MSPs play key role in growing security threats

A lock on a dark background surrounded by glowing stars

Cybersecurity Awareness Month shines light on security topics.

MSPs are anxious to include MSSP (managed security service provider) capabilities, but they may not know where to start. They likely do not have experts on staff and may need to hire and onboard security expertise, even before they go to market and start billing. And with cyberthreats and attacks advancing day by day, many MSPs can feel defeated before finding the support, education, and resources their business needs to ensure that their clients stay protected.

Increasingly, MSPs are recognized as key actors in efforts to protect enterprises from cybersecurity threats — and are also key targets of malicious activity. In May, the U.S. National Security Agency (NSA), with cybersecurity authorities from the U.S., Australia, Canada, New Zealand, and the United Kingdom, issued a joint cybersecurity advisory titled “Protecting Against Cyber Threats to Managed Service Providers and their Customers.” The guidance came after a rise in malicious cyber activity targeting MSPs and offers best practices and guidance to help MSPs talk with their customers about security.

In 2004, the president of the United States and Congress declared October to be Cybersecurity Awareness Month to raise awareness nationally and internationally. This designation enables renewed attention to the security challenges faced by MSPs and SMBs.

The challenges of security are ever evolving and, in large part, remain a people problem. Employees, for example, can expose themselves and/or their business to cyberthreats through their website, social media, text messaging, and more. People can be the weakest link when it comes to cybersecurity for any size organization.

Why Does This Matter?

The dangers of cyberthreats are far more serious and widespread than ever before. The following statistics show that “hackers” are no longer a bunch of kids in their basements trying to break through weak websites.

According to sources provided by DataProt:

  • Cybercrime earns cybercriminals $1.5 trillion every year.
  • Cybercrime caused an estimated $6 trillion in damage in 2021.
  • 33 billion accounts will be breached in 2023.
  • Trade secrets and IP theft contribute to a $500 billion industry each year.
  • Data trading is estimated to generate $160 billion for cybercriminal rings.
  • Crimeware and even something called “cybercrime-as-a-service” is estimated to generate $1.6 billion every year.
  • Ransomware generates an estimated $1 billion in revenue each year for cybercriminals.

While large enterprises have multimillion-dollar budgets in place to protect their assets, SMBs must rely on experts to help them defend against highly sophisticated cybercriminals — experts who can exfiltrate their data, shut down their networks, hijack their websites, and more.

Pax8 supports MSPs in security and enables the most innovative and partner-friendly vendors to demonstrate their capability around cybersecurity with unprecedented ease and scale with the Pax8 Marketplace.  MSPs can avoid the time-consuming task of researching and navigating through thousands of vendors across multiple security applications, then having to manage negotiations, contracting, packaging, and promotion while also ensuring their delivery and operations teams are up to speed. Pax8 created this Cybersecurity Hub for MSPs that features vendor trainings, on-demand courses, compliance frameworks, and expert highlights.

Reduce your risk