Top 10 MSP Cybersecurity Risks

MSPs are under siege by hackers. They must learn how to combat the top 10 MSP cybersecurity risks they face.  This article outlines those top 10 risks and how to combat them in a minimum essential, cost effective way. Doing so protects both the MSP and their clients by reducing exposures while significantly improving cybersecurity defenses.

Top 10 MSP Cybersecurity Risks:

CyberHoot’s team has worked with hundreds of MSPs over the years. We understand their challenges and opportunities. We built CyberHoot’s SaaS offering using MSP feedback; helping solve their security needs, offer client value, and reduce labor requirements via automation. MSPs face a long list of cybersecurity Risks; CyberHoot is here to help them eliminate them with these recommendations..

Top 10 MSP Cyber Risks:

The top 10 risks MSPs face are grouped into three areas of risk: (1) Technology, (2) Capability, and (3) Process risks.

Technical Risks:

MSPs may have the following risks in place which significantly increase risks to their client’s operations.

1. No Multi-Factor Authentication on critical acct’s
2. End users have Administrative/Root access
3. No use of Endpoint Detection and Response
4. Poor Password Hygiene at MSP & Clients

Solutions to Cyber Risks:

The top 10 risks are remediated through simple measures relating to Capabilities, Processes, and Technology.

Technical Remediations:

MSPs significantly reduce operational risks to their own company and their client environments by:

1. Enabling MFA on critical internet-facing accounts
2. Removing Admin/Root access
3. Deploying EDR solutions to all endpoints
4. Deploying a password manager

Capability Risks:

5. No Awareness Training or Phish Testing

6. No Cyber Insurance

7. No vCISO

8. No Threat Intelligence

Capability Remedies:

5. Adopting automated Awareness Training and Phish Testing

6. Purchase appropriate Cyber Insurance

7. Hire a vCISO

8. Monitor Threat Intel (various sources & vCISO)

Process Risks:

9. No Master Services Agreement with each client

10. No Risk Assessment or Risk Management Framework

Process Remedies:

9. Have a Master Services Agreement for each client

10. Conduct a 3rd Party or vCISO Risk Assessment. Offer risk management services to your clients.

Bonus: Another  area of Significant Risk:

11. Missing Cybersecurity Policies and Processes

Bonus Remedies:

11. Cybersecurity Policies (Password, Information Handling, Written Information Security, Acceptable Use, and Cybersecurity Processes such as Vulnerability Alert Management Process (VAMP), and Cybersecurity Incident Handling Process (CIMP).

Conclusions:

Managed Service Providers face a long list of significant cybersecurity challenges. This article reviewed the Top 10 MSP cybersecurity risks they face. Strong MSPs address these challenges early in their existence moving from reactive, emergency, fire-drill IT activities towards proactive, productive, and secure IT management.

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