Cyber-attacks are rapidly increasing, and cybercriminals target everyone with sensitive information for data theft or a more focused attack. Managed Service Providers (MSPs) are responsible for a large amount of critical data for several enterprises. As a result, addressing MSP cybersecurity is essential.
The National Security Administration (NSA), in collaboration with a coalition of international cybersecurity authorities, has recently published an advisory warning Managed Service Providers (MSPs) of a growing threat of attack from both state-sponsored threat actors and everyday cybercriminals.
According to NTT’s 2021 Global Managed Services Report, roughly 38% of businesses now use a third party to manage and control more than half of their IT requirements. In fact, according to Statista’s “Managed Services Market Size Forecast Worldwide 2020-2026,” revenues in this industry are predicted to reach USD274 billion by 2026. MSPs are becoming increasingly popular, making them prime targets for hackers. Using their reach and attacking their enormous consumer base is like striking gold for cybercriminals.
This dynamic necessitates MSPs to re-evaluate their protection technologies and methods and those they provide to their clients to remain secure.
MSPs Should Reassess Cybersecurity in 2022
Because of the nature of their work, MSPs are an appealing target for hackers. An attacker can obtain the “keys to the kingdom” by targeting an MSP and quickly work their way down the supply chain to compromise its customers.
As a result, MSPs must re-evaluate their cybersecurity defenses to safeguard themselves from attack. Basic cybersecurity hygiene, such as patching, encryption, and backups, should be included in the plan. Identifying weak access points and Multi-Factor Authentication (MFA) should also be included.
When evaluating new technology service partners or vendors, they should ask detailed questions about the cybersecurity measures in place and what the company is investing in to avoid attacks, mitigate vulnerabilities, and base their purchasing decisions on this information.
Finally, MSPs should test these safeguards regularly to ensure that they are effective. This includes constantly monitoring systems for signs of malicious activity and working with penetration testers to uncover further weak points in the environment that attackers could exploit. MSP may then ensure that no new holes in their protective armor have appeared.
Enhanced Offerings for Clients
MSPs should explore how they can improve the services they offer their clients around cybersecurity and re-evaluate their cybersecurity plans.
Working hand in hand with customers to design a strategy to improve cyber-protection and install the essential technologies and services, an MSP can play a vital role in bolstering security. These new efforts may also open up new revenue streams for MSPs, which is an added advantage on top of the fundamental goal of making consumers safer and happier.
While 2021 was a banner year for threats in every way, all signs indicate that the trend will only continue in the following years.
MSPs are critical in assisting their clients in defending themselves against these growing threats. MSPs can help companies re-evaluate their cybersecurity measures by directing them to the latest services and technologies. They can also ensure that they are making the necessary efforts to secure their systems, which is especially important given that MSPs continue to be a target for hackers due to the nature of their business. MSPs are ensuring that they are reinforcing their value proposition as a trusted advisor by taking on both of these roles and potentially setting up future business growth with new, attractive revenue streams that can fuel future business growth for the years to come.