Ransomware Creates Opportunity for MSPs


Ransomware Creates Opportunity for MSPs

By Greg Tavarez

Ransomware is a major problem, and the impact it can have on business operations can be severe. Employees and IT teams are feeling more overwhelmed by the need to constantly focus on security.

At the same time, MSPs are always looking for new opportunities to increase MRR. As new threat variants and tools continue to emerge while new work models increase risk, MSPs are provided with an opportunity to step up and help businesses solve the ransomware dilemma.

“It is brutal and most people are not going to come out of it,” said Colin Bastable, CEO, Kaduu. “MSPs are going to have to play two games. They are going to have to look after clients and look after themselves.”

Bastable spoke in a panel discussion moderated by Travis Curnutte, principal at Volli Communications, at MSP Expo

The biggest gamechanger when it relates to ransomware attacks is remote work. Instead of having workers on one network, it suddenly became multiple networks, greatly expanding the risk. As a result, phishing became one of the main vectors for ransomware attacks.

“MSPs and clients want to plug that hole with a good email security solution,” said David Poellhuber, executive vice president at Hornetsecurity. “Clients should not hesitate on that budget.”

Organizations are also recommended to utilize the patch, upgrade and replace cycle to make sure their infrastructure is up-to-date to help in the defense against ransomware. An example of a major cyberattack outbreak where this cycle was not utilized is the SolarWinds supply chain attack.

If a business does experience an attack, their first call should be their breach coach, a lawyer to assist them in managing a case, if they have one. The second call should be the MSP. MSPs can be the frontline of defense against attacks because they are able to respond faster. The third call should be the insurance company.

“If you are insured, in a way you are out of jail because it is not your problem,” said Bastable. “They take it out of your hands. Get your insurance in order to help you determine your next actions to take.”

Poellhuber also recommended organizations have insurance policies offline.

“You want to avoid bad actors having access to insurance policies and knowing exactly what is and isn’t covered,” said Poellhuber.

Bad actors will always modify to stay ahead of the defenders. With no way to precure ransomware, MSPs and clients will need to have better defense policies in place. 

Edited by Erik Linask

MSPToday Editor

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