As more companies across all industries move their operations online, cybercriminals are following suit. According to a Global Risks Report, cybercrime is the second most-concerning risk for global commerce. Companies with insufficient cybersecurity measures are at risk of losing revenue, data, and their reputations as cybercriminals have become more sophisticated with their attack methods. The importance and the risk of managed services providers (MSPs) tasked with managing cybersecurity efforts for their customers have never been greater. Fortunately, there are effective and economical solutions to counter these tangible problems.
Why Does Cybersecurity Matter?
Cybersecurity is of primary importance for companies this year with cybercrimes growing in prevalence and sophistication. According to the Global Risks Report, a data breach can cost businesses an average of $3.86 million, which will seriously impact most businesses. The COVID-19 pandemic caused operational disruptions for many companies across various industries forcing them to shift to remote work models. 76% of respondents whose companies depend on primarily remote workers believe that this shift will increase the time to identify and contain a data breach. Additionally, 70% of respondents believe that working remotely will increase overall data breach costs. Modern solutions like SpearTip’s ShadowSpear Platform offer MSPs and their clients extraordinary protection with remote monitoring of all network-connected endpoints whether operating on the cloud or in the office.
Cybersecurity is a priority for all modern companies as new, unique vulnerabilities appear and opportunistic threat operators look to exploit any advantage. 25% of data breaches were caused by system glitches, 23% by human error, and 52% due to malicious attacks. Simple training modules that teach employees how to identify spear-phishing campaigns can go a long way in reducing potential breaches and thereby increasing worker and organizational productivity. In order to implement the best and most effective solutions, it’s first important to identify and understand the most common techniques threat actors deploy against businesses:
- Malware – Malware performs malicious activities on target devices or networks, corrupting data or taking control of the system.
- Phishing – This email-based social engineering attack involves tricking email recipients into disclosing sensitive information or downloading malware.
- Man-in-the-Middle – Threat operators intercept messages between the sender and recipient and modify the messages in transit.
- Trojans – The attacks involve malware disguised as trusted software, which then enters the target system and launches a malicious code once inside.
- Ransomware – Ransomware encrypts data on a target system—sometimes exfiltrating the data as well—and demands a ransom in exchange for returned data access.
- Denial of Service (DoS) or Distributed Denial of Service (DDoS) – This cyber threat involves threat operators controlling numerous devices and using them to invoke the functions of the target systems.
Why Internal MSP Cybersecurity Is Important?
Implementing effective internal cybersecurity measures can greatly benefit an MSP and its customers’ operations; the opposite is also the case. Cybercriminals increasingly target MSPs as they realize that gaining access to a service provider’s systems means gaining access to all their customers’ systems. By exploiting a very weak password used for multiple systems, cybercriminals can successfully breach into their systems gaining access to customers’ credentials making it easy for threat operators to launch cyberattacks against their customer base. Solutions such as requiring multi-factor authentication (MFA) when utilizing third-party applications and implementing complex passwords and frequently updating them will add meaningful layers of security for all parties. Overlooking these small enhancements to internal security can leave the backdoor open for threat operators and compromise the customers’ security. It’s important for MSPs to encourage and educate clients to utilize stronger cybersecurity measures, ensuring they provide the foundation necessary to protect customer data and reduce company downtime.
Why Should MSPs Invest in Internal Security?
MSPs are valuable targets of cybercriminals because companies have access to a wealth of customer data. The Department of Homeland Security (DHS) issued an official statement of warning in 2021 about cyberattacks on MSPs as they continue to grow. Here are three areas that an MSP must safeguard in the mission to secure their partner companies.
- Reputation – An MSP’s security is intertwined with the customers’ security. If an MSP is breached, the customer is likely to experience a breach. This will inadvertently damage the MSPs’ reputation due to lacking an effective security strategy. Companies communicate with each other, and referrals are often generated through word-of-mouth. If an MSP’s security services fail to protect their customers, word can get out quickly, and rebuilding a strong reputation will be a slow and painful process.
- Cost – Data Breaches can cost a lot of money. System restoration and data recovery are time-consuming and resource-intensive. Additionally, affected customers working in a regulated industry can lose money depending on the extent of the breach and face fines for non-compliance.
- Lost Customers – Data breaches can affect MSPs and their customers, which can result in losing their business entirely. Customers can replace one MSP’s services with a competitor if customers lose faith in one’s ability to protect their time, money, and data. Additionally, security breaches can cause MSPs to not only lose their current customers, but future customers who would have otherwise been referred to them.
As cybercrimes continue to evolve, cybersecurity requires dedicated focus. Investing in cybersecurity is the best solution for MSPs to protect themselves and their customers as cybercriminals are continuously developing new ways to undermine the newest cybersecurity technology. That’s why it’s important for MSPs and their customers to remain on top of the current threat landscape and invest in a strong cybersecurity firm that allows MSPs to protect their networks and their customers’ business-critical data. At SpearTip, our team will seamlessly integrate with the MSP team and their existing ticketing systems and workflow. We partner closely with their internal team to ensure their clients are always defended against the latest cyber threats. ShadowSpear, our endpoint detection and response platform, is a flexible toolset that will integrate into any existing IT technology investments allowing MSPs to monitor and respond across their client base regardless of what infrastructure is implemented. SpearTip’s comprehensive approach to cybersecurity is the one solution that allows MSPs and their partners to focus on running their businesses knowing that their cyber maturity is at its strongest.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.
