Security Within EMEA, supply chain attacks are also something to be aware
of, highlighting the need for businesses to do their due diligence and properly vet suppliers and their associated supply chains. Unfortunately, external threats are not the only vector that
MSPs need to be wary of. Insider threats accounted for 35% of all unauthorised access threat incidents in the third quarter of 2022. Tese types of attacks pose significant danger to MSPs as the insider already has access to internal systems. Tis allows employees to potentially steal, disrupt or share sensitive data - not always intentionally - without the detection of security measures. Te consequences of any breach, accidental or intentional, can be
catastrophic; especially if the Information Commissioner’s Office (ICO) feels the victim has not taken adequate steps to secure their business. It can incur heavy financial costs, in-depth regulatory investigations, significant reputational damage, and a loss of customer trust.
Building a strong foundation A robust cybersecurity setup is vital to mitigating risk. When it comes to fighting external attacks, cloud backup and recovery solutions can help MSPs against ransomware by offering more protection to their own data as well as their customers’. If an MSP’s business environment is thoroughly protected, their clients’ data is also less likely to be breached. When a ransomware attack occurs, MSPs can quickly recover backed-up information within seconds of the attack and MSPs can continue operating with clean data. Although new threats will most likely come from AI in the future, it’s
important to note that we are currently dealing with the same threats, which are simply becoming more powerful through AI. It is also important to highlight the role of AI in fighting cybercrime. AI can be an amazing force for good; for example, security solutions use machine learning to run millions of possible scenarios to flag potential malware and new threats. Of course, there is merit to not being breached in the first place.
In terms of current and rapidly evolving cybersecurity threats
MSPs need to be aware of, one of the most pressing challenges is credential threat. Since the launch of ChatGPT in November 2022, vishing, smishing, and phishing attacks have increased by 1,265%. Once stolen, credentials can be used many times to break into systems, perform social engineering and facilitate many other scams and crimes. MSPs must ensure clients understand the significance of this
threat. Tey should insist that clients use password managers, set up multi-factor authentication (MFA) on all systems, and consider going further with single sign-on (SSO) or biometric-controlled systems. Spear phishing and phishing are the number one attack vectors that cybercriminals use to gain credentials, and yet we still see a lot of businesses without sufficient knowledge or protection. Although AI itself, and platforms such as ChatGPT, is not the
threat in and of itself; it does add fuel to the fire. AI helps make phishing emails completely believable, enables deep fake videos and voice calls in social engineering, and allows criminals to exploit soſtware vulnerabilities faster. Te cyberthreats themselves will not change, but AI will make them more efficient, accessible, and believable.
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With robust endpoint protection, MSPs can prevent cyberattacks altogether. Solutions such as threat intelligence automation and Endpoint Protection and Response (EDR) allow for the detection of more advanced threats such as file-less malware attacks, deflecting them away from endpoints. To minimise insider threat, MSPs need to regularly conduct audits
and reviews to detect and mitigate potential internal threats. As with most organisational challenges, education is key to reducing cybersecurity risks - both internally and externally. Specialised training for end-users on understanding threats and learning how to spot signs of an attack will better equip MSPs to prevent risk altogether. Most internal threats result from employees opening phishing emails
and according to Statista, the soſtware services industry was the second most targeted sector for these types of attacks in the fourth quarter of 2022. Implementing email filtering is a simple, yet effective, solution to deflecting any unwanted emails and can play an important role in preventing attacks. Te rising complexity of cyberattacks has only increased the risk
to MSPs. By going back to the basics, implementing measures such as password management tools, cloud backup solutions, and specialised training, MSPs will become more secure, paving the way for a brighter, safer future.
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