Cybersecurity skills gap leaves businesses vulnerable, Sophos warns

By Chinenye Anuforo

A new report by Sophos, a leader in cybersecurity solutions, has found that the biggest challenge facing Managed Service Providers (MSPs) is keeping up with the latest cybersecurity threats and technologies.
The report, titled “MSP Perspectives 2024”, surveyed 350 MSPs across the United States, United Kingdom, Germany and Australia. It found that 39% of MSPs cited keeping up with the latest security solutions as their biggest challenge.
The report also found that MSPs are struggling to hire new cybersecurity analysts to keep pace with customer growth and cyber threats. This shortage of cybersecurity skills is seen as the biggest risk to both MSPs and their clients’ businesses.
Stolen access data, unpatched vulnerabilities and ransomware attacks are also seen as major security risks. The report found that nearly a third of ransomware attacks exploit stolen credentials, highlighting the importance of data security.
“The speed of change in cybersecurity makes it difficult for MSPs to stay ahead of threats,” said Scott Barlow, vice president of MSP at Sophos. “When you combine this with a skills shortage, it’s unsurprising that MSPs are struggling to keep pace.”
The report found that there is growing demand for managed detection and response (MDR) services to provide 24/7 security coverage. Currently, 81% of MSPs offer MDR services, and nearly all those that don’t plan to add them in the coming years.
The report also found that MSPs are working with fewer cybersecurity vendors to streamline their operations. Over half of MSPs work with just one or two vendors, and 83% use between one and five.
The findings suggest that MSPs are consolidating their security platforms and seeking MDR providers that can offer comprehensive services and integrate with existing security tools.
“There’s a tremendous opportunity for MSPs to grow their business if they can find the right security setup,” said Barlow. “The data shows that MSPs are looking to reduce costs and expand their service offerings by partnering with MDR vendors.”
The Sophos MSP Perspectives 2024 report is based on a survey of 350 MSPs conducted in March 2024.