Netwrix, a cybersecurity solutions provider, has unveiled alarming statistics from its 2024 Hybrid Security Trends Report, focusing on the managed service provider (MSP) sector. According to the report, a staggering 76% of MSPs detected cyberattacks on their systems in the past year, mirroring the broader trend across all industries surveyed.
Managed Service Providers (MSPs) offer IT services to businesses, including network management, cybersecurity, data backup, and cloud services. They monitor and maintain IT systems, provide technical support, and ensure smooth operations. MSPs help businesses access expert IT support, reduce costs, and improve efficiency.
Among the MSPs that fell victim to cyberattacks, a striking 51% incurred unexpected costs to rectify security vulnerabilities. Additionally, 31% reported losing a competitive edge, while 27% faced compliance fines, significantly higher than the averages observed in other sectors.
The report highlights distinct patterns in attack vectors within the MSP sector. Cloud-based incidents, accounting for 49% of security breaches, often involved compromised user accounts. On-premises attacks, comprising 46% of incidents, predominantly featured ransomware and malware assaults, underscoring varied threats faced by MSPs compared to other industries.
“Unique Vulnerabilities”
“Our team has had significant success in handling user account compromises and ransomware attacks using Netwrix 1Secure,” says Rory Cooksey, Director of Growth at WheelHouse IT. “Its robust monitoring and alerting capabilities allow us to detect and respond to threats swiftly, ensuring minimal disruption to our clients’ operations.”
Commenting on the unique vulnerabilities of MSPs, Dirk Schrader, VP of Security Research at Netwrix, emphasized the attractiveness of cloud-based services to attackers due to their widespread accessibility and limited network restrictions. “MSPs largely rely on software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS) solutions,” Schrader noted. “These are usually accessible to both MSPs and their clients, significantly limiting the implementation of network-based restrictions like IP address filters.”
Ilia Sotnikov, Security Strategist at Netwrix, warned of the heightened ransomware risks MSPs face, urging them to leverage threat intelligence for informed security measures. “The service provider is a promising target for ransomware gangs,” Sotnikov cautioned. “MSPs should adequately assess the risks and rely on threat intelligence to make their security decisions.”
The findings underscore the critical need for MSPs to bolster their cybersecurity defenses amidst rising threats, ensuring robust protection against evolving cyber risks that could jeopardize operational continuity and client trust.
Get full report here.
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