MSPs and VARs can counter revenue challenges by boosting in-house and customer efficiencies with solutions like password management, according to LastPass.
For instance, by centralising control and enabling insights through visibility of the user environment.
After all, a single human error can disrupt business operations. LastPass figures suggest 68% of breaches involve a non-malicious human element.
Furthermore, perhaps 78% of individuals reuse the same password, according to the vendor.
“The continuing war against bad actors gives MSPs broader revenue opportunities,” LastPass said.
“With threat actors bypassing traditional endpoint threat detection and response, an identity-first security strategy that prioritises zero-trust access is critical.”
Password management to solve revenue puzzles?
LastPass said MSPs aren’t growing revenues as fast as pre-Covid. It based its view partly on figures from a ConnectWise Service Leadership Index.
That found that while MSP profitability is high, managed services revenue slowed in Q4 2024. VARs also struggled, with declines seen as part of a three-year pattern.
Commenting on the index, Peter Kujawa, an IT Nation executive, said: “Managed service revenue growth [was] at only 1% for Q4 2024, the lowest of the year.”
The index collects quarterly data from IT service provider partners in North America, Australasia and Europe, Kujawa said.
Centralising enterprise password management might not sound like a way to boost revenues.
However, it’s a key example of modern approaches that help streamline essential tasks – in this case identifying, mitigating, and preventing credential-based vulnerabilities.
As a result, organisations can free up resource for growth.
For example, secure password generation and storage can save time on recovery and reset tasks. At the same time, risk of attack can be reduced, LastPass noted.
“Rising identity sprawl is expanding threat surfaces today.”
