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5 Ways to Improve Your MSP Service Level Agreement (SLA)

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5 Ways to Improve Your MSP Service Level Agreements (SLAs)

SLAs are the foundation of your MSP business. They are essential to building strong client relationships and must be clear, reasonable and well-constructed.

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What Is the Financial Impact of a Ransomware Attack? [CHART]

Posted February 24, 2017by Lily Teplow

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Imagine for a moment that you receive a phone call from a client to hear that hundreds of their computers have been infected with ransomware, knocking critical systems offline and putting their organization’s entire operations at risk. What a nightmare, right? Unfortunately, this has been a reality for many unprepared small- and medium-sized businesses (SMBs) as we’ve seen ransomware reach new levels of maturity over the past couple of years.

Ransomware attacks can have a major impact on business continuity, productivity, reputation and much more, and dealing with one is not only time-consuming; it can be extremely costly. SMBs need to be fully aware of the threat posed by ransomware and make strengthening their IT defenses a top priority this year. However, if they’re hesitant or don’t yet have the proper defenses in place, how can you convince them to turn to an MSP like you for help? What other financial impacts could ransomware have on their business and why should they leverage your managed IT services to prevent a business-crippling attack?

Your clients may not be completely aware of ransomware's threats, so as their MSP you need to keep them educated. On the prospect side, the rise in the cost of ransomware attacks presents yet another opportunity to pitch your managed IT services as their protective solution. To help you get these conversations started, we’ve gathered data from Symantec’s Ransomware and Businesses 2016 report that you can use with the additional talking points below.

See the chart below:

Continuum-What Is the Financial Impact of a Ransomware Attack-Chart.png

Want to use this chart right away? Click here to download a customizable version!

For the average SMB, a $679 ransom is no small fee, and it could actually be a fraction of the potential costs – both monetary and reputational – that they could face after a ransomware incident. To get clients and prospects to see the bigger picture and help justify the cost of your IT services, use these talking points to explain the potential financial impacts of a ransomware attack.

Cost of the Ransom:

Although it is advised to never pay the ransom, many business still do, and it can end up being a significant cost. As you can see from the chart, the average ransom demanded by attackers has more than doubled since 2015, which might indicate that attackers think there is more to be squeezed out of victims. However, what makes ransomware so difficult is that there’s no guarantee the cybercriminals will actually give you the decryption key after you pay the ransom. So, you could be at a loss of almost $700 and still be at square one.

Loss of Data and Productivity:

The loss of data due to files being encrypted can have a big impact on your business. In fact, it’s found that less than half of ransomware victims are able to fully recover their data after an attack. Now, you don’t want this to happen to you! Losing company records, clients’ personally identifiable information (PII), or intellectual property can significantly impact your organization’s finances, brand, and reputation. And let’s say you did pay the hefty ransom (which we all know is not advised) and the cybercriminals decrypt the files, there is still a risk that your data may be corrupted in the decryption process.

Similarly, the loss of certain data can have a major impact on productivity and cause your operations to hit a standstill. You and your employees might not be able to access the information you need, which can cause missed deadlines and, in some cases, lost sales.

Downtime Costs:

A ransomware attack creates two hard choices for a business: either pay the ransom, or spend multiple days recovering locked files. Now, we’ve already established that paying the ransom is never a good idea, but in either scenario, you’re likely to face significant downtime that overshadows the cost of the ransom. In fact, downtime can cost organizations up to $700 billion per year, so it’s not something you want to suffer – even for just a few hours. To deal with the infection, you might be forced to completely shut down your systems, which can lead to financial losses, reduced customer satisfaction and maybe even reputational damage.

When it comes to ransomware attacks, what matters most is how quickly you’re able to get back to work. To avoid extended downtime and its associated costs, you can leverage our backup and disaster recovery (BDR) solution for true business continuity. It offers the capabilities to instantly roll back an archive of files to their uninfected state and immediately access those clean files, so you can remain productive should you experience a ransomware or other cyber attack.

Additionally, our remote monitoring and management (RMM) solution can keep an eye on the health of your systems and prevent attacks from spreading in the first place. Our RMM solution is integrated with endpoint protection software and backed by a team of experts that will work behind the scenes to detect, isolate and remediate the threats that reach your endpoints and network. Working together, we can ensure your business stays protected against the growing amount of cyber threats with a fortified IT infrastructure.

 

Continuum Partners: In continuing our commitment to help you accelerate sales through ongoing marketing support, every week we will be uploading customizable PowerPoint templates with relevant charts and data that you can use in your own decks. And because it's white-labeled, you'll be able to add your own logo and branding to stand out against the crowd! Just keep checking back on the Partner Support Portal for files to download!

 

Having trouble selling your managed security services?

Cybersecurity-Sales-Success-Kit-2017-Download

Meet Lily Teplow! After majoring in Communications and French, Lily graduated from South Carolina's Furman University and now takes on her new role as Content Marketing Associate and Blog Manager at Continuum. In her spare time, Lily enjoys singing, traveling, and cheering on her favorite Boston sports teams!

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