Thousands of companies, and an increasing number of government agencies, are relying on managed service providers for products like cloud storage, security administration, and productivity technologies. This has put tech experts in the profitable, and challenging, position of providing innovative products to support their clients. 

Managed Service Providers: Support the Security Needs of Your Clients

As more companies and agencies work with managed service providers, so too are hackers increasingly targeting MSP systems. That’s why more enterprise companies and government agencies require compliance for extensive security regulations to guarantee the safety of their data. Likewise, managed service providers are turning to security partners to help them stay responsive to the challenges of modern cybersecurity.

Security Threats Are Targeting Managed Service Providers and Costing Businesses Millions in Lost Data

If you’re working as a managed service provider, then security should be your number one concern. That’s because hackers from all around the world are making MSP systems their primary targets, particularly with strategic ransomware. In fact, according to the Ponemon Institute and IBM security, data breaches for managed service providers will cost a company, on average, a total cost of up to $8 million. 

It isn’t just about financial costs, however. Consider the Wipro breach that occurred in April 2019. A state-sponsored phishing attack targeting the solutions provider exposed several of their employees’ accounts and compromised their server network. Their systems were then used as attack vectors for their customers. 

Furthermore, the Ragnar Locker Ransomware currently targets software commonly used by managed service providers for administration purposes. This ransomware then locks critical MSP support services, steals private information, and encrypts additional data for a ransom of anywhere between $200k and $600k.

So why are cyberattacks targeting MSPs? According to an alert released by the U.S. Secret Service on June 12, 2020, hackers attack MSPs because they are often less well protected than larger enterprise businesses while also giving them access to any of their clients. It’s a double-bind that many managed service providers will find themselves in–it isn’t simply that they should protect their data, but they are the gateway to the critical data of their clients. An MSP system can be the springboard for ransomware attacks that no one will expect. 

If you are an MSP with a significant client base, then your vulnerabilities are your customer’s vulnerabilities. It’s your reputation, and their data, on the line if your security isn’t up to the challenge of modern threats. 

Support Your and Your Clients’ Data With a Security Partner

Managing security across an MSP system is incredibly involved. This is especially true for managed service providers that want to, or currently do, work with federal agencies. For example, the Federal Risk and Authorization Management Program (FedRAMP) program requires strict compliance with security assessment, monitoring, and authorization services intended to avoid the breaches we previously discussed, while the private sector typically has the SOC 2, PCI, and CMMC among others.

It’s increasingly clear that business customers are looking for managed service providers with a security-first outlook on their services. It isn’t enough to have a strong internal security team, however:

1. Most security certifications and attestations like FedRAMP, SOC 2, PCI, and CMMC require audits performed by qualified organizations that understand the demands and constraints of those regulations. That means having a certified FedRAMP organization to perform regular audits. 
2. Even outside of government regulations, third-party security solutions can help compliment more IT-focused MSPs by offloading hard-to-perform audits. They are also more likely to identify problematic security issues in their clients’ systems while suggesting effective improvements.
3. A security partner can help you implement governance strategies that attend to critical security issues while still supporting the mission and processes of your organization.
4. Risk management becomes much more comprehensive and effective with an involved and active security partner. A security partner can help build forecasting models using key risk indicators, which then help you focus on business objectives.
5. Security partners are going to help you cut costs. With specialized, automated reporting, your security audits can shrink from weeks of work hours to a project that takes a single day.

In many ways, managed service providers adopt security partners to help them for the same reasons their customers turn to them for managed IT solutions: so they can focus on what makes their businesses successful.

Work With a Security Partner Who Can Help You and Your Clients

As part of our overall portfolio of security services, we provide critical offerings for managed services providers, including:

1. FedRAMP auditing and certification
2. SOC auditing and attestation
3. PCI auditing and certification
4. CMMC auditing and certification
5. Risk assessment and management consulting
6. Policies and governance consulting
7. Proactive cybersecurity, including training and compliance services

Your MSP operation can also tap into our Cybervisor Services where you can connect with the top security executives and subject matter experts in the industry. Call 1-888-896-7580 to discuss your organization’s cyber security needs and find out how we can help your organization adhere to cyber security regulations, maintain compliance, and secure your systems.