MSPs are well aware of the danger to their customers’ data brought on by ransomware and other cyberattacks. Data protection is often a key component of any SLA because the consequences of failure can be very expensive. How expensive? Insurance Business Magazine says the average cost of ransomware attacks rose an incredible 104 percent year over year in Q4 2019, to $84,116. Today’s cybercriminals are shifting their focus from companies and individuals to MSPs. And it’s gotten so bad that the United States Secret Service recently released an alert warning that MSPs are now a primary cyberattack target. This shift is happening for good—though malicious—reasons. Why target one network or device when you can target many? MSPs are the perfect entry point for accessing lots of networks, where the potential rewards can be much, much greater.
According to Security Magazine cybercriminals are attacking MSP products and services, with a focus on remote monitoring and management (RMM) tools and cybersecurity dashboards. The attacks range from brute force, entry through software vulnerabilities on unpatched servers, and even ransomware and social engineering ploys. Once they have access the cybercriminals try to gather as many admin credentials as they can.
MSPs in the Crosshairs
Secret Service Shares Cybersecurity Best Practices
If you’re responsible for your MSPs cybersecurity, you already know that ensuring security requires planning and diligence. As you weigh how to best respond to this rise in attacks, here are some best practices for MSPs that the Secret Service shared in its alert:- Have a well-defined SLA
- Ensure remote administration tools are patched and up to date
- Minimize privileges for access to resources
- Establish well-defined security controls that comply with end-users' regulatory compliance requirements
- Perform annual data audits
- Take into consideration local, state, and federal data compliance standards
- Proactively conduct cyber training and education programs for employees