On MSP Today, we often write about new solutions for MSPs to add to their list of services. For example, GuidePoint Security recently announced its phishing simulator. Additionally, we write about partnerships, mergers and acquisitions as the industry leans a bit more toward consolidation. One recent partnership between Skyhigh Security and Trellix is focusing on how to elevate enterprise cloud security.
These things are great, but it’s great to hear from the businesses and organizations actually benefitting from the products and/or partnerships. It's also a good idea to often see where the pain points are, just so MSPs and cybersecurity companies can come up with more solutions to help ease those pain points.
Let’s take a look:
BlackBerry's Global Threat Intelligence Report Shows Growing Cyber Threats
BlackBerry's recent report revealed an increase in cyberattacks during the first quarter of 2024. The company's cybersecurity solutions detected and stopped over 3 million attacks, with the U.S. being the primary target. Novel malware threats grew by 40%, and ransomware groups like LockBit and Hunters International remained active.
The report also looked at the weaponization of vulnerabilities and the increased sophistication of threat actors, using tactics like social engineering and disinformation campaigns.
B2M Solutions' State of Enterprise Mobility Report: Reliability Issues Grow
B2M Solutions' report reveals that frontline workers continue to face reliability problems with their mobile devices and applications. Despite the use of MDM/EMM solutions, IT teams lack the necessary visibility to proactively troubleshoot issues.
There is an increase in the number of frontline workers experiencing monthly problems with their mobile devices and apps. There are also productivity losses due to these issues, estimated to be up to $7 billion annually.
B2M Solutions stressed the need for proactive visibility and intelligence tools, such as their Elemez software, to address these challenges.
Organizations Struggle with Outdated Security Approaches
A Cloudflare report revealed that organizations are struggling to keep up with the increasing risks posed by modern applications. The report looks into the growing threats of software supply chain attacks, DDoS attacks and malicious bots, which often exceed the capabilities of dedicated application security teams.
One key finding is an increase in the number and volume of DDoS attacks targeting web applications. Another is the exploitation of new vulnerabilities, often within minutes of their discovery.
Organizations need to adopt more effective security measures to protect their applications and mitigate the risks posed by these evolving threats.
Growing Connection Between Cybersecurity Breaches and Skills Shortages
The ongoing cybersecurity skills shortage is impacting organizations worldwide, according to a Fortinet report. The report found that organizations are increasingly attributing breaches to a lack of cyber skills, and breaches have substantial consequences for businesses, including financial losses and reputational damage. To address these challenges, organizations are focusing on a three-pronged approach that includes training, awareness and technology.
Compliance, a Struggle for Businesses
Businesses in the U.S. struggle to keep up with data protection regulations. A survey by ISMS.online found that 100% of surveyed businesses have been fined for data breaches or non-compliance in the past year, with the average fine exceeding $300,000.
Despite these fines, compliance isn't solely driven by avoiding penalties anymore. Businesses are recognizing the value of strong information security for competitive advantage, customer trust and investor attraction. The survey shows a shift in focus, with many companies planning to increase their cybersecurity budgets by up to 25% in the coming year. However, achieving compliance remains a challenge, with many businesses citing a time-consuming process that can take up to 18 months to meet specific regulations.
Cyber Insurance Drives Stronger Security Measures, but Recovery Costs Outpace Coverage
Sophos' report reveals the growing importance of cyber insurance in driving organizations to improve their cybersecurity defenses. While 97% of companies with cyber insurance policies have invested in enhancing their defenses, the report also reveals that recovery costs from cyberattacks are often exceeding insurance coverage.
The survey found that only 1% of companies that made a claim were fully reimbursed by their insurers, with the most common reason being that the costs exceeded policy limits. This is especially concerning given the significant increase in ransomware recovery costs over the past year.
While cyber insurance can be beneficial, it's essential to remember that it's just one component of a risk mitigation strategy. Organizations must continue to focus on hardening their defenses to protect against cyberattacks and minimize potential damages.
To learn more about what is happening across the MSP industry and what clients are saying works, don’t miss MSP Expo 2025.
Taking place February 11-13, 2025 in Fort Lauderdale, Florida, MSP Expo is the premier event for MSPs, offering a three-day experience combining conference education focused on growth strategies, networking opportunities, an exhibit hall full of the latest technologies and solutions to help MSPs build their businesses.
Edited by
Alex Passett
