Last year was the most successful for ransomware attacks on businesses in history, with a 55% increase from the year before. With new AI capabilities and LLMs empowering cybercriminals to scale ransomware, phishing and other attacks, an essential part of MSP services now involves keeping their clients safe. One of the most comprehensive tools MSPs have in their arsenal to evaluate their client’s security posture are cybersecurity risk assessments.
Cybersecurity Risk Assessments in a Nutshell
Cybersecurity risk assessments are a tool that identifies weaknesses and vulnerabilities in a business’ IT infrastructure. It first evaluates the effectiveness of the current security measures a business has in place, such as network configurations, data and access controls, methods of authentication and excessive permissions. After completing the evaluation, it recommends additional security measures or improvements that the business can take to improve its security posture. As these security measures and cybersecurity threats evolve, MSPs must conduct cybersecurity risk assessments for both themselves and their clients at regular intervals to ensure optimal defense against attacks at all times.
When MSPs Don’t Have a Method for Evaluating Client Security
MSPs who don’t conduct regular cybersecurity risk assessments face severe consequences.
Here are some recent examples:
- Hundreds of British law firms were unable to access their email, phone or case management systems last year when a ransomware attack hit CTS, an MSP dedicated to delivering service to law firms. The ransomware gang Black Basta claimed responsibility for the attack.
- The Play ransomware group attacked MSPs around the world to exploit various vulnerabilities such as CVE Microsoft Exchange Server and ProxyNotShell and make lateral movements into client systems and networks. It also leveraged intermittent encryption to make data inaccessible to businesses.
- Data was encrypted on thousands of MSP customers by REvil ransomware group when a vulnerability was exploited in Kaseya’s Virtual System Administrator. The group demanded $70 million in ransom after claiming the attack compromised over a million systems.
What Happens When Businesses Don’t Conduct Cybersecurity Risk Assessments?
Cybersecurity risk assessments can help identify vulnerabilities ahead of time to avoid not only their exploitation but also the business disruption businesses suffer as a result.
Businesses who don’t conduct these assessments regularly not only suffer from ransomware attacks but phishing, social engineering, malware and spam and more.
Without a higher level defense against attacks and a method for evaluating the adherence of businesses to different cybersecurity regulations, businesses may incur hefty fees and penalties related to non-compliance. They may even be forced to endure legal consequences, such as the recent lawsuit against CTS by a law firm for $1 million. All of these consequences result in a decrease in customer trust, making it difficult for MSPs to build their brand and attract new customers. These are all reasons that also reinforce why cybersecurity risk assessment should be an integral part of any MSP’s service.
The Benefits of Regular Cybersecurity Risk Assessments
In addition to gaining a comprehensive defense against security threats, conducting regular cybersecurity risk assessments for clients offers additional benefits.
These include:
- Proactive identification of potential vulnerabilities and security gaps. Businesses want to be able to remediate risks before they evolve into attacks. Staying ahead of emerging threats enables SMEs to ensure business continuity while also saving them previous time and resources.
- Educating clients about their level of risk. Many SMEs are unaware of cybersecurity risks and the threats they pose to them. Cybersecurity risk assessments present businesses with these risks along with detailed steps for remediation and mitigation.
- Enhancing client trust. Cybersecurity risk assessments provide clear value to clients by giving them specific recommendations for protecting their assets. Demonstrating clear value in your services is the key to building loyal customers.
- Improving and prioritizing future risk mitigation strategies. When you establish a process for regular cybersecurity risk assessments, you start to identify issues in advance and improve security strategies to defend against them. It is also easier to measure progress over time.
How Guardz Helps MSPs Bolster their Security Posture
As MSPs are faced with fierce competition and increasing customer demands. Prospecting and acquiring new clients is time-consuming, and evaluating the cybersecurity risks each poses is complex. Guardz cybersecurity risk prospecting report delivers a comprehensive overview of an SME’s cybersecurity posture while comparing it against industry benchmarks to better understand the risks it faces. Its non-intrusive external surface scan exposes threats posed not only by its digital footprint but also by compromise data lurking in the dark web. With the ability to deliver tailored solutions for each risk, it helps set MSPs apart from the competition to both attract new customers and demonstrate value to their current ones. As cybersecurity threats evolve and become more complex, this tool will continue to provide comprehensive security to MSPs and their clients and enable them to successfully expand their customer base while doing so.
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