Threats to MSPs from Cyberspace and how to fix them.

The managed service provider industry is frequently targeted by hackers. Tens, hundreds, or even thousands of private companies rely on them to handle sensitive information. Knowing this, bad actors will use a variety of attack methods, such as ransomware, social engineering, and distributed denial of service (DDoS) operations, to steal data and launch attacks. This article focuses on the top five managed service providers (MSP).

Cybercriminals will take advantage of any weakness that gives them access to an IT network. If they are unable to directly infiltrate a company, they will locate a backdoor in their supply chain.

This secret entrance is typically a managed services provider for companies in the tech sector (MSPs). Many customers use the services of MSPs, which means that the companies must store vast volumes of data and information. Getting into their network significantly increases your odds of getting into thousands of other companies’ networks.

Managed service providers (MSPs) are frequently relied upon by their customers for a wide range of information technology (IT) services, including safety. The entire MSP customer base might be affected if cybersecurity risks materialise, costing the company money, exposing it to legal trouble, and damaging its brand.

How Managed Service Providers (MSPs) can protect themselves and their clients from cybersecurity threats and digital dangers that organisations face in the year 2023 is outlined below.

1. Increasing Ransomware Threats

 The nature of ransomware always changes. What began as small-scale theft has grown into a huge issue for companies worldwide. Before the advent of cryptocurrency, ransomware criminals had to improvise their own money collecting systems or use gift cards, prepaid debit cards, or even cash payments mailed to random PO boxes. The proportion of risk to payoff prevented ransomware assaults from becoming out of hand.

The rise in value of cryptocurrency has encouraged a rise in ransomware attacks. In particular, this new payment method is appealing to cybercriminals since it enables them to take advantage of the speed and anonymity of crypto-transactions while enforcing ransomware.

This shift has significantly increased difficulty for MSPs, with 73% of businesses naming ransomware as their most significant security risk.

There will be extensive damage to data and the MSP’s reputation before anyone becomes aware of what has transpired.

 Potentially widespread forms of ransomware in the near future include:

• Crypto-malware
• Scareware
•  Lockers
• Doxware/leakware
• RaaS(Ransomware as a service)

2.  Use of Social Engineering Tactics

 The term “social engineering” is used to describe a wide variety of deceptive actions taken through human interaction. Users are routinely tricked through psychological manipulation into violating security protocols and disclosing private information.

The offender initially researches the chosen victim to gather critical background information such as potential points of entry and weak security mechanisms.

The attacker then attempts to acquire the victim’s trust and lures for further acts that break security practices, such as exposing sensitive information or granting access to critical resources.

 Over 94% of all malware is spread via email attachments. Over 80% of all security problems are the result of phishing assaults, in which an email appears to be sent from a reputable company. 60% percent of data breaches occur because of vulnerabilities for which patches are available but not used.

 It’s remarkable how persuasive social engineers can be, and there’s no sign that will change soon.

3. Work from Home Risks 

Work from home opportunities have increased dramatically in recent years. Businesses had to rely heavily on digital services and online communication technologies to stay in touch with employees and customers alike throughout the pandemic.

There are new risks associated with working remotely. According to the CISO Benchmark Report, organisations have been having a hard time keeping up with the proliferation of mobile devices used by remote workers.

35% of telecommuters felt exhausted. 50% of remote workers, especially in the UK, lack motivation. Despite distractions, remote workers worked five hours more per week than office workers. 

Individual devices are utilised to access workspace applications such as Slack, Zoom, and Teams. On the other hand, work gadgets are used to email memes to coworkers, share social media posts, and for other personal purposes. This convergence poses additional remote work dangers, as it enlarges an organization’s risk surface and puts critical data at risk. In fact, the survey finds that 52% of firms consider mobile devices a significant cybersecurity risk.

Consistently putting in extra hours may have a negative impact on an employee’s work quality and increase remote work dangers. In the worst-case situation, they may inadvertently disclose vital information, jeopardising the business’s security.

4.  Threats and Vulnerabilities in the IoT

Cybersecurity services, recently reported that, in the first half of 2021, the number of cyberattacks targeting IoT devices more than doubled compared to the same period the previous year.

Some of the most obvious examples of dangers to and weaknesses in the IoT are:

•  Weak password protection

Hackers love hard-coded, guessable passwords. The 2016 Mirai malware used a table of 61 hard-coded default usernames and passwords to log in and infect many IoT devices. Since then, Mozi has attacked IoT devices globally.

• Infrequent patches/updates or inadequate update mechanisms

Not all manufacturers update embedded software/firmware security. Without regular security updates, IoT devices become hackable.

• Insecure interfaces  

Poor device authentication, permission, and encryption can make IoT device interfaces vulnerable. Bad actors can connect to the exposed interface without device authentication and digital certificates.

•  Insufficient data protection

Securing data storage and networks is crucial. If data is stolen or accessed, data encryption can help. Basic cryptography can protect users from eavesdropping and “man-in-the-middle” attacks.

How Can MSPs Safeguard Their Own Interests?

It is imperative that an MSP be motivated to increase network security. Here are some other ways to establish a more secure system besides teaching personnel on social engineering attacks and other MSP cybersecurity concerns and maintaining software and firmware patches and updates.

• Extended solutions for threat detection and response
• Protect the company with a robust security infrastructure.
• Tabletop security exercises
• Create regular data backups

Make sure all your important electronic correspondence, including emails, attachments, tasks, and calendars, is backed up in a safe location. There is no shortage of options, but finding the one that works best might be challenging. Thankfully, Dropsuite offers these features.

Dropsuite enables the simple and safe backup, restoration, and migration of all business-critical data. This is an excellent first step in preparing for any digital