The Biggest Security Threats to Your Business in 2023

Stay informed and stay on guard for threats to your network, your data, and your customers’ businesses.

No technology solutions provider (TSP) wants to put their company or clients at risk – or deal with the expense of a security incident. The average data breach cost globally for a company is now $4.35 million. Staying informed of security threats to your business is the first step in finding ways to defend against them and avoid the costs and negative impact of a cyberattack.

Be prepared for these three common but potentially devastating cyberattacks.

Supply Chain Attacks

Hackers, ransomware groups, and nation-state threat actors understand your business. They know you use remote monitoring and management (RMM) software to provide managed services or connect and monitor your clients’ IT systems in other ways.

After the SolarWinds cyberattack from 2020 to 2021, you know you can’t afford to be passive about supply chain attacks. Actors tricked Solar Winds users into enabling an update that delivered backdoor malware to SolarWinds Orion software. When the malware infected the systems that some TSPs use to manage their clients, it also gave actors access to those clients’ data and networks, multiplying the number of attack victims. Unfortunately, it took months before security professionals discovered the breach.

TSPs have the monumental task of protecting their businesses and clients’ businesses, as well as the trust they’ve placed in you. Due diligence begins with understanding the IT solutions that connect to your and your clients’ networks and monitoring them for vulnerabilities and anomalies that can indicate an attack. Also, hold vendors accountable for the security of their solutions. Encourage them to offer “bug bounties” or other programs that help ethical hackers find vulnerabilities so they can be patched before threat actors discover them.

Another way to mitigate these security threats is to establish zero-trust policies. For example, all users or systems must prove their identity each time they connect to the network.

Phishing

According to Deloitte, more than nine out of ten cyberattacks begin with phishing emails. You and your team are likely familiar with this type of security threat. However, you may not be aware of the lengths threat actors will go to trick a user into clicking links or giving up login or account data. They’ll study your org chart, read social media posts, and collect information about users in other ways. This ensures the phishing emails or SMS text messages (i.e., “smishing” attacks) they send look legitimate and get the desired results.

Most phishing and smishing attacks can be stopped with good intrusion detection systems and spam filters. Also, strong multifactor authentication (MFA) tools and zero-trust policies will mitigate this security threat. Training and robust security policies, including information employees should never provide via email, also are vital in protecting your business.

Ransomware

According to IBM, ransomware attacks were the most expensive of any type of cyberattack in 2022. They cost an average of $4.54 million, increased in frequency by 41 percent over the previous year, and took 49 days longer than average to identify and contain. Hackers have become more sophisticated and targeted in their attacks, but they have proven that smaller companies are often lucrative targets.

Fortunately, keeping systems updated and implementing network security solutions provide an excellent first line of defense against these attacks. However, you should be prepared to get your business back up and running again as quickly as possible if you become a ransomware victim. Immutable backups stored offsite or in the cloud can give you and your clients a quick path to business continuity while you repair your network and systems.

Semper Vigilo (“Always Vigilant”)

Cybercriminals are relentless and getting more sophisticated. And, realistically, supply chain attacks, phishing, and ransomware attacks aren’t a matter of “if” but rather “when.” Therefore, TSPs must always stay vigilant, aware of their businesses’ security threats, and remain ready to respond to cyberattacks. So, do everything you can to plan and prepare for a prosperous and secure 2023.