No one needs to tell you that the cybersecurity world has changed dramatically in recent years. Your clients have definitely felt the changes in significant ways such as their increasingly complicated path to cyber insurance.
As threats have grown, cyber insurance companies have increased premiums and shifted from a reliance on self-reporting to stringent requirements that often make it challenging for SMBs to qualify. In fact, a CNBC survey found that fewer than 30% of SMBs had cyber insurance. That means that the companies that need insurance the most are the ones doing without.
So, what’s the missing piece of the puzzle here?
Regular third-party assessments of data protection measures. SMBs need this to qualify for policies that could mean the difference between life and death if they experience a cyberattack.
And who’s holding the missing piece of the puzzle?
You.
It’s time for you to offer Compliance-as-a-Service (CaaS), a solution that can be a game-changer for both businesses and service providers.
The Cybersecurity Dilemma for SMBs
SMBs often operate under the false assumption that they are too small to be targeted by cybercriminals. Unfortunately, this couldn't be further from the truth. Cyberattacks don't discriminate based on the size of a business; they target vulnerabilities wherever they can find them. Moreover, the financial and operational impact of a cyberattack can be far more severe for SMBs than for larger enterprises, as they often lack the resources to bounce back quickly.
That makes obtaining a robust cyber insurance policy extremely important. However, many SMBs struggle to secure adequate coverage due to their inability to demonstrate their commitment to data protection. Insurance providers are increasingly requiring businesses to undergo regular third-party assessments to assess their cybersecurity posture. Without such assessments, SMBs remain vulnerable to the devastating financial repercussions of a cyberattack.
The Galactic Partner Solution
Enter Galactic Partners, who have a unique opportunity to address this critical issue. By offering free data protection assessments to SMBs, Galactic Partners can help businesses understand their vulnerabilities, thereby creating trust and rapport. These assessments provide a clear view of the current state of a company's data protection measures, highlighting any potential red flags.
Once a Galactic Partner has completed a free assessment for an SMB, they are in a prime position to offer ongoing, recurring assessments. Regular assessments not only help SMBs maintain their cybersecurity measures but also provide an opportunity for Galactic Partners to build long-term relationships with their clients.
In addition to offering recurring assessments, Galactic Partners can leverage their expertise to introduce their Compliance-as-a-Service (CaaS) offering. CaaS is a comprehensive solution that helps businesses meet and maintain compliance requirements related to data protection and cybersecurity. This service includes a suite of powerful online resources that make it easy for clients to stay on top of their compliance needs.
By bundling regular assessments with their CaaS offering, Galactic Partners can provide a holistic approach to cybersecurity and compliance. This not only adds value to their services but also ensures that SMBs are better equipped to protect themselves against cyber threats.
An Exciting Piece to the MSP Revenue Puzzle
The beauty of this strategy is that it not only provides a key piece to the puzzle for SMBs who need cyber insurance, but it also offers a significant revenue stream for Galactic Partners. Many managed service providers (MSPs) have already adopted this approach and have witnessed remarkable results. Some have reported adding over $30,000 in monthly recurring revenue in just a few months.
You’re Holding the Puzzle Piece...Now What?
So, as a Galactic Partner you’re holding that vital puzzle piece, and if you’re ready to find out how to snap it into place, we have an online CaaS Workshop that will guide you.
This immersive educational experience covers key aspects, including:
- Fulfilling clients’ compliance requirements using Galactic's powerful online resources.
- Marketing the CaaS offering effectively through customized webinars.
- Pricing the offering correctly to maximize total margin.
- The potential to add more than $400,000 to annual recurring revenue (ARR) by 2024.
Don't let this once-in-a-lifetime market opportunity pass you by. By offering free assessments, building trust with SMBs, and introducing Compliance-as-a-Service, you can help businesses protect themselves while simultaneously growing your revenue.
Your Big Opportunity Is NOW
Mark your calendar for the upcoming CaaS Workshop on Thursday, November 16th, from 1 PM to 5 PM EST. This workshop will prepare you for success in this dynamic market. If you have a discount code, be sure to use it and sign up today to secure your spot. Join the ranks of MSPs who are thriving by meeting the cybersecurity needs of SMBs and ensuring their long-term success.
Go to www.galacticscan.com/arr-moonshot for more details.
