5 Ways to Protect Your MSP Business Against Cyber Attacks

Managed Service Providers (MSPs) play a significant role in overseeing the information technology departments of most companies.  Unfortunately, due to their extensive access to many devices and networks, such businesses are common cyber attack victims. Besides that, they are often in charge of sensitive data, making them perfect targets for ransom demands.

If you own an MSP company, it is essential to put in place measures to protect you and your clients from cyberattacks. Failure to do so increases the risk of security breaches that may cause you to lose clients. Such incidences can also create a domino effect that may be challenging and expensive to control.

Here, we discuss five ways to safeguard your MSP business against cyberattacks.

1. Use Multiple-Factor Authentication

It seems obvious, but one effective way to protect your MSP business against attacks is using multi-factor authentication and, importantly, establishing adherence to MFA as part of your internal security policies. This security measure involves following several procedures before gaining access to a program. For instance, you can use two-factor authentication that requires anyone logging in to use a password and a code sent to a specific device. You can also opt for a three-step one which is more complex and secure.

While multi-factor authentication may seem like a tedious process, it has numerous benefits. First, it reduces the number of people who can access your data, and importantly your clients’ critical data. Also, if someone connects to your network from an unknown device, you will receive a warning. This notification will allow you to protect your information by blocking the device and changing passwords. Though multiple-factor authentication is a must, it’s not completely infallible and it isn’t enough on its own.

Watch this webinar to find out why relying on multi-factor authentication isn’t enough.

2. Educate Employees and Clients on Cybersecurity

Cyberattacks that happen within a company are more challenging to prevent than those from outside. This challenge arises because employees often fall victim to malicious malware without noticing. In most cases, insider attacks come from phishing links and unauthorized data access. Educating your employees and clients on cyber safety is the most effective way to avoid such attacks. During the training, it is advisable to explain several methods that hackers use. You should also encourage your staff to inform managers if they suspect that some of their devices are under threat. Taking such measures will enlighten all parties on protecting their information using strong passwords and other safety precautions, and create a security culture within a team. They will also be able to identify threats and develop ways to deal with them before they cause further harm.

3. Up Your Cybersecurity Posture

Cyberattacks evolve with time as hackers try new ways to gain access to sensitive data. As a result, the security solution you bought five years ago may not be effective in protecting your clients. 

It is crucial to employ a full security stack to ensure that your MSP business is safe from cyberattacks. If the vendors that provide you with core systems such as RMM or PSA are not transparently and regularly securing their software, consider switching to a different option. Meanwhile, take your own steps to secure your RMM and PSA and consider intrusion detection software. Undertake weekly vulnerability scans and remediate as required.

One Stop SOC from inSOC is an advanced SOCaaS and vulnerability management solution for MSPs and their clients. This NIST Cybersecurity Framework-based solution allows you to monitor both your own and your clients’ networks for intrusion and scan them weekly for vulnerabilities with detailed threat assessment reports each month, allowing you to stay updated on your security status and take immediate action where needed.

4. Undertake a Security Maturity Assessment

Another way to protect your business against cyber attack is to undertake a Security Maturity Assessment  – an effective security audit and gap analysis. This will identify:

Your security maturity score benchmarked against an established framework

The most relevant security risks for your organization

Where you should focus your efforts in order to remediate them

Once you identify the gaps, a remediation plan will help you get to where you need to be. For instance, if you do business with regulated industries subject to DFARS and HIPAA, you will need to attain a much higher score than the average SMB.

Apart from that, protect yourself further with a dedicated cybersecurity solution for MSPs such as MSP Protect which covers both intrusion detection and vulnerability management.

Find out more about how to protect clients and generate profits through security assessments.

5. Limit Access to Critical Data

Allowing uncontrolled access to data can lead to the disclosure of sensitive information and harm a brand’s reputation. Protect your business by restricting both physical and digital access to systems that contain sensitive data. Do you know what hardware assets are on your network? If not, take steps to identify and only allow access for authorised assets.

Besides that, only allow access to employees you trust and only when they need it. You should also perform regular reviews to check which employees have access to specific information. After that, enhance your security using mandatory login requirements such as strong passwords, biometric authentication, and MFA.

Adopting measures to protect your MSP business against cyberattacks will have many benefits in the long run. At inSOC, we provide MSP specific cybersecurity solutions to help you safeguard both your business and your clients.  

We can help you build your business brand and retain more clients by providing programs designed for specific cybersecurity uses. Contact us today to learn more about our security solutions and schedule a demo.