In our rapidly digitizing world, the role of cybersecurity cannot be overstated. The increase in online platforms and the adoption of digital solutions by businesses of all sizes have led to a surge in cyber threats. While the scope of online risks is expanding, the need for cybersecurity grows exponentially.

A challenge for some is a golden opportunity for others. Thus, this growing need for cybersecurity solutions presents a lucrative business prospect for Managed Service Providers (MSPs) and resellers to partner with cybersecurity firms and offer their clients robust protection.

Cybersecurity market: threats and opportunities

Despite the escalating cyber threats, virtual work setup offers immense potential for businesses and enterprises. To better understand the risks and, paradoxically, their advantages, let’s review the current cybersecurity setting.

Luring risk of cyber attacks

According to Statista, projected from 2023 to 2028, the total global cost of cybercrime is anticipated to surge by 5.7 trillion U.S. dollars, showcasing a notable rise of 69.94%. The latest estimates indicate that by 2028, global expenses related to cybercrime will soar to 13.82 trillion U.S. dollars.

Year after year, data breaches and ransomware attacks have wreaked havoc on the digital landscape. Recent cybersecurity threats research revealed that phishing attacks and malware are top risks businesses of all sizes are exposed to the most. Yet due to the dynamic cyber climate, leading threats constantly evolve, shifting their positions.

For instance, small- and medium-sized businesses (SMBs) are the most vulnerable, as companies with fewer than 1,000 employees bear the brunt of 46% of all cyber breaches. These statistics emphasize that no business is too small to ignore the importance of cybersecurity.

Moreover, analysis shows that ransomware attacks will reach an astounding 620.5 million cases in 2023, eventually costing approximately $265 billion U.S. dollars by 2031. Although it’s only a glimpse into the future digital ecosystem perceptions, the need for fortified cybersecurity solutions is more pressing than ever.

Possibilities dictated by the digital landscape

The silver lining in this situation lies in a boom in the cybersecurity market. This creates an opportune moment for MSPs and resellers to venture into cybersecurity. The global cybersecurity market size is predicted to grow exponentially in the coming years, and those prepared to seize the opportunity now stand to gain immensely.

This opportunity emerges as a prediction for MSP industry revenue to reach €21.18bn in 2023. The anticipated annual growth rate (CAGR 2023-2028) is 2.84%, culminating in a market volume of €24.36bn by 2028.

According to cybersecurity investments research, 59% of companies plan to purchase cybersecurity solutions, services, or applications. 52% of those who plan to invest in cybersecurity solutions and services are small– and medium–sized enterprises.

In addition, research gives an overview of major markets like the U.S., Canada, and the United Kingdom, revealing that approximately 22% of enterprises outsource their cybersecurity expertise. On average, almost 12% of companies don’t have in-house or outsourced cybersecurity professionals.

Regarding company size, a majority (52%) of small businesses don’t have and don’t outsource skilled cybersecurity staff, while 29% of medium-sized companies tend to outsource these functions.

Challenges faced by most MSPs & resellers

Like every sector has its own challenges, managed service providers and resellers encounter various obstacles in outsourcing business. According to Statista, in 2022, the most prominent impediments were coping with advanced and sophisticated security threats and acquiring more customers.

In 2022, 30–40% of respondents in EMEA (Europe and Middle East Africa), Americas, and APAC (Asia-Pacific) regions saw gaining new customers as a challenge. By 2023, 29% of service providers still cited the acquisition of new clients as their biggest challenge, followed by revenue growth and profitability.

Besides the struggle to find more clients, handling cybersecurity threats is an issue for a significant number (approximately 20%) of MSP and reseller companies in 2022. Service providers are directly exposed to digital threats like their customers and any other modern company.

NordLayer: your trusted cybersecurity partner

Navigating the cybersecurity landscape might seem daunting for many MSPs and resellers. That’s where NordLayer comes into play.

NordLayer offers a comprehensive partner program to help you tap into this booming cybersecurity market, enhancing your business performance and increasing your profits.

Boost your business performance

With NordLayer, your business can gain a competitive edge through an accessible software-defined solution. Our remote security solution ensures your clients stay safe online, allowing you to stay ahead of the game.

Grow your profits

NordLayer’s easy-to-adapt software eliminates the need for expensive hardware, saving your clients significant costs. By opting for a subscription-based SaaS model, you can enjoy a steady stream of recurring revenue, greatly amplifying your financial gains.

