How to Profit From Compliance

How to Profit From Compliance: Resell Password Management Software

If you’re an MSP who works in an industry that’s subject to compliance, you’re probably feeling a bit overwhelmed as deadlines approach and the guidelines, particularly in the areas of user authentication and password security, are getting tougher and more strictly enforced.

I get calls all the time from service providers who are struggling to ensure their clients are compliant before an upcoming deadline, but aren’t sure where to even begin. Compliance rules have advanced rapidly (including HIPAA, CJIS, PCI, and more). Businesses and organizations don’t have the knowledge or technology to keep up. They’ll hire an MSP to handle all of their password security but won’t update their password or network protocols, and have no idea of the type of security software they need. So the MSP is left to clean up the mess and make sure their client doesn’t get penalized for noncompliance—with their job on the line.

The Opportunity to Profit on Compliance

When I get these types of calls, I tell the MSP not to see compliance guidelines as a source of stress, but as a source of revenue. And to see themselves not as burdened MSPs, but as highly sought-after password and compliance experts ready to cash in on the huge market that is identity and access management (aka password and authentication management), a market that’s poised to be worth $10.39 billion by 2018.

Like any other business, password management services relies on supply and demand. The demand comes from businesses and organizations that need help with password security. Maybe they need to be HIPAA compliant by the upcoming deadline. Maybe they’re a small retail business with zero security, looking to protect their clients and meet PCI compliance guidelines. Maybe they’re a law enforcement agency afraid of losing their access to CJIS if they don’t get their act together. Again, the demand is huge and growing at a rapid pace. Businesses and organizations are looking for someone—a password management expert—to come in and fix their password problems.

How to Provide Password Management Services

To be an expert in password management—to supply your clients with what they need-- you don’t need to have an encyclopedic knowledge of encryption or a software engineering degree. You need to have what these businesses are looking for: a password management solution.

  • A password management solution that’s smart, user-friendly.
  • A password management solution that’s easily adapted to suit their unique needs.
  • A password management solution that they’ll have no question investing in.

By offering an advanced password management solution that addresses the authentication needs of today’s technology (cloud application security, single sign-on, centralized password management, etc.) and compliance standards (multi-factor authentication, audit log management, detailed time and date stamps)  and being able to resell this password management solution, you can ensure that the trend towards stricter technical compliance standards directly benefits your business and your bottom line.

Originally, you were just trying to help your client become HIPAA/CJIS/PCI compliant. But now you have the tools and knowledge to go to other businesses and organizations that are looking to become compliant and offer a solution that addresses their compliance needs. This is what will open new markets to you, and set you apart as a compliance and password security “rock star.”

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