Phone Number +1-202-802-9399 (US)
The Lockdown

Thycotic’s Cyber Security Blog

MSPs: How do you get customers to pay for Privileged Account Management?

Written by Jordan True

February 23rd, 2018

According to the Verizon 2017 data breach report, privilege misuse is the 2nd most cause of incidents. As a managed service provider there are two separate, but just as serious, points to consider.

1.You are using and storing privileged account credentials for your customer’s networks so your technicians can perform their jobs quickly

2.Your customers are expecting that you are keeping those keys to their network highly secure

Unfortunately, the need for agile access to resolve customer network issues means your technicians need ready access vs security, not just slowing down this process but also adding an overhead. This means a large portion of the industry is storing customer credentials in such an insecure way that they open themselves to an easy breach.

Add to this all the service accounts that could be used to breach your customer’s network which on one hand they expect are managed, but on the other, have not budgeted to pay for.

In short, you must provide a commercial privileged account management (PAM) solution keep your business and your customers secure.

So this begs the question: how do I get my customers to pay for this critical service?

There are 2 factors to monetizing this service that work, and you need to leverage a combination of both.

Firstly, show your customers value they can actually see. You do this by using a professional PAM solution. Many industries require specific compliance to be met and most include the auditing and security of privileged accounts. Generating scheduled reports to send to your clients can help them achieve compliance which is valuable to them, and receiving a regular report shows direct value as to why they are paying you for the service.

Secondly, protect your existing business. If your customers get breached because you have not secured their credentials this means lost customers and potential lawsuits. Not just from the customer who was breached—word of mouth advertising is one of the most effective ways MSPs get clients. If one of your customers is breached be sure they will tell your other clients!

From these two points, look at your preferred service offering and add this to a security bundle. By setting security standards that you require your customer to pay for (Patching, Privilege Account Management, Firewalls, Anti-virus, Backups, etc.) you show expertise in securing your customer’s network. Your customers are not paying you for specific software or jobs, they pay you for the IT security result. By including PAM with other security products you sell a security service that protects your customer.

Going forward you can demonstrate to your customers how many of your competitors do not do this. You may save a bargain-hunting customer from changing providers by suggesting that the alternative is putting their admin account details in Notepad!

Customers expect they will not be breached. PAM is a key part of a security service your customers need to ensure their network integrity. Protect their business from privilege incidents while establishing your business as a high-value security service provider customers can trust.

FREE Privileged Account Management for Dummies book

FREE Privileged Account Management for Dummies book

Get smart about Privileged Account password security with this quick read

Kris Hanson

Kris Hansen

Kris Hansen is an MSP Sales Director who works with Managed Services Providers to add value to their customers’ security offering and grow their businesses. Kris believes providing your customers with the best security service at an affordable price is the best way to grow your business and protect your customers’ networks from harm. Kris has supported hundreds of MSPs across Australia, North America, Asia and Europe for over a decade, increasing their local market share through superior technology.Kris uses his roots in technical support and sales engineering to provide solutions that work. He received an award as one of the 2016 CRN Channel Champions in Asia/Pacific for his work in the Channel.


Like this post?

Get our top blog posts delivered to your inbox once a month.