Cyber threats are more pervasive and sophisticated than ever. The increasing frequency and severity of cyber attacks necessitate that businesses not only invest in robust cybersecurity measures, but also ensure these measures are resilient enough to adapt to evolving threats.
In 2023, the FBI's Internet Crime Complaint Center (IC3) received a record 880,418 complaints, with reported losses exceeding $12.5 billion. This marks a nearly 10% increase in complaints from the previous year. The most frequently reported cyber crime in 2023 was phishing, accounting for over 298,000 complaints.
In this blog post we explore how Managed Service Providers (MSPs) can help their customers combat these rising costs and the threats associated with them by bolstering cyber resilience with an XDR solution. We also share a return-on-investment calculator designed for MSPs to help IT teams define the costs associated with addressing them.
Understanding the cost of a cyber attack
The financial repercussions of a cyber attack can be devastating.
A report from IBM states that the average cost of a data breach in the U.S. reached $9.44 million in 2022. These costs include not only the immediate expenses, such as incident response and legal fees but also long-term impacts like reputational damage and loss of customer trust.
For MSPs, quantifying these costs on behalf of IT customers is essential to demonstrating the value of preventive measures. By partnering with UncommonX, MSPs can expand their services, secure their customers and reduce overall cost and complexity.
Benefits of partnering with UncommonX
Expand services
- Scalable offerings: UncommonX enables MSPs to expand their service portfolio with a comprehensive XDR solution, including asset management, vulnerability management, and the opportunity to add-on 24/7 SOC support. This allows MSPs to deliver more value to their customers by covering all aspects of cybersecurity, enhancing their market competitiveness.
- Customizable solutions: With a flexible licensing model, MSPs can tailor UncommonX’s offerings to fit the unique needs of their customers, from small businesses to large enterprises. This adaptability ensures that MSPs can meet diverse client demands without needing multiple vendors or platforms.
Secure customers
- Proactive threat protection: UncommonX’s advanced XDR solution integrates robust analytics and continuous threat monitoring, allowing MSPs to implement proactive security measures that protect their customers from evolving threats. This ensures a secure digital environment, fostering customer trust and long-term partnerships.
- Comprehensive coverage: By consolidating security tools and services into one unified platform, UncommonX helps MSPs provide complete cybersecurity coverage. This reduces gaps and enhances the overall security posture of their customers, ensuring critical assets remain protected.
Reduce cost and complexity
- Predictable and scalable costs: UncommonX offers a predictable pricing model with a fixed monthly fee, making it easier for MSPs to manage their budget and avoid unexpected expenses. The scalability of the solution also means that costs grow only as services expand, reducing financial strain on MSPs and their customers.
- Simplified operations: UncommonX integrates multiple security solutions into a single, easy-to-manage platform. This reduces the complexity of managing different tools and vendors, streamlining operations for MSPs. The result is a more efficient workflow, reduced overhead, and the ability to focus on core business objectives without getting bogged down by technical intricacies.
Calculating cybersecurity return on investment (ROI)
For MSPs, calculating the return on investment (ROI) is crucial when expanding their cybersecurity services. This involves comparing customer costs of potential cyber threats against the investment in cybersecurity measures.
That’s why we offer MSPs an ROI calculator designed to help articulate the financial logic behind cybersecurity investments, quantifying potential returns by comparing the costs of cyber threats against a customer investment in an XDR for MSPs solution.
Effective ROI calculation
The calculator uses the following elements to draw a comparison between necessary set-up/operational costs and potential costs associated with a breach: