The world of IT services has seen a significant transformation in the past few decades, especially with the shift from on-premises infrastructure to cloud-based systems. Managed IT services, which began gaining traction in the 1990s and 2000s, were traditionally focused on maintaining physical servers, networks, and devices on-site. However, as businesses increasingly move to the cloud, and the risk of cyber threats continue to grow, this traditional model no longer cuts it when it comes to cybersecurity and cyber resilience.
In our recent webinar, Doug Ford, VP of Solutions Portfolio at All Covered, addresses these issues and more, diving into the convergence of Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs).
The integration of MSPs and MSSPs offers a more holistic approach to both IT infrastructure and cybersecurity. This transition is crucial because the castle-and-moat security architecture, which once kept all data and applications behind firewalls and physical barriers, is no longer effective. With employees working remotely and data stored in the cloud, businesses must adopt a more flexible, secure, and resilient model to keep their systems safe from cybercriminals.
The Ransomware Epidemic: A Growing Threat to Cyber Resilience
Ransomware attacks are on the rise, and cybercriminals are increasingly using sophisticated techniques to breach networks and encrypt data. The growing number of ransomware groups, including notorious names like Ryceda, Medusa, and Hellcat, highlights the scale and ubiquity of the problem.
Ransomware alone generates a staggering $1 billion annually for cybercriminals. And the consequences for businesses are severe. For example, the Seattle Library spent $1 million to recover from a ransomware attack that affected 27,000 people.
A significant portion of these attacks begins with phishing—more than 90% of cyberattacks are initiated this way. Cybercriminals gather open-source intelligence (OSINT) through platforms like social media to create convincing phishing campaigns, and they’re using sophisticated tools to do it. These attacks are no longer limited to the stereotypical Nigerian prince emails; today, attackers are leveraging real brand names to dupe victims into clicking deceptive links, exposing them to malware and ransomware.
Ransomware as a Service (RaaS): A Game-Changer for Cybercriminals
The rise of Ransomware as a Service (RaaS) has lowered the barriers for cybercriminals seeking vulnerabilities, enabling even those with minimal technical knowledge to launch sophisticated attacks. RaaS platforms allow "affiliates" to buy access to ransomware tools and deploy them against their targets. Once access is gained, these affiliates can encrypt systems and exfiltrate sensitive data, often demanding significant ransom payments.
One particularly alarming example comes from a ransomware attack on a small law firm with just 12 employees. The firm was targeted by a Russian-linked group, PlayCrypt, and held hostage for a ransom of $5 million. Despite being a small business, the law firm was considered a valuable target due to the sensitive nature of their client data. Fortunately, they did not pay the ransom, but they did suffer around $250,000 in damages, including lost productivity, reputation damage, and consulting fees.
Protecting Your Business: What Can You Do to Improve Cyber Resilience?
As ransomware attacks become a larger problem, it’s clear that no business is too small to be targeted. The key to defending against these threats is adopting a well-rounded approach to cyber resilience. Here are a few strategies to strengthen your defense:
- Partner with a Modern MSP: Choose a Managed Service Provider (MSP) that integrates cybersecurity into its offerings, ensuring your IT infrastructure and security measures work hand-in-hand to reduce vulnerabilities.
- Implement Vulnerability Scanning and Remediation: Regularly scan your systems for vulnerabilities and ensure timely patching. If your infrastructure is outdated or end-of-life, migrating to more secure platforms like Microsoft 365 is critical.
- Adopt Advanced Detection and Response (MDR) Solutions: Traditional antivirus software alone can’t keep up with the persistence of modern cyber threats. Implementing Managed Detection and Response (MDR) services will allow you to identify and handle threats before they can do significant damage.
- Invest in Cybersecurity Insurance: Ensure you have a robust cybersecurity insurance policy that covers the full range of potential risks, including ransomware attacks.
- Educate Your Team: Since phishing is a common entry point for cybercriminals, training employees to spot suspicious emails and links is essential. Regular security awareness training can help reduce the likelihood of a successful phishing attack.
Looking Ahead: What’s Next for Cyber Resiliency?
As cybercriminals continue to refine their tactics and tools, businesses must stay ahead of the curve. Ransomware will continue to evolve, and as long as it remains a profitable endeavor, the attacks will keep coming. However, businesses that take proactive steps to adopt a zero-trust security model, integrate modern IT and security practices, and stay vigilant will be better equipped to defend against these growing threats.
The key takeaway is that cybersecurity should no longer be an afterthought—it should be integrated into your entire IT strategy. The landscape is changing rapidly, and SMBs need to prioritize cyber resiliency to ensure they can withstand the ever-growing threat of cyberattacks.
By partnering with a trusted MSP and adopting modern cybersecurity strategies, you can protect your organization’s data, reputation, and bottom line. The time to act is now—don't wait until it's too late. View the full webinar recording below, or reach out to All Covered for a free consultation to get started.
