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12/10/2021

Why Every MSP Client Should Have Cyber Insurance

As the digital space grows, MSPs and their customers are adding cyber insurance policies to the mix as protection. But there are a lot of factors you as an MSP need to consider while taking up a cyber insurance plan or pitching one to your client.

Here are some focus points to keep in mind:

💻 Your Customers Need It - Customers need protection against a potential hack, breach, malware, or phishing attacks. It is reported that small businesses can spend up to $1 million just to restore normal business operations after a cyber attack. This includes data breaches, downtime, forensics, and customer notifications.

💻 The Longer You Wait, The More It Will Cost - As a small business, and as an MSP, it is in the interest of both parties to get an insurance plan as soon as you can. Because the cost of cyber insurance policies is based upon today’s threats and what is going to happen tomorrow.

💻 As An MSP, It Is Your Job To Guide Your Clients - As a trusted service provider to your customer, it is imperative that you help your clients make all the right decisions to safeguard their business. We understand that it might be difficult considering the evolving circumstances, but at all costs, do not let your customer be the doctor and the patient.

💻 Pay Attention To The Details - Be transparent with clients. If you are pushing them to buy insurance, guide them through everything that will be covered. Cyber insurance companies have specific protocols to mitigate damage, and it is your responsibility to follow them. Otherwise, your claim would be at a risk.

Read the full blog below!

As the digital space grows, MSPs and their customers are adding cyber insurance policies to the mix as protection. But there are a lot of factors you as an MSP need to consider while taking up a cyber insurance plan or pitching one to your client. Let’s discuss a few of them.

11/23/2021

How QBRs Can Drive Customer Satisfaction And Retention

QBRs are often overlooked as dreadfully stale meetings, but there’s more to it. Your goal here is to project value to your clients, highlight the services that would rather go unnoticed, and solidify the case for a long-lasting relationship.

Here are some focus points to keep in mind:

💻 Ticket Metrics - Include a detailed review of the service tickets issued from the previous quarter to the current one. Highlight how your team was able to manage the volume of these tickets.

💻 Technical Review - The technical review is the most important aspect of the QBR. This part will showcase your entire business handling process. So make sure your client gets to know about the true value that your MSP is bringing to the table. Put some thought into making improvements for the future as well.

💻 Service Level Agreements - The SLA review compares the service level agreements that were done previously and the updated services. Talk to your client about disputes and issues that have been raised. Suggest any changes that are needed.

💻 User Training - If you sense that your customer’s employees are lacking in a particular area. Mention it to your client and provide your recommendations. If the employees are able to benefit from additional training, then it will make the job easier for both parties.

Read the full blog below!

QBRs are often overlooked as dreadfully stale meetings, but there’s more to it. Your goal here is to project value to your clients, highlight the services that would rather go unnoticed, and solidify the case for a long-lasting relationship.

11/11/2021

Proven Ways to Better Manage Your MSP

To ensure your operations run smoothly, here are some steps that will help you better manage your MSP.

💻 Develop A Detailed Pricing Strategy - Make a pricing strategy for each service that you provide to your client. Moreover, your strategy should include the total operating expenses, detailed break-even analysis, and quantify the complete return on investment(ROI).

💻 Charge The Client On Small Items - Small pieces of equipment are often disregarded while quoting companies. There has to be a system developed that can automatically handle quotations for small parts such as cables, screws, bolts, etc.

💻 Find A Unified Management Platform - Consolidating all your tools in a unified management platform will reduce your clutter. A centralized system that can handle service plans, service levels, remote monitoring, billing, invoicing, data backups, support, and ticketing in one space is better than opting for multiple tools.

💻 Institutionalize Repeatable Processes - To become consistent with your services, you must define every repeatable process. Include visuals, flowcharts, and diagrams to streamline these processes for your entire client base. When you hire new employees, this establishes a professional work culture that will help in their training.

💻 Promote Self-Service - Realize that you do not have to handle everything yourself. Technicians will encounter problems on a regular basis. A poor strategy involves micromanaging everything yourself. If customers are able to solve problems by themselves then you shouldn’t have to. Empower your customers by giving them the resources to handle their own technical difficulties.

Read the full blog, and find 5 more practices below!

If MSPs fail to deliver desired results, they are harming their own effectiveness & also their customer’s productivity. To ensure smooth operation, here are 10 steps that will help you better manage your MSP.

06/01/2021

Looking for actionable insights on how to grow your MSP business? Learn how to stand out from the competition. NARMADA will be joining the Empower line up this year! Register here https://empower-reg.n-able.com/event?utm_medium=partner&utm_source=general&utm_campaign=multi-glbl-en-me-empower_vendor_social_posts-2021-05-27

05/28/2021

Streamline your vCIO, audit and compliance reviews into single, easy to use platform

05/11/2021

What Is NIST800-171/CMMC Framework? NIST800-171 is a standard required by the federal government for any contractor or sub-contractor that handles and processes Controlled Unclassified Information…

02/14/2020

New Post: Budget & Roadmap

Search Narmada Search Budget & Roadmap This section gives you visibility into the client’s estimated budget. This budget and roadmap is automatically generated based on all IT Assets with Renewal Date and Renewal Cost and/or any Estimated projects associated with a QBR control you can add addition...

02/14/2020

New Post: QBR Calendar

Search Narmada Search QBR Calendar QBR Calendar lets you keep track of past and future QBR meetings so you don’t over-schedule. List View – see all past and future meetings in a list view where you can also attach PDF copy of the QBR report and save meeting notes Calendar View – see all past ....

01/08/2020

Due to recent ransomware attacks leveraging MSPs as attack vectors, the credibility of MSPs is at stake. MSPs may be required to show certifications or security audit reports to prove their capability in ensuring security to their customers. Moreover, proof of proper cyber insurance may be required.

From a technical standpoint and with the cyberattack threats not going away anytime soon, MSPs are advised not to waste any more time and stop ignoring the need for advanced security.

Whenever a cyberattack is concerned, it is possible that your client may take legal action against you. This is usually due to lost revenue and negatively affected operations. Don’t hope that a great relationship with your client alone will prevent this.

So what are these possible legal issues?

Headlines are seemingly filled with stories of security breaches, specifically cybercriminals targeting SMB customers. Just recently, a ransomware attack was reported in an MSP based in Colorado, specifically catering to Dental Offices. KrebsOnSecurity has learned that over 100 dentistry practices w...

01/08/2020

Legal Risks of Poor MSP Practices

Headlines are seemingly filled with stories of security breaches, specifically cybercriminals targeting SMB customers. Just recently, a ransomware attack was reported in an MSP based in Colorado, specifically catering to Dental Offices. KrebsOnSecurity has learned that over 100 dentistry practices w...

10/21/2019

5 Security issues to look out for

The security of your systems and technology is a constant battle, and one you will likely never completely win. There are significant steps you can take to secure your systems, but having knowledge about your systems is one of the most effective tools. If you know how your systems can be breached, y...