What Does Verizon's 2024 Data Breach Report Mean for Your MSP Security Strategy?

Are you fully equipped to handle the escalating cyber threats? The 2024 Verizon Data Breach Investigations Report (DBIR) is out, and it paints a concerning picture of the evolving threat landscape that Managed Service Providers (MSP) like yourself operate in. 

The good news? This report also provides valuable insights that can help you take proactive action to harden the attack surface of your clients and protect them from increasingly sophisticated malicious actors.

Understanding the Attack Surface

Before we explore the findings, let's clarify what we mean by "attack surface." Simply put, it’s all the possible points where an unauthorized user can try to enter data to or extract data from an environment. Every device, software, and network your clients use expands their attack surface, potentially opening new doors for cybercriminals. Reading tip: Do You Know Enough About Your Clients’ Attack Surface?)

Disturbing Trends in Cyber Threats

This year's DBIR has unpacked some unsettling trends:

• Exploitation of Vulnerabilities: There has been a staggering 180% increase in attacks where vulnerabilities were the primary vector compared to the previous year. This emphasizes the critical need for rigorous vulnerability management and patching strategies to shield against potential breaches. (Reading tip: MOVEit, LastPass, and Other Breaches Prove Need for Proactive Cybersecurity)
• Ransomware and Extortion Techniques: The report highlights a substantial prevalence of ransomware. One third of all breaches now result from threat actors maliciously encrypting a victim's data and demanding a ransom payment to regain access. What’s more, pure extortion attacks are on the rise, now representing 9% of breaches. Overall, ransomware was a top threat across 92% of industries.
• Human Element in Breaches: Despite ongoing efforts to bolster security awareness, human errors and phishing attacks continue to play significant roles in security breaches. The report notes that the human element was involved in 68% of breaches, and when users fall for a phishing attack, they fall fast. The median time for users to click a phishing link is less than 60 seconds.
• Third-Party and Supply Chain Vulnerabilities: Breaches involving third-party interactions have seen a 68% increase. This new data point suggests the growing importance of vetting third-party vendors thoroughly and ensuring they adhere to stringent security standards.
• Financially Motivated Threats Remain Dominant: Financial motives still drive the majority of breaches, with ransomware and extortion accounting for a significant portion. The financial impact of such breaches can be substantial, with median losses around $46,000.

The Real-World Impact of These Findings

These figures reflect the evolving challenges that MSPs must confront to protect their clients. The  drastic increase in exploit-based attacks provides a clear mandate for MSPs: robust vulnerability management and compliance scanning are must-haves rather than optional service offerings. MSPs must ensure that their clients’ systems are not only compliant with relevant standards but are also regularly scanned for vulnerabilities and patched accordingly.

The Role of ConnectSecure in Enhancing MSP Security Posture

As an MSP, you face the challenge of keeping your clients secure amid a landscape where threats are constantly evolving. ConnectSecure offers an integrated solution that supports MSPs with advanced vulnerability management, remediation, and compliance management capabilities. Here’s how ConnectSecure aligns with the needs highlighted by the DBIR:

• Comprehensive Vulnerability Management: ConnectSecure provides tools that enable MSPs to conduct thorough scans and manage vulnerabilities effectively. This is critical in light of the DBIR’s findings on the increased exploitation of vulnerabilities.
• Automated Patch Management: With automated third-party patching, ConnectSecure helps MSPs address vulnerabilities swiftly, reducing the window of opportunity for attackers and mitigating the risks highlighted by the rise in ransomware and extortion attacks.
• Robust Compliance Management: ConnectSecure’s compliance scanning functionalities ensure that MSPs can keep their clients aligned with regulatory requirements, thus addressing the complexities introduced by third-party and supply chain risks.
• Proactive Security Measures: By integrating preemptive security measures, ConnectSecure helps MSPs shift from a reactive security posture to a proactive one, essential in managing the types of threats underscored by the DBIR.

The persistence of ransomware and extortion underscores the importance of proactive cybersecurity measures tailored to withstand elaborate attacks on business operations. While there’s no single foolproof method to prevent ransomware attacks entirely, a layered approach significantly reduces the risk, including regular patching, vulnerability scanning, and penetration testing.

Why Now?

Given the DBIR's revelations, the need for advanced security solutions has never been more pressing. With attacks growing in both sophistication and frequency, MSPs equipped with ConnectSecure can offer unmatched security assurance to their clients.

Whether it’s fortifying defenses against ransomware or ensuring compliance across all operations, ConnectSecure can elevate your service offerings and secure your clients’ digital environments. As a strategic cybersecurity partner, we not only protect but also enhance the value you deliver to your clients. Sign up for a Free 14-Day Trial to see ConnectSecure in action or book a Live Group Demo today.

Read more:
Selling Cybersecurity: What MSPs Can Tell Clients About Attack Surface
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