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Why Are My MSPs Rates Going Up?

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If you own a small business, you’ve probably figured out that having a Managed IT Services Provider (MSP) on your team is no longer optional. Having an MSP on board to take IT concerns off your plate has always been a good idea, but with massive increases in ransomware and other malware that could threaten the very existence of your business, you just can’t go it alone.

And as if the year 2020 weren’t already enough of a challenge, you might have received notice that the cost for your MSPs services is going up.

No one likes a rate increase for anything, ever, but understand that the landscape for MSPs has changed significantly in recent months. There are most likely some very legitimate reasons for the increase, including these:

  • The pandemic and work-from-home (WFH) environment have created a near-perfect storm for cyber criminals. Just as companies have had to scramble to conduct business remotely, MSPs have had to adapt to meet these new threats.
  • Cyber criminals in general have become increasingly sophisticated. That requires a more sophisticated toolkit to combat them effectively.
  • There’s more to those new tools than simply the cost of acquisition. Additional time is required for management and monitoring.
  • As noted in this recent post, MSPs are increasingly the targets of hackers. One of the results of that situation is that the cost of being adequately insured has risen substantially.

It’s been a difficult year in nearly every business, and no one wants to be on the receiving end of increased costs. Understand that your MSP doesn’t want to be on the giving end, either. For all those reasons above, their cost of doing business has gone up.

Questions about securing your business against cyber threats? Contact Hill Tech Solutions.

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