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Kaseya ’ s 2024 MSP Benchmark Report finds that cybersecurity is a top revenue driver for three quarters of MSPs
The MSP Benchmark Report explores how cybersecurity , AI and automation are impacting IT professional ’ s workflow , work-life balance and hiring trends in a highly competitive market .
K aseya , the leading global provider of unified IT management and security software for managed service providers ( MSPs ) and SMBs , has released its 2024 MSP Benchmark Report , which surveyed 1,000 MSPs from the Americas , EMEA and APAC regions and includes responses from both IT professionals and executives .
Notably , cybersecurity remained a top priority and an area of growth for MSPs , with 73 % saying it ’ s a top revenue driver for their business .
The threat of cyberattacks continues to weigh on MSPs and their clients . The report found that a staggering 78 % of respondents consider cybersecurity as a top IT challenge , compared to 67 % the year prior , and highlighted the importance of businesses continuing to invest in the right technology to protect against ever-evolving cybersecurity threats .
There is positive news for the SMBs that have prioritized investments in the right technology and IT partners . There are fewer SMBs being hit by cyberattacks – a majority of MSPs ( 64 %) said that less than 10 % of their SMBs customers experienced a cyberattack this year . MSPs are seen as a valuable cybersecurity resource for customers , with almost half ( 46 %) saying most of their clients turn to them for advice on cybersecurity plans and best practices .
“ Cybersecurity remains a critical concern for MSPs , driven by two factors : the escalating threat landscape , and the persistent challenge proving high quality security services across all of their clients ,” said Mike Puglia , General Manager of Security Products at Kaseya . “ This year , we ’ ve witnessed a heightened sense of urgency compared to previous years . Even those MSPs who demonstrate proficiency in cybersecurity wrestle with the strategic dilemma of resource allocation . Our research underscores the imperative for MSPs to bolster their efforts to meet the rapidly growing market demands .” The report found that investing in IT management solutions with built-in automation integration capabilities is a top priority , as 85 % of participants shared that automation is a must-have . While automation increases efficiency , integration helps create a unified system : 67 % of IT executives believe integration between core MSP applications is very important for their work .
Over three quarters of participants ( 75 %) agreed that integration between applications is a time-saving measure , and almost an equal amount ( 70 %) believe that integration drives efficiency . With both integration and automation , businesses are saving time and money , streamlining IT operations and ultimately contributing to better business outcomes .
Many IT professionals are eager to use AI to address pain points in their jobs and achieve more balance . A third of respondents ( 33 %) predicted they ’ ll use AI to streamline otherwise tedious IT tasks . While MSPs and their clients are leaning into the adoption of AI and Machine Learning , implementing these technologies will be challenging , according to 37 % of MSPs .
From AI and Machine Learning to automation and integration – technology is rapidly changing , and MSPs are adapting as quickly as they can to stay at the forefront . Attracting skilled IT professionals who understand these new technologies is not only harder , but more expensive too . Respondents say hiring is the third most critical challenge for MSPs in 2024 . •
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