MSPs continue to suffer Ransomware attacks

The trend of attacking Managed IT Service Providers is continuing.

  • An MSP paid hackers about $150,000 to unlock data
  • Hackers specifically targeting MSP software platforms to launch ransomware attacks
  • Ryuk ransomware hitting a Cloud Service Provider that works closely with MSPs.

Hackers have been hitting MSPs of all sizes — not just global technology service providers. The FBI and U.S. Dept. of Homeland Security have repeatedly warned MSPs and their technology platform providers about such attacks.

Amid those challenges, the MSP industry could soon be facing credibility crisis, unless major steps are taken to more effectively mitigate ransomware threats, cyberattacks and associated fallout.

How will this play out for MSPs?

  • In a worst-case scenario, the MSP industry could be torn apart if lawsuits fly between end-customers, MSPs and their technology providers.
  • In a best-cast scenario, MSPs and their technology providers emerge as Dark Knights that snuffed out ransomware long before attacks reached end-customer systems.
  • Anywhere in-between leaves us with a crime-ridden Gotham that tarnishes the MSP industry as a whole.

This is continuation of our previous observation and an article we published on Threat actors exploiting trusted relationships with their IT service providers. This credibility crisis is only get deeper and having a lasting impact.

IT companies need help in recognizing and mitigating this exposure by letting their customers know about this issue and present a qualified Managed Security Provider to complement IT services. This will result in MSPs earning their customers trust that they have their customer’s back.

 

abdul hafiz

Author: Abdul Hafiz

Enterprise Solution Architect

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