No tech expertise is needed

NordLayer simplifies the process of selling cybersecurity solutions. This means you don’t need a deep understanding of tech and network knowledge or invest in human resources education or competencies to start selling.

24/7 support

We believe that partnership goes beyond selling solutions. With NordLayer, you gain access to a committed, caring, and proficient technical support team available round the clock, helping you identify and close deals and propelling you toward success.

Efficiency is our priority

At NordLayer, we prioritize efficiency. With our solutions, you can onboard clients in under 10 minutes and scale rapidly. No minimum order requirement makes NordLayer ideal for SMBs. Network deployment and administration are simplified, without the need for complex hardware or tedious configurations, saving time and resources while boosting productivity.

Afterword

The time is ripe for MSPs and resellers to seize the opportunities in the cybersecurity market. With NordLayer as your partner, you will be well-equipped to navigate this booming sector and take your business to new heights. The cyber threats are real, but so are the opportunities. Now is the perfect time to start selling cybersecurity solutions.

Future partner, become an enabler securing all ways of working by joining forces with NordLayer.

As businesses grow and expand in the digital era, their security must also advance. Business expansion brings more cybersecurity risks, including cyber attacks and data breaches. Because the cost of data breaches is currently very high, businesses face a challenge: as they grow, they become more attractive to hackers.

This is why it’s vital to consider boosting cybersecurity as your business grows. Let’s explore how a strong cybersecurity plan can safeguard intellectual property, sensitive data, and other crucial business resources.

Key takeaways

• As businesses grow and expand, their cybersecurity risks also increase

• To safeguard against increasing threats, a scalable cybersecurity policy should be developed

• Conducting an internal cybersecurity audit helps identify system strengths and  weaknesses

• Strengthening IAM ensures users have appropriate access privileges based on their roles

• Encryption and VPNs safeguard sensitive data, making it unreadable to unauthorized individuals, and prevent data interception

• Aligning with compliance requirements helps businesses avoid legal complications

• Network segmentation limits the extent of damage a cyber attacker can cause

Understanding cybersecurity for business growth

Ensuring your business runs smoothly involves giving your team access to networks and IT systems. But as you do this, you also make your business a bigger target for problems. When you have more devices to keep safe and lots of data to handle each day, the chances of a cyberattack increase as your business grows.

And it’s not helping that cybercrime is on the rise. Different kinds of attacks can slow down or even stop your business. This can hurt how much your customers trust you, how people see your brand, and how much money you make.

When the key to doing well in business is being able to bounce back, you can’t forget about cybersecurity. These days, keeping your business safe from online problems is just as important as any other basic part of your business. The people who handle IT and the ones who run the business need to work together. If they don’t, your business can’t keep growing because it won’t be safe from new kinds of problems.

What are cybersecurity threats that businesses may face when scaling up?

Expanding a business means making it bigger online, which can lead to more cybersecurity problems. Here are some specific security issues that a business might have while growing:

Cloud problems: When businesses get bigger, they use more cloud services. But these can be weak against cyberattacks. For instance, outsiders might access private data if cloud settings aren’t set up right.

Increased attack surface: When a business grows, its networks, systems, and data increase. Attackers get more chances to break in, causing data leaks.

Insider threats: With more employees, there’s a bigger chance of trouble from insiders. Some might want to intentionally harm the company (like unhappy workers), while others might accidentally cause problems (by clicking on bad links).

Phishing and social engineering: These types of attacks go up as businesses get bigger. Bad actors try to fool employees into sharing secret info.

Third-party vulnerabilities: Growing companies often work with more outside vendors. But these vendors might not have great security. They could open the door to attackers.

Advanced Persistent Threats (APTs): Some attacks never stop and keep trying to break in for a long time. Big companies are often targets for these attacks because they can lead to big rewards.

Distributed Denial-of-Service (DDoS) attacks: Bigger companies might get hit with attacks that flood their systems, causing them to crash.

More complications: Expanding often means adding new tech and software, making things more complex. This can make it tough to keep everything safe and organized.

Regulatory compliance: As businesses get larger, they usually need to follow more rules, especially if they operate in many places. They could expose data and get fined if they don’t follow these rules.

Scaling security: the key to successful growth

When the number of threats increases and their techniques become increasingly sophisticated, this calls for a cybersecurity framework encompassing a scalability and growth plan. This means aligning with current requirements while considering infrastructure modernization for businesses.

Creating a scalable security system ensures that your cybersecurity program can grow with it as your business grows, not lag behind. A scalable security system can anticipate the changing landscape and proactively address potential security risks before they become an issue. Therefore, investing in scalable security is critical to sustainable business growth security.

