Cybersecurity is a general term that describes the practice of protecting computer systems, networks, and data from malicious attacks by threat actors. It is also known as information technology security or electronics information security and can be subdivided into several categories, including:
- Network security focuses on protecting computer networks and systems from cyber threats.
- Application security focuses on identifying and repairing threats.
- Information security protects data integrity, both in storage and in transit.
- Operational security focuses on preventing highly critical data from falling into the wrong hands and includes all processes and decisions related to protecting data.
- Disaster recovery and business continuity focus on how your MSP or IT enterprise responds to a cyber-security incident.
Why cybersecurity is important
Cybersecurity is an essential part of any organization’s IT risk management strategy. As more workplaces become remote or hybrid, the number of endpoints you need to monitor, manage, and secure has also increased. The Global Cybersecurity Outlook 2024 report emphasizes this further, stating that:
- 29% of organizations say they have been materially affected by a cyber incident in the past 12 months.
- 41% of these organizations say it was caused by a third party.
- 54% of organizations have an insufficient understanding of cyber vulnerabilities in their supply chain.
- 60% of executives agree that cyber and privacy regulations effectively reduce risk in their organization’s ecosystem.
- 90% of cyber leaders believe that inequity within the cybersecurity ecosystem requires urgent action.
Cyberattacks are not just vague attacks that happen in “cyberspace”. They have an enormous impact on businesses and their overall bottom line. In the Cost of a Data Breach Report by IBM, experts found that:
- $4.88 million is the average cost of a data breach.
- 22.7% is the number of organizations paying more than $50,000 in regulatory fines
- 11% is how much the resulting loss of business costs rose from a system downtime caused by a cyberattack.
The global cyber threat continues to evolve rapidly and exponentially. Kaspersky suggests that cybersecurity spending will surpass $260 billion globally by 2026, a response to experts predicting that data breaches will expose billions of records in 2024 and the coming years.
Types of cyber threats
There are generally three types of cyber threats.
- Cyber attacks are usually politically motivated attacks to gather information.
- Cybercrime generally involves single threat actors targeting systems for financial gain.
- Cyberterrorism intends to compromise electronic systems to cause fear or panic.
Typically, cybersecurity attacks involve ransomware, but some other attacks may be:
- Spear phishing
- Phishing
- Insider threats
- Man-in-the-middle attack
- Denial-of-service attack
- Cryptojacking
It’s worth noting that there are so many other examples of cyberattacks. The only thing to remember is that regardless of the “how,” bad actors are always working on the “what.”
Cybersecurity challenges
Arguably, one of the biggest challenges to cybersecurity is the sheer volume of cyberattacks done to organizations daily (Norton estimates that there are 3.8 million records stolen from cybersecurity attacks every day). However, we must also consider the ever-evolving IT landscape and how threats have likewise evolved. Emerging technologies lend themselves to improving operational efficiency—both for businesses and malicious actors.
Cybercriminals are always on the lookout to exploit security vulnerabilities, especially in these areas:
- Remote work and bring-your-own-device policies imply more endpoints in the cloud.
- Internet of Things (IoT) and connected devices can be easily exploited by bad actors.
- Cloud computing can increase the risk of cloud misconfigurations.
- The rise of artificial intelligence, generative AI, and other new IT technologies are new environments that hackers will try to exploit.
As we continue to develop and create new technologies, it’s important to improve our cybersecurity training as well.
How can MSPs prepare for cybersecurity attacks?
The Cybersecurity & Infrastructure Security Agency (CISA) regularly releases new advisories and cybersecurity best practices to help US businesses, including MSPs, prepare for future cybersecurity attacks. While there are certain provisions for specific incidents, these best practices can be summarized as:
- Readiness. It’s wise to start an IT risk management strategy as soon as possible. This can include a disaster recovery plan and IT audit, among other things. Existing processes should also be continuously tested for vulnerabilities.
- Response. Once you notice any cybersecurity vulnerabilities, it’s important that you resolve them immediately. Your response plan should also include clear and practical steps for identifying, containing, eradicating, and recovering from a cybersecurity incident.
- Remediation. MSPs and IT enterprises need to consider how to better upgrade their systems after a cybersecurity crisis. This will, in turn, augment their company’s “readiness”.
Common cybersecurity threats
All I need is a strong password
Strong passwords are essential in protecting your data from criminals—but they are not the only preventive measure to consider. This is particularly true if a threat actor wants to exploit your company. Methods such as credential dumping and credential stuffing are simple ways to gain access to your network. Criminals may also buy passwords on the dark web.
All types of cybersecurity risks are known
As we’ve explained earlier, the cybersecurity landscape is constantly changing. While IT experts recognize many of today’s cybersecurity risks, there are still more that are yet to be publicly known or even understood. Human error can also create new types of cybersecurity threats.
Threat actors won’t target my small company
Cybercriminals will exploit anyone—yes, even small companies across all industries. Even if you’re a smaller MSP, IT experts highly recommend allocating a percentage of your IT budget to protecting your IT network and systems.
Cybersecurity best practices
It’s worth noting that every organization has different needs, so their cybersecurity strategy will differ. That said, here are some best practices to consider:
- Security training. Ensure that all team members—from rank-and-file employees to C-level management—are updated on the latest cybersecurity risks and how to prevent them.
- Strong authentication protocols. If possible, implement various security protocols, including MFA and 2FA, in your data security plans. Consider also enforcing SAML to augment your online security.
- Identity and access management. Build strong provisions that control data management or how users access data. Make sure that only privileged users can access and modify critical data. It’s highly encouraged that you follow a zero-trust architecture as well.
- Threat detection and response. Create plans that enable your MSP to detect vulnerabilities and remediate them immediately.
- Disaster recovery. While no one wants things going awry, you must have disaster recovery plans to maintain business continuity.
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