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90% of IT Managed Service Providers Experienced a Successful Cyber-Attack (in the Past 18 months)

Info Security | James Coker | Mar 10, 2022

cyber security threats - 90% of IT Managed Service Providers Experienced a Successful Cyber-Attack (in the Past 18 months)Adapting to a changing environment

IT managed services providers (MSPs) have faced extraordinary challenges during the pandemic. In many cases, they have carried the burden of responsibility for ensuring their customers have been able to continue to operate in the face of an uncertain and constantly changing business environment. At the same time, they have also had to adapt in order to continue to operate and survive.

Nine in 10 (90%) managed service providers (MSPs) experienced a successful cyber-attack in the past 18 months, according to new research by N-able.  More than four-fifths (82%) of MSPs reported seeing attacks on their customers rise in the past 18 months, preventing an average of 18 attacks per month.

See:  U.S. CISA Agency warns of potential increase in Cyber threats

The research reflected the views of 500 senior decision-makers at MSPs about their security experiences both before the pandemic and today.

Dave MacKinnon, chief security officer at N-able, commented: “MSPs have worked tirelessly throughout the pandemic to ensure that the businesses they support can stay online and connected as circumstances changed.  But the cyber-criminals they’re protecting against are working equally as hard to make use of these shifts against their targets. MSPs need to understand how the threat landscape continues to evolve and make the changes needed to protect both their customers and themselves and make the most of the enormous opportunity that enhancing security provides.”

Over half of respondents experienced financial loss and business disruption following an attack. At the same time, 46% said they had lost business, 45% suffered reputational effects and 28% saw their customers suffer a loss of trust.

See:  Fintech Cybersecurity Best Practices

The most common attack methods detected by MSPs were phishing (75%), DDoS (56%) and ransomware (42%).

cyber attacks 1 - 90% of IT Managed Service Providers Experienced a Successful Cyber-Attack (in the Past 18 months)

Attachs on MSPs are on the rise.  SMEs are increasing their security budgets.

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