The Growing Concern: Majority of MSPs Emphasize Data Security and Network Security for 2023

Netwrix Survey Reveals Growing Concerns for Data and Network Security among MSPs

Introduction

In a recent survey conducted by cybersecurity vendor Netwrix, findings indicate that data security and network security are the top priorities for Managed Service Providers (MSPs). With the increasing frequency and complexity of cyberattacks, it is imperative for MSPs to prioritize the protection of sensitive data and ensure the secure functioning of their networks. This report delves into the survey’s insights and offers key recommendations for MSPs to enhance their security posture.

Survey Results

According to the survey, 70% of MSPs identified network security and data security as their primary IT priorities. This comes as no surprise, as compromising an MSP’s network can have catastrophic consequences, leading to the theft, destruction, or encryption of customer data. Dmitry Sotnikov, VP of Product Management at Netwrix, emphasizes the importance of implementing zero standing privilege and password security solutions for MSPs, as well as robust identity threat detection and response tools.

The survey also found that within the past year, 61% of organizations in the MSP sector experienced a cyberattack. The most common attack vectors were phishing, ransomware, or other forms of malware, as well as user account compromise. MSPs are particularly attractive targets for cybercriminals, as compromising a single MSP account can provide privileged access to multiple client systems. Dirk Schrader, VP of Security Research at Netwrix, advises MSPs to enforce strong password policies, adhere to the least privilege principle, conduct regular audits for suspicious activity, and establish efficient incident response capabilities.

The Significance of Strong Password Policies

One of the key takeaways from the survey is the importance of strong password policies for MSPs. Implementing and enforcing robust password practices is crucial to reducing the risk of account compromise attacks. MSPs should require employees and clients to create complex passwords, periodically rotate them, and avoid reusing passwords across different accounts. Additional security measures, such as multi-factor authentication (MFA), can further enhance password security.

The Least Privilege Principle

The principle of least privilege is another crucial aspect of network and data security. MSPs must strictly enforce this principle, granting users the minimum level of access necessary to perform their job functions. By limiting privileges, the potential impact of a compromised account or a human error is significantly mitigated, helping to prevent unauthorized access to sensitive data and potential system-wide breaches.

Auditing and Incident Response

Continually auditing for suspicious activity is essential for maintaining a secure network environment. MSPs should employ comprehensive monitoring solutions that enable the detection of anomalous behavior and provide real-time alerts. Regularly reviewing audit logs and conducting security assessments can help identify vulnerabilities and make proactive improvements.

In addition, MSPs must establish efficient incident response capabilities to swiftly detect, analyze, and mitigate security incidents. Having a well-defined incident response plan, including clear communication channels and designated response teams, ensures that any potential breaches are contained and minimized in their impact.

Editorial – Protecting the Backbone of Cybersecurity

The Vulnerability of MSPs

Managed Service Providers play a critical role in protecting their clients’ data and networks. By providing IT support and security management, MSPs become the backbone of cybersecurity for businesses of all sizes. However, this inherently places them in the crosshairs of cybercriminals who seek to exploit any vulnerabilities within MSP networks.

MSPs must prioritize their own security practices to maintain the trust and confidence of their clients. The impact of a breach on an MSP can be devastating, resulting in financial losses, brand damage, and potentially affecting the security of all their clients. Therefore, it is imperative that MSPs remain vigilant, proactive, and continuously invest in robust security measures.

The Evolving Nature of Cyber Threats

Cyber threats are evolving rapidly, with attackers becoming increasingly sophisticated in their methods. Phishing campaigns, ransomware attacks, and user account compromises have become common tactics employed by cybercriminals. These threats are not limited to specific industries or sectors; they pose a broad risk to organizations across the globe.

As demonstrated by the survey results, MSPs must be prepared to defend against these evolving threats. This requires a multi-layered approach, combining robust technical safeguards with employee training and awareness programs. MSPs must stay abreast of the latest threat landscape intelligence, share best practices, and collaborate with industry peers to ensure proactive defense against cyber threats.

Conclusion – Strengthening the Shield

Investing in Security

The survey findings from Netwrix serve as a reminder that MSPs need to prioritize network and data security consistently. MSPs should consider cybersecurity investments not only as a necessity to protect their own operations but also as a value-added proposition to their clients.

Raising Awareness and Collaboration

Creating a culture of cybersecurity within MSP organizations is crucial. Employees should receive regular training on identifying and responding to potential threats, including the importance of strong password management and compliance with security policies. MSPs should also foster closer collaboration with their clients to ensure mutual understanding and alignment when it comes to security practices.

Remaining Agile in a Dynamic Landscape

While implementing essential security measures is crucial, MSPs must stay agile in the face of evolving threats. Regular risk assessments, security audits, and technology updates are vital to adapt to emerging risks promptly. By adopting a proactive and comprehensive approach to security, MSPs can stay one step ahead of cybercriminals and safeguard their operations and the integrity of their clients’ data.

In an era where cyber threats pose significant risks to businesses and individuals alike, MSPs must assume their responsibility in cybersecurity seriously. By investing in robust security practices, remaining vigilant, and collaborating with industry peers, MSPs can become the trusted shield, protecting their clients from the ever-changing landscape of cyber threats.