Chris Swagler | November 27th, 2022

The risks MSPs confront are not always obvious. Even though numerous IT business owners understand the repercussions of losing clients, other potential threats are less obvious. Determining who has ultimate responsibility when clients are victims of ransomware attacks or other cybersecurity incidents can be difficult. There are complex factors and assigning responsibility for failures can become similarly complicated. Is the targeted vulnerability the MSPs’ responsibility or because of clients’ carelessness? IT service providers must understand best practices for reducing their collective risks to effectively protect their businesses, customers, and employees’ livelihoods.

Cybersecurity duties need to be regularly communicated to the appropriate parties, with periodic testing of each safety protocol to reduce the likelihood of breaches, ransomware attacks, or other data-related incidents. A proactive management approach is critical for every technological process or theory. MSPs need to continuously examine their collective security environment and implement new measures to limit liability in the event something catastrophic happens to their systems or clients. Things that work well today can become vulnerabilities tomorrow.

Risk is a part of life, whether in opening a business or walking down the street. Almost every action involves some level of uncertainty and individuals spend time and effort dealing with the unknowns. Cybersecurity is a prime example of the concept. When cybercriminals compromise companies’ IT networks or data collection and containment systems, someone is certain to point fingers in blame. There’ll never be impenetrable security perimeters and the responsibility for the lapses frequently rests on people other than those who made the errors. Numerous business leaders believe that cybersecurity is infallible.

Even though employees violate companies’ security policies or disregard simple logic, some will blame their MSPs (or internal teams) for not doing enough to limit or not totally prevent any subsequent damage. MSPs understand the complexities and scope of the attacks may not work with the challenges of defending their networks, computers, and employees, particularly personnel who disregard rules, take shortcuts, or deliberately sabotage their systems. All players need to be liable for any failure and employees need to pay more attention and follow best practices. Company executives need to invest more in cybersecurity measures and training and enforce workplace policies. However, everyone expects MSPs to be flawless, regardless of how much their hands are restricted by clients’ decisions and financial constraints, and frequently get the brunt of the criticism. Companies’ priority needs to be reducing their liabilities. When attacks occur, MSPs need to limit their exposure to the processes and technologies under their control. Proper precautions and insurance coverage are critical components of the equation.

Concerns about cybersecurity are growing and there’s no room for error: not from employees, business owners and managers, or the IT teams supporting their technology systems. MSPs need to be more attentive to reducing their own liabilities. Even though no IT service company can eliminate all risks, team members need to the following steps to reduce companies’ exposure:

In today’s digital world, risk management is an essential part of conducting business. MSPs and their clients are working hard every day to limit their legal and financial liabilities. Following cybersecurity best practices and meeting regulatory and industry requirements are critical first steps. Even the best strategies can fail in today’s high-threat environment, as cybercriminals are always searching for opportunities, often human errors, to launch attacks.

To mitigate the financial consequences of business compromises, companies should utilize a cybersecurity company like SpearTip that can assist MSPs in protecting their clients from costly ransomware attacks. MSPs can’t be expected to plug all potential gaps or predict when clients’ employees will click ransomware-launching links. Knowing that companies have a cybersecurity company that can defend MSPs and supports these situations can alleviate the burdens for themselves and their clients. Partnering with SpearTip allows MSPs to gain our expertise in conducting security assessments that go beyond simple compliance checks and ensure valuable insurance coverage.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.