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MSPs: The importance of strengthening security to safeguard your customers' data

Johannesburg, 03 Jun 2024
MSPs must invest in innovative cyber security solutions to fight new threats.
MSPs must invest in innovative cyber security solutions to fight new threats.

Managed service providers (MSPs) are an attractive target for cyber criminals because of the large amount of sensitive data they handle and their access to their customers' critical infrastructure.

A recent survey revealed that 78% of MSPs consider cyber security to be their biggest challenge, which has risen considerably from 67% last year. This trend highlights how important it is for MSPs to invest in innovative cyber security solutions and train skilled personnel to protect against new threats.

What are the main impacts of an attack on an MSP?

“Cyber security has become one of the main growth drivers for MSPs. As a result, there is a tendency to assume that this is a business immune to cyber attacks. However, the reality is that malicious threat actors won’t hesitate to make you their next target, which can have serious repercussions on your business,” says Dominic Richardson, CEO of Dolos.

Here are four of the main impacts that a successful attack can have on your MSP business:

  • Data breach: As an MSP, you act as the guardian of critical information for customers. If a cyber attack compromises the security of your systems, it could result in data loss or theft, which could have serious consequences.
  • Damage to your reputation: A cyber attack on your MSP business can have serious repercussions on your reputation. The trust your customers place in your ability to protect their data will be compromised, which could lose you customers and revenue.
  • Financial impact: An attack on your business can deal a severe financial blow to your company. Repairing the damage caused by the attack, notifying affected customers and stepping up security measures to prevent future incidents involves significant costs that can put the stability of your business at risk.
  • Legal risk: A cyber attack on your company could trigger legal action by your customers. Wielding the argument that you did not take the necessary security measures to protect their data, they may seek compensation for any losses sustained.

What can you do to protect your business?

Despite these dangers, it is in your power to avoid these negative impacts. This can be achieved by elevating your internal security and making it a top priority through implementing AI-powered solutions that allow you to stay a step ahead of cyber criminals. Not only will it enable you to protect your business and that of your customers, it will also make you stand out from the competition.

Implementing an XDR solution significantly improves threat detection and response for MSPs. This technology collects telemetry data from various security domains, such as endpoints, identity, e-mail and network, and automatically correlates it. Thanks to artificial intelligence and machine learning, XDR analyses data centrally, allowing you to take corrective action faster to contain threats before they spread through your enterprise and reach your customers. Ultimately, it gives you a more comprehensive view of the alerts generated in your system, providing the context you need to make informed and accurate decisions.

Leveraging the power of artificial intelligence – along with key security measures such as MFA (multi-factor authentication), network segmentation and team training – will enable you to protect your business and your customers' business effectively.

If you would like to learn more about how an XDR solution can help boost your business and strengthen your customers' cyber security, contact the team at Dolos.