Smaller Managed Service Providers (MSPs) play a crucial role in managing and securing the IT infrastructure of various businesses. But this responsibility also makes them prime targets for cybercriminals.
The increasing sophistication and frequency of cyberattacks require MSPs to adopt robust security measures to protect not only their own systems but also the sensitive data and networks of their clients. As you grow and expand your services, you also need to evolve your cybersecurity strategies to stay ahead of emerging threats. This includes proactively addressing common cybersecurity challenges for MSPs and ensuring a strong defense against potential breaches.
Why Are MSPs a Target?
According to 2022 research from N-able, MSPs are becoming more frequent targets than their clients. Nearly all of the 500 MSPs interviewed reported experiencing a successful cyberattack in the preceding 18 months, alongside a notable increase in attacks on their clients.
The reason behind this is unsurprising: the broad access MSPs have makes them lucrative targets for cybercriminals. The ability to breach an MSP can provide cybercriminals with a gateway to multiple organizations, amplifying the potential damage. Why waste time and effort compromising the credentials of several businesses separately, when you could launch convincing phishing campaigns en masse using the gatekeepers?
Essentially, providers can unwittingly become intermediaries or “patsies” in these schemes. In order to avoid this fate, improving MSP cybersecurity posture has to become a top priority.
Common Cybersecurity Issues for MSPs
Generally, cybercriminals aren’t all that inventive. They use the exact same methods to target you as they will for your clients, things like:
- Business Email Compromise (BEC): Where attackers spoof email addresses or impersonate trusted contacts to deceive employees into transferring funds or divulging sensitive information. This type of attack can lead to significant financial losses and data breaches, and it could appear to come from any of your clients or vendors.
- Distributed Denial of Service (DDoS) Attacks: DDoS attacks overwhelm a network with traffic, rendering services unavailable. For MSPs, this disruption can inflict significant damage on your reputation and client relationships, as downtime directly impacts business operations.
- Ransomware: Ransomware attacks involve malicious software encrypting an organization’s data, with attackers demanding a ransom for decryption. MSPs are particularly vulnerable as they manage large volumes of critical data across multiple clients, making them prime targets for these devastating attacks.
Although most don’t pay the demand, ransomware can still cost MSPs. Depending on the extent of the attack, the price of investigating and informing clients of the incident can add up.
- Website Vulnerabilities (e.g., SQL Injections): Websites and online services are often targeted through vulnerabilities like SQL injections, where attackers manipulate queries to access or alter data. It’s a gateway for unauthorized actors to access sensitive information, posing a significant threat to your operations.
- Malware: Malware encompasses various malicious software, including viruses, worms, and spyware. These can compromise system integrity, steal data, or disrupt operations.
MSPs must be vigilant in protecting their systems (and those of their clients) from these pervasive threats. As their prevalence continues to rise, it might be time for many to consider outsourcing cybersecurity to a Managed Security Services Provider, or an MSSP. You can find out more about the difference between an MSP and an MSSP here.
Overcoming the Issues: Five Top Tips for Improving MSP Cybersecurity Posture
- Enhance Your Overall Security Posture
However robust you believe they are, your defenses can always be bettered.
- Regularly update and patch systems to protect against known vulnerabilities.
- Implement strong access controls and multi-factor authentication (MFA) to safeguard sensitive data.
- Ensure regular backups of data to enable prompt recovery.
Yes, it’s basic, but this foundational step is critical for improving MSP cybersecurity posture. And apparently, it’s still much-needed: only 40% of MSPs have two-factor authentication in place in-house, and the same amount backup their workstations more frequently than once every 48 hours.
- Conduct Regular Training and Awareness Programs
Educate your staff and clients about the latest phishing tactics, social engineering techniques, and safe browsing practices. You’re in charge of keeping your clients safe from these dangers; it’s essential that you understand how to spot and mitigate them.
Just like for any SMB, staying informed about the latest threats and maintaining a culture of vigilance are essential to addressing common cybersecurity challenges for MSPs.
- Utilize Advanced Threat Detection and Response Solutions
Implementing advanced security tools like endpoint detection and response (EDR) systems can help detect and mitigate threats in real-time. These solutions are a cornerstone of MSSP services for threat mitigation, offering an additional layer of defense to help you stay ahead of dangers and out of harm’s way.
- Consider Outsourcing Cybersecurity to an MSSP
Partnering with an MSSP can significantly enhance your security capabilities. MSSPs offer specialized knowledge and tools to manage and monitor your cybersecurity landscape, relieving your in-house team of the burden. By outsourcing cybersecurity to an MSSP, you can leverage their expertise to protect both your MSP and your clients’ assets.
- Practice What You Preach
As an MSP, it’s vital to adhere to the same security standards you recommend to your clients. Implement strong security protocols within your own organization, conduct regular audits, and continuously assess your systems’ vulnerabilities. This not only sets a positive example but also ensures you’re well-protected against potential breaches, ensuring your clients’ trust in you remains well-placed.
You’re Not Exempt from Cyber Threats—So Don’t Take Your Eye off the Ball
In the ever-evolving world of cybersecurity, your smaller MSP faces the same difficulties in safeguarding your operations as your clients, their clients, and their clients’ clients. From BEC and ransomware to DDoS attacks and website vulnerabilities, the threats are diverse and unrelenting. However, by improving your MSP cybersecurity posture through proactive measures and investing in MSSP services for threat mitigation, you can effectively protect yourself and everyone who relies on you.
By embracing a comprehensive security strategy that includes regular training, the latest detection technologies, and potentially outsourcing cybersecurity to an MSSP, can alleviate many of the burdens associated with these challenges. Ultimately, the goal is to build a resilient cybersecurity framework that not only mitigates risks but also instills confidence among your clients.
CP Cyber: Trusted White-Label Cybersecurity Solutions for MSPs
Here at CP Cyber, we’re trusted cybersecurity experts with a strong track record of delivering compliance-aligned security solutions to Denver businesses of all sizes—including MSPs.
Calling on over 40 years of experience, we provide cybersecurity consultancy, implementation, and management that exceeds expectations and surpasses industry standards. Don’t just take it from us—see what our customers have to say.
Ready to take the next step in improving your MSP’s cybersecurity posture? Book a time to talk to us about what our accessible, enterprise-class managed cybersecurity services could do for you.