The break/fix model for IT services is losing popularity. New, innovative IT solutions have revolutionized businesses and their technology needs. And these new technologies have contemporary cybersecurity requirements.
The current trend in IT solutions shows that small and midsize businesses (SMBs) have transformed the way they manage their IT services, moving toward more comprehensive IT support. Working with a Managed Service Provider (MSP) is an increasingly popular option that shows no sign of slowing down.
The market growth for managed IT services reveals growing investments globally, ranging from $104 billion in 2014 to $193 billion in 2019. The global market is expected to hit $320 billion by 2024. Businesses are opting for an MSP model for their cybersecurity because they want to ensure their systems are protected against cyber threats.
Here’s how you know it’s time to replace your break/fix approach to IT with Managed IT Services.
What Does Break/Fix IT Service Do?
The break/fix approach used to be a favorite of SMBs because it was generally suited to their limited IT budgets and could solve their technology-caused problems in the past. Used on a pay-per-job basis, the break/fix method employs a reactive approach to IT maintenance and infrastructure security.
However, the break/fix method provides false security, and it often ends up being the most expensive option despite its initial lower costs. As it only addresses localized and isolated IT issues, the IT services it provides fail to deliver when it comes to the big picture. As a result, IT problems can continue to develop in the background because this method doesn’t include proactive monitoring or protection.
The break/fix method also encourages businesses to fix their cybersecurity vulnerabilities only AFTER a cyberattack. The average cost of a data breach, according to IBM Security reporting, has grown by a whopping 12% between 2014 and 2019. When you consider the increasing cost of a data breach that can come as a result of inefficient security strategy, it leaves no doubt that the break/fix method is likely to incur significantly high expenses because of its insufficient security strategy.
But the possibility of a data breach is only one of the costly consequences of the break/fix approach for IT services. Because the company only calls for IT support when things break, the lack of secure behaviors and protocols increases the risk of downtime, which can affect not only a company’s productivity, but also its reputation.
Additionally, because the approach doesn’t focus on in-depth analysis and preventive research, further breaches are a constant threat after an initial breach has been fixed. Just such a situation occurred in the latest data breaches experienced by LabCorp. In July 2019, a data breach resulted in the theft of 7.7 million records. Despite the security upgrades performed as part of the break/fix method, LabCorp experienced another data breach in January 2020. Without dedicated monitoring and preventive strategy, companies can’t protect their data.
The Rise of Managed IT Services
Nowadays, companies have changed their approach to IT. With 89% of companies expecting to grow their IT budget or at least maintain it, the pay-for-what-you-need attitude of the break/fix method is dying out as security takes priority over cost efficiency. Or rather, a more comprehensive approach to security is becoming the most cost effective option as data breaches and other destructive problems increase for companies without proper security.
Businesses prefer Managed IT Services from an MSP who can provide comprehensive protection and support for their technology. Managed IT Services function on a monthly fee basis that lets you scale out your IT investment and establish a reliable budget strategy.
MSPs provide a proactive approach to cybersecurity with 24/7 monitoring that not only detects threats as they appear, but also stops them before they can affect the IT infrastructure. MSPs provide ongoing risk assessment and patching before things get a chance to break. They can also help with data backup and recovery, risk assessments, and IT consulting. Perhaps most important of all, they can help your business create a personalized IT security plan.
While using a company with a break/fix model can incur unexpected hourly repair expenses, hiring an MSP is a constant investment in the quality of your IT networks and solutions. The comprehensive security approach that an MSP provides can give you peace of mind as you rely on your system for all your business operations, thanks to advanced diagnostic tools and monitoring strategies.
Additionally, the investment lets you plan for future growth by helping you to scale up your infrastructure and IT support accordingly and responsibly.
Retiring the Break/Fix Approach
When it comes to maintaining security standards, break/fix is no longer sufficient for companies. The legacy IT model fails to support contemporary security needs, making your infrastructure vulnerable. Additionally, its lack of alignment with and personalization for specific business objectives affects long-term cooperation and partnership.
As a result, 75% of SMBs (small and medium-sized businesses) are already outsourcing some of their IT needs to a Managed Service Provider who can help them grow and tackle cybersecurity issues.
Protecting your business data and maintaining your reputation begins with professional IT services that look after your infrastructure.