There’s tremendous opportunity for Managed Service Providers (MSPs) to grow their businesses and better secure customers this year. They just have to meet the growing customer demand for always-on and fully managed cybersecurity services. Sophos Managed Detection and Response (MDR) can help them do exactly that as the leading choice in the industry.
Rapid MDR Growth to Bolster MSP Services
According to a research report called “Managed Detection and Response (MDR) Market," the global MDR market was valued at $3.3 billion in 2023 and is projected to reach $12.9 billion by 2030, demonstrating a CAGR of 22.1 percent.
This growth can be attributed to influential factors such as the escalating use of compromised credentials, ransomware attacks, and increasingly sophisticated cyber threats. Additionally, there is a need to bridge the gap in cybersecurity skills and effectively manage the overwhelming volume of security alerts.
There is a growing awareness that traditional cybersecurity methods are limited. Customers need MSPs who can offer 24/7 MDR services, provided by skilled experts who can quickly detect, identify, and respond to hands-on keyboard active adversaries using real-time incident response.
Revenue and Profitability Opportunities for MSPs
The attack stream has become a torrent of cyberthreats, as Sophos MDR processes 32 billion security events daily, saving clients valuable time, resources, and money. Average threat response is an industry-leading 38 minutes—96 percent faster than the industry benchmark.
Sophos partners selling MDR have two distinct advantages. First, Sophos MDR has been named a CRN 2023 Product of the Year by CRN editors and channel partners and received the highest score in the “revenue and profitability” category
Second, partners enjoy three times more revenue through increased customer lifetime value and retention. This recognizes the ability of MDR to safeguard MSP’s customers against evolving and complex attacks while expanding their business without additional staff or resources.
It’s no wonder that Sophos MDR is the world's leading MDR service, with more than 19,500 organizations trusting it to defend their business, employees, customers, and data against sophisticated threats. No other service provides this level of protection on such a scale.
The prospects for MDR in 2024 are immense. With a customer base that exceeds any cybersecurity vendor by threefold, Sophos possesses the expertise to provide optimal cybersecurity results for your clients, ensuring maximum revenue and profitability for you.
To obtain details or to join the Sophos MSP Connect program, visit Sophos.com.