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5 reasons why MSPs must add Data Loss Prevention to their security offering

Data loss prevention

There have been many incidents where data has been leaked from companies, either through external attacks or insider risks. This can lead to these companies losing the trust of customers and partners and incurring huge losses. However, with more behavior-based data loss prevention (DLP) technologies becoming available, managed service providers (MSPs) can offer and manage DLP services with minimal effort-to-value to reduce the risks of data loss for their clients. 

Here are five reasons why DLP service must be included in MSP offerings.  

  1. Clients’ employees access sensitive data via their endpoints  

As per Verizon Data Breach Investigation Report 2022, over 80% of data breaches are carried out with a financial motive. Hence, the primary data that is targeted in attacks is highly valuable for the organization and the attacker. Even if a client organization stores its sensitive data in the cloud, there are chances of data getting leaked out if it is accessible via employee workstations. If employees in the organization create, store or work with highly valuable and sensitive data on their endpoints, there must be a DLP in place to protect against data getting leaked to unauthorized parties. 

2. Clients are more prone to attacks and data leak risks  

There can be organizations storing valuable sensitive data with greater security vulnerabilities. This makes them a high-value target of cyberattacks. In industries like healthcare, education, and public sectors where data accessibility and data protection are required at the same time, behavior-based DLP technologies will provide a highly competitive DLP service for protecting such organizations against noncompliance and data leakage risks. 

3. Clients in highly regulated industries  

If there are clients that operate with or store sensitive data like personally identifiable information (PII), patient health information (PHI), cardholder data, etc. in highly regulated industries, then just backup will not suffice. They will require a higher level of data protection. DLP solutions are the only technology that can monitor data flows inside the organization and prevent data leaks while raising the visibility and enabling investigations of DL events. 

4. Clients are considering/paying for cyber insurance for reducing liability  

Client organizations pay for cyber insurance to limit their business’s liability if data breaches occur. Several factors like the business’s annual revenue, its industry, the type and amount of data held, and the level of security can influence the cost of cyber insurance. By adding DLP to their service, MSPs can help cover data safeguard requirements necessary for cyber insurance and minimize costs for clients. 

5. New revenue sources to grow MSP practice  

The Acronis Pulse of the MSP 2021 Report shows that MSPs expect their primary revenue income for the coming years to come from cybersecurity. In the arena of increasing competition, the rise of behavior-based DLP technologies will enable MSPs to differentiate their portfolio. DLP services were previously unavailable for MSPs and smaller organizations because of high complexity, service delivery costs, and slow time to value. Now using behavior-based DLP technologies, MSPs can find new revenue sources and provide an attractive data loss prevention solution for organizations of all sizes. 

Source: Acronis 

Also read: Healthcare industry incurs highest average cost of a data breach for the 12th consecutive year, reaches USD 10.10 million – IBM study

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