As organizations shift more of their operations online, cybercrime is happy to follow suit. According to The World Economic Forum’s “Global Risks Report 2020”, cybercrime was labelled as the second most-concerning risk for global commerce over the next decade until 2030. With cybercriminals and their attack methods becoming more sophisticated by the day, organizations with inadequate cybersecurity measures in place are putting themselves at a greater risk of losing revenue, classified data, their brand reputation, and more.
For managed services providers (MSPs) tasked with managing cybersecurity efforts for their customers, the importance and the risks of their role have never been greater.
What makes MSPs prime targets?
Cybercriminals are well aware that MSPs handle high-value and sensitive data for dozens if not hundreds of customers. Thus, infiltrating the environment of an MSP could mean access to vast volumes of customer data from multiple organizations, making MSPs highly valued targets for attackers. Every piece of digital real estate and infrastructure, such as partners, customers, and software connected to an MSP’s system can be used in an attack. It’s not a question of if your organization will be the next target, but when. For this reason, prioritizing cyber resilience is an absolute must for MSPs.
Cybersecurity is more important than ever
The world is now more reliant on technology than ever before. While the evolution and growth of technology has had a positive impact on human life, this convenience also makes us more vulnerable than ever to malicious cyberattacks, invasions of privacy and fraud. The bottomline is we need to be protected, and that’s where cybersecurity comes in. Here are some reasons why cybersecurity is crucial:
The rising cost of cyberattacks
The fact is that cyberattacks can be extremely costly for organizations to endure. Global cybercrime costs have been increasing 15 per cent year over year, according to a 2021 cyberwarfare report by CyberSecurity Ventures. By 2025, it is estimated that cybercrime will cost organizations worldwide $10.5 trillion annually. But this doesn’t tell the full story of the real expense of an attack against an organization. It’s not just the financial damage suffered by the organization or the cost of remediation; a cyberattack can also inflict untold reputational damage. Suffering a cyberattack can cause customers to lose trust in an organization and invest their money elsewhere. Furthermore, having a reputation for poor security can also lead to a failure to win new contracts.
Growth of IoT devices
More smart devices than ever are connected to the internet. These are known as Internet of Things (IoT) devices which are increasingly common in homes and offices. On the surface, these devices can simplify and speed up tasks, as well as offer greater levels of control and accessibility. Their proliferation, however, presents a problem.
If not managed properly, each IoT device that is connected to the internet could provide cybercriminals with a gateway into an organization. The number of connected IoT devices in 2021 is estimated to reach 46 billion according to Juniper Research’s latest report – so this problem is likely to worsen with time.
Cloud computing has become the “in-thing”, with organizations opting to rent or buy access to computing services from a cloud service provider instead of owning physical infrastructure. However, large amounts of data stored in the cloud have become a target for cybercriminals who know that a single breach will give them access to a treasure trove of data.
Readily available hacking tools
While well-funded and highly skilled hackers pose a significant risk to organizations, the wide availability of hacking tools and programs on the Internet also means there is a growing threat from less skilled individuals. The commercialization of cybercrime has made it easy for anyone to obtain the resources they need to launch cyberattacks, such as Random DDoS attacks (RDDoS) and cryptomining.
Find a MSSP you can trust
Remote work has added to an already expansive threat landscape that many organizations don’t have the capabilities to handle. Since cybersecurity should be a top priority for any organization regardless of size, partnering with an accomplished MSSP (Managed Security Service Provider) or security solution provider is the best option to protect your assets - this is where Nexusguard comes in.
Nexusguard’s Transformational Alliance Partner (TAP) program enables partners not only to safeguard their own infrastructure from cyberattacks, but also deploy and offer cost-effective DDoS mitigation services to their customers. With the full backing of Nexusguard’s specialized team, partners can differentiate themselves through their processes and practices.
Moreover, Nexusguard will provide everything that a partner would need to productize, sell and deliver a fully managed DDoS protection service offering to their customers that generates a positive return on investment in just 90 days.
For more information on becoming a partner of Nexusguard’s TAP100 program, visit https://www.nexusguard.com/tap100