SMBs Reach a Cybersecurity Tipping Point as Rising Attacks Boost Reliance on MSPs, According to Research from ConnectWise

TAMPA, Fla., August 10, 2022 — ConnectWise, the world’s leading software company dedicated to the success of IT solution providers (TSPs), today announced the 2022 findings of its annual State of SMB Cybersecurity report, revealing that the growing number of attacks are fueling investment in cybersecurity, particularly with managed service providers (MSPs). Key findings show nearly three-quarters (73%) of report respondents are in agreement that their organization has reached a tipping point where cybersecurity concerns demand action.

This year’s report confirms that the cybersecurity threat landscape continues to grow larger in both size and complexity, raising the alarm for Small and Medium sized Businesses (SMBs), who no longer feel cybersecurity can be considered a secondary thought after other priorities. Specifically, over three-quarters (76%) of SMBs report they have been impacted by at least one cybersecurity attack in 2021 – a considerable increase compared to 55% the year before. Consequently, 78% of SMB respondents say their organization is set to increase investment in cybersecurity in the next 12 months. However, a key challenge identified in the report is that two in three SMBs lack the expertise in-house to defend themselves against cybersecurity threats; additionally, many SMBs are also feeling disillusioned or challenged with current partners tasked to provide the help they need.

“Year after year, cyber threats are a growing concern for businesses of all sizes. With many SMBs dissatisfied with the cybersecurity service they receive and prepared to make a change, providers must strive to deliver the right solutions if they want to address the needs of their customers more effectively,” said Raffael Marty, General Manager, Cybersecurity, ConnectWise. “This also equates to a huge opportunity for MSPs. Those who can provide the right products and tools and deliver them in the right way – complementing best-in-class technology with education, risk assessment support, and effective endpoint, network, and cloud protection – will be very well-placed to address SMB needs moving forward.”

In particular, the research found that SMB respondents see the following as being important when deciding if a provider has the “right” cybersecurity solution for them:

• 54% - Confidence in the MSP ability to respond to security incidents
• 47% - Capability/certifications of MSP resources/technicians
• 46% - Trust in the MSP ability to deliver against the offering
• 44% - Confidence in MSP helping to minimize damage/loss
• 37% - Brand name recognition of MSP offerings

While the report shows a clear need and appreciation for an MSP partnership, there remain significant challenges that MSPs must continue to address in order to gain the trust and confidence of their SMB clients. ConnectWise remains committed to helping partners navigate market dynamics and help MSPs deliver the most adequate portfolio of security solutions with products and services to secure SMBs. With our standalone products for MSPs that have their own staff and with our expert services and offerings, we have solutions tailored to various modes of operation and we are committed to help MSPs plan for the future.

To download a full copy of the research report, visit https://www.connectwise.com/resources/smb-research-2022.

Methodology

ConnectWise commissioned independent market research specialist Vanson Bourne to undertake the research upon which this whitepaper is based. A total of 700 IT decision makers (ITDMs) and business decision makers (BDMs) were interviewed in May 2022, with representation in the following countries: US (300); Canada (100); UK (150); Australia and New Zealand (150). Respondents were from organizations with between 10 and 1,000 employees in their country and from a range of private and public sectors.

About ConnectWise

ConnectWise is the world's leading software company dedicated to the success of IT solution providers (TSPs) through unmatched software, services, community, and marketplace of integrations. ConnectWise offers an innovative, integrated, and security-centric platform—Asio™—which provides unmatched flexibility that fuels profitable, long-term growth for partners. ConnectWise enables TSPs to drive business efficiency with automation, IT documentation, and data management capabilities and increase revenue with remote monitoring, cybersecurity, and backup and disaster recovery technologies. For more information, visit connectwise.com.

Media Contact:

Jeff Tieszen

Touchdown PR

512-599-4015

connectwise@touchdownPR.com