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How to Protect Your MSP Business From Ransomware Attacks

Ransomware attacks against managed IT services providers (MSPs) and IT solutions providers continue. Amid that reality, the FBI and U.S. Department of Homeland Security have repeatedly warned MSPs and their technology platform providers to safeguard their systems against such attacks.

To safeguard against such attacks, ChannelE2E recommends the following MSP steps:

1. Embrace Multi-Factor Authentication: Activate two-factor/multi-factor authentication (2FA/MFA) on all systems — including MSP software platforms, administrator systems and end-user systems where ever possible. Longer-term: Check in with all of your vendors to understand the current state of their 2FA / MFA strategies, upcoming enhancements and multi-vendor relationships.

2. Configure BDR and Security System Alerts: Check in with security and business continuity platform suppliers. Learn how to properly configure BDR and security systems so that administrators receive alerts whenever system settings are changed or adjusted. Longer-term: Potentially explore third-party 2FA/MFA platforms that can assist this effort. Strive to ensure that BDR and security setting updates/changes require an approved MSP administrator who has 2FA/MFA access.

3. Embrace an MSP Documentation Platform to document your data protection and cybersecurity processes, disaster recovery plans, etc.

4. Stay Informed: Sign up immediately for U.S. Department of Homeland Security Alerts, which are issued by the Cybersecurity and Infrastructure Security Agency. Some of the alerts specifically mention MSPs, CSPs, telcos and other types of service providers.

5. Build Your Long-term Plan: Study the NIST Cybersecurity Framework to understand how to mitigate risk within your own business before moving on to mitigate risk across your customer base.

6. Boost MSP Employee and End-user Awareness: Explore cybersecurity awareness training for your business and your end-customers to drive down cyberattack hit rates.

7. Integrate Wisely: Connect the dots between your cybersecurity and data protection vendors. Understand how their offerings can be integrated and aligned to (A) prevent attacks, (B) mitigate attacks and (C) recover data if an attack circumvents your cyber defenses.

8. Partner With MSSPs: All MSPs need to get more serious about managed security services. But it’s unwise to suggest that all MSPs will transform into full-blown MSSPs. As an MSP, decide which pieces of the risk mitigation puzzle you can truly manage, then partner up with a true MSSP to fill your gaps. (RelatedTop 200 MSSPs, from MSSP Alert.)

9. Refocus Your Travels: As face-to-face conferences get canceled amid the coronavirus pandemic, explore virtual alternatives to continue your cyber education.

10. Additional Suggestions: If you are aware of such attacks and have best practices for risk mitigation and recovery, email me: Joe@AfterNines.com.

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