businesses also struggled to stay afloat, and business owners had to adapt to continue to operate.

As businesses looked for ways to survive, they focused on various solutions that could help them. MSPs had to adapt to survive the pandemic’s effects.

How MSPs Adapted To The Pandemic

As COVID-19 ravaged the country, authorities introduced many restrictions to combat the virus. They introduced various measures, such as physical distancing, wearing masks, and limited people in different places. People also worried about contracting the virus.

These changes affected the operations of many establishments. MSPs and other businesses had to contend with shutdowns, disrupted supply chains, and customer behavior changes. They had to adapt to continue operating, and they adapted.

  1. Increased Remote Workforce

Governments and businesses had to put worker’s safety first. They developed various strategies to achieve this objective. One approach they had was encouraging people to work from home. Companies managed their employees to ensure most of them worked from home.

This transition caused a few challenges. How would the firms’ infrastructure support remote work? They needed the IT setup to handle users from different locations performing various tasks on the network.

MSPs played a crucial role in facilitating the transition to remote work. For example, companies asked MSPs to design user-friendly networks to support their employees working from home. Others asked MSPs to provide gadgets and secure their IT setups.

  1. Educating Remote Employees On Cybersecurity

As companies adopted remote work, employees had an essential role in cybersecurity. Their home devices accessed the company’s network. One of these gadgets could be an entry point for hackers if they breached the owner’s cybersecurity measures. Companies partnered with MSPs to offer employees training and simulations to improve their cybersecurity awareness.

  • Remote Employees Also Had To Be Responsible For Data Security. As most companies’ remote workers had various credentials for the company’s infrastructure. Firms partnered with MSPs to promote remote user responsibility. They encouraged employees to avoid saving passwords on their devices, being reckless with their gadgets, and using public networks to access the company’s infrastructure.
  • Businesses Turned to MSPs To Help Them Adapt To The Pandemic’s Developments: MSPs that were proactive continued to earn revenue, despite companies prioritizing other functions. Companies needed the innovation to survive, and the proactive MSPs helped them with this goal.

Companies Retained Proactive MSPs. These are MSPs that adapted to the developments and found ways to offer value through the period. Companies chose not to let them go to enjoy the benefits their partnerships yielded.

Proactive MSPs Offered Various Benefits To companies, Such As:

  • Cost Savings: These MSPs discovered better ways to do things. They were also proactive in finding and rectifying problems early. These actions helped the companies enjoy cost reduction, availing the cash flow they needed in other areas.
  • Improved Performances: Changes in society meant that companies had to adapt. They had to do new things in excellent ways. Innovative MSPs helped them optimize these processes. For example, they helped them optimize remote work to ensure everything went on smoothly.
  • Cybersecurity: According to the U.S. Chamber of Commerce, cybersecurity threats increased during the pandemic. Proactive MSPs helped companies stay ahead of cybercriminals and prevent costly attacks.

Cybersecurity Trends During The Pandemic

Cybercriminals took advantage of the pandemic to target organizations. According to PwC, cybercriminals targeted establishments with more attacks during the pandemic. They used social engineering to trick people through many attack patterns, such as phishing.

According to CSO, the Office of Foreign Assets Control (OFAC) in the Treasury Department issued new guidelines for ransomware attacks. The office controlled the ransom payments to attackers from various regions and groups. They believe that the new regulations will prevent ransomware attacks.

MSPs play a vital role in the wake of the increased cybersecurity threats to organizations. They have been proactive in their measures to prevent attacks, and they helped the attacked firms recover. Companies avoided or minimized losses and disruptions with reliable cybersecurity from MSPs.

MSP Regulation

Authorities appreciate the role MSPs play in today’s business environment. Some jurisdictions are formulating laws to govern them. MSPs continue to be more influential on business outcomes, and it makes sense to develop some statutes to regulate them.

Authorities enacted the first regulations for MSPs in 2020. A bipartisan Louisiana state legislature passed the law. The legislation requires MSPs servicing state entities to register with the Louisiana Secretary of State. The law will come into effect from February 2021, and it will improve the professionalism of MSPs.

Other states will want to regulate MSPs operating in their jurisdictions. We expect more laws to govern MSPs, helping businesses deal with sensitive information and infrastructure. Companies will also be selective with the MSPs they work with to ensure they comply with the laws.

Validation Of MSPs’ Business Model

Many businesses partnered with MSPs to survive the pandemic’s effects. Authorities also introduced laws to govern MSPs. The regulation and partnerships with MSPs validated the managed services model. Entities appreciate that MSPs will help them achieve their objectives.

MSPs will continue to get the recognition they deserve. Establishments will realize that they enable companies to enjoy various benefits. Working with an MSP can help businesses get expert, customized, and affordable managed IT services.

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