As a Managed Service Provider (MSP), you live with a sense of dread that one day, you’ll receive the call that a client has been breached. Or worse, that you were the entry point that allowed a devastating ransomware attack to cascade and cripple their business.
Recent statistics confirm these fears are well founded:
93% of MSPs suffered a cyberattack in the past year alone
45% were targeted by ransomware looking to turn networks into cash
62% had clients pay ransoms to recover encrypted data
28% ultimately lost clients after attacks spread from the MSP’s environment
This article will overview the top threats jeopardizing MSPs and actions you can take to implement robust cybersecurity protection.
Of all the cyber risks facing your business, ransomware represents the most clear and present danger with potentially catastrophic consequences.
High-profile attacks like the Kaseya and ConnectWise breaches showcase how a single MSP compromise gives attackers access to hundreds of downstream customers to target. Just imagine the knot in your stomach as you get flooded with calls from panicked clients whose systems have been encrypted and operations halted – all because of a vulnerability in your network.
Other real-world examples further demonstrate how MSPs have become prime ransomware targets:
The fallout from such attacks often includes:
Massive financial costs for breach response and recovery – Loss of customer trust, retention and future deals. Lawsuits, fines, and other regulatory liabilities. Months of disruption responding versus operating your business. MSPs underestimate their ransomware exposure at their peril. But you have the power to implement robust defences to match this threat.
The MSP business model relies on granting employees and subcontractors extensive access to client systems to provide offsite management and support.
But the same insider access privileges also introduce major risks, with potential impacts including:
Theft or exposure of sensitive customer data and intellectual property
Fraud or compromise of client systems and accounts
Sabotage of networks or resources after an insider’s exit
Unintentional insider errors that cause major outages or loss
Real-world examples underscore the damage of insider threats:
As an MSP, you rely on a complex web of vendor relationships with RMM, PSA, and other SaaS platforms that enable delivering managed services.
While essential, these suppliers also introduce third-party cyber risk if not vetted and monitored adequately. SolarWinds served as a wake-up call of how one vendor’s weakness can devastate MSPs and clients. Additional supply chain threat examples include:
Here is an expanded outline of best practices to avoid common MSP threats, with CyberAngels positioned as the integrated solution
To protect against these threats, MSPs need layered defenses including:
Tying these pieces together is challenging with disjointed tools. CyberAngels delivers integrated protection via one SaaS platform including:
Converging key capabilities streamlines management while eliminating gaps between siloed products. MSPs can finally attain robust cyber protection through the power of an integrated platform purpose-built to secure your unique environment.
Let me know if you would like me to expand or refine this best practices/solution outline in any way. I can provide more details on the capabilities and tie-ins to mitigate the top threats.
While threats evolve, MSPs can implement layered protections to safeguard their business and client assets, including:
Book a Free Consultation with Our Cybersecurity Experts.
Take control of your cyber risks today. Contact us to discuss managed security tailored to protect every aspect of your business and deliver true cyber peace of mind. Our team of veteran experts can assess your risk exposure and build a security roadmap designed specifically around your needs.
Discover areas requiring urgent improvement and steps you can take to fill gaps cost-effectively while demonstrating security leadership to clients. Lock down your business and supply chain with proactive cyber defences – book your free consultation today before threats strike.
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