Scaling your business safely: essential online security measures

As your business grows, it’s important to approach cybersecurity carefully. This helps protect your company from online threats, keep your data private, and follow rules and regulations.

1. Conduct an internal cybersecurity audit

Conducting an internal audit is a crucial first step toward scaling cybersecurity. It helps an organization gain a comprehensive understanding of its existing cybersecurity posture. This includes identifying strengths, weaknesses, and vulnerabilities within the system. Without a clear picture of the current state, it’s challenging to determine where improvements are needed.

The audit also helps to identify potential risks and threats. This involves analyzing the security infrastructure, data handling processes, employee practices, and more. The critical areas that need the most attention can be prioritized by knowing the risks. It ensures that resources are allocated effectively to maximize security.

2. Educate employees

A “human firewall” refers to the idea that employees, through their awareness, knowledge, and actions, can play a crucial role in preventing and mitigating cybersecurity incidents. Employees who are educated about cybersecurity threats, best practices, and policies are better equipped to recognize and respond to potential attacks.

Regular cybersecurity training can help them understand the latest tactics used by cybercriminals and how to avoid falling victim to scams, phishing attempts, and social engineering attacks.

Creating a strong cybersecurity culture within an organization instills the belief that every employee has a role in protecting the company’s data and systems. The organization’s overall security posture improves when cybersecurity is everyone’s responsibility.

3. Strengthen Identity and Access Management (IAM)

As an organization grows, the complexity and scale of its operations also increase. This growth leads to more employees, contractors, partners, and customers accessing various resources and systems within the organization. As a result, the need for effective identity and access management (IAM) becomes paramount.

Different roles and departments have varying access requirements. Therefore, effective IAM ensures that users have appropriate access privileges based on their roles and responsibilities. This avoids granting excessive permissions and reduces the risk of unauthorized access. It’s a fundamental component of any cybersecurity strategy.

4. Use encryption and virtual private networks

Using encryption and virtual private networks (VPNs) is a crucial cybersecurity measure. Encryption helps to safeguard sensitive data by converting it into an unreadable format that can only be decrypted with a specific key or password. This prevents unauthorized access to data, even if it’s intercepted during transit or at rest. Without encryption, sensitive information such as passwords, financial details, and personal details would be vulnerable to theft or unauthorized use.

Meanwhile, a business VPN creates a secure tunnel between the user’s device and a remote server, encrypting all data transmitted. This prevents hackers and cybercriminals from eavesdropping on the data being exchanged. It’s particularly important when using public Wi-Fi networks, where data can be easily intercepted without proper security measures.

5. Step up your organization’s compliance alignment

Aligning with compliance requirements is a non-negotiable aspect of scaling cybersecurity. Laws, regulations, and industry standards dictate compliance requirements. Failure to comply leads to legal consequences, including fines, penalties, and lawsuits.

Compliance frameworks are designed to address specific risks and vulnerabilities in the cybersecurity landscape. Regulations like GDPR and HIPAA set certain data privacy and security standards that businesses must adhere to. By meeting these compliance requirements, your business avoids legal complications and demonstrates to clients and customers that you prioritize their data’s security.

6. Implement network segmentation

Network segmentation involves dividing your network into multiple segments, each with its security controls. These segments are then isolated, creating barriers that restrict unauthorized access and the lateral movement of attackers within the network. It limits the extent of damage a cyber attacker can cause if they manage to breach your system. It’s vital to a scalable security strategy, protecting your business scales.

Even if hackers access a segmented network, they cannot move laterally across the network. This means that the hackers are trapped within the network segment, giving companies more time to respond to threats and contain the damage.

Protect your business with NordLayer: your cybersecurity partner

As your business expands, keeping it secure becomes crucial. You can take simple steps to ensure your growth is safe. Educating your employees and organizing your network are some of these steps. Working with partners who can grow with you is also smart.

NordLayer is here to help when your business is growing fast. No matter what is your business size or work model, you can keep your network security up to standard.

With NordLayer, you can enable secure access to your cloud platforms. Additional controls and ZTNA-focused contextual checks can be implemented to improve the organization’s security posture further.

Organizations using NordLayer can set up resource access policies with SSO, network segmentation, site-to-site tunnels, and more. There is an audit log for all actions completed within the Control Panel, including gateway connection timestamps helping to keep track of what’s happening within your network.

NordLayer makes your business more secure. Want to know more? Get in touch with our sales team to learn more about our offerings.