Report predicts continuing MSP ransomware losses

Third annual report analyses 2021 MSP security trends; Issues predictions and recommendations for 2022.

ConnectWise has released its 2022 ConnectWise MSP Threat Report - the MSP industry’s most comprehensive guide focused on cybersecurity. In its third year, the report includes analysis of major MSP-related security events and trends from 2021 and top predictions for 2022, including a continued rise in MSP-focused ransomware attacks and increased cooperation among governments to combat cybercrime.

In addition to predictions of increasing ransomware attacks and more cybersecurity legislation, the following are key findings from the 2022 ConnectWise MSP Threat Report:

•The market will see an evolution of a "super-MSP” - MSPs that have joined together, through mergers and acquisitions, as a result of private equity with deep financial pockets that have entered the channel. Cybersecurity has always been a focus for MSPs, but it will be more critical than ever moving forward.

•The SMB market is predicted to spend more in 2022 with a need to make significant investments in cyber detection, response and automation. As a result of growing success by law enforcement to track and shut down malicious actors in 2021, multiple threat actor groups changed their tactics to stay under the radar. ConnectWise predicts that ransomware operators will continue to shift focus on mid-tier organisations that are capable of decent-sized payout, but will not get as much public attention when compromised.

•The ConnectWise Cyber Research Unit (CRU) - a dedicated team of threat hunters and researchers that identifies new vulnerabilities in the MSP industry - collected data regarding 500 cybersecurity incidents from MSP partners and their clients. Of those 500 incidents, 40% were related to ransomware. The report also revealed that there was a 10-15% increase in ransomware incidents by quarter, with 56% of all incidents occurring in the second half of 2021.

•For a comprehensive view of findings, download the full report here: https://www.connectwise.com/resources/ebook-2022-msp-threat-report

The 2021 report released by Perch Security, which was acquired by ConnectWise in 2020, accurately predicted that ransomware attacks would continue to become even more MSP-focused. MSPs are a far more lucrative target than individual businesses due to the potential to ransom multiple companies at once, therefore ConnectWise predicts that this will be an ongoing issue for 2022.

In an effort to drive down cybersecurity complexity, ConnectWise continues to build on its portfolio of advanced cybersecurity solutions that help detect and mitigate the increasing attacks that MSPs are experiencing. This includes solutions in the areas of SIEM, endpoint detection and response (EDR), SOC, and risk assessments.

“With the current political climate and skyrocketing reports of global security incidents, Congress is facing pressure to do more to crack down on cybercriminal activity. However, that won’t happen overnight,” said Raffael Marty, general manager, cybersecurity, ConnectWise. “This report, put out by our Cybersecurity Research Unit, serves as a powerful tool to help MSPs understand and identify vulnerabilities and guide them to make security investments that will rapidly detect and resolve potential threats to protect their businesses and their clients.”

In addition, the 2022 report provides a detailed timeline of major security incidents that occurred over the past year. Observations made from that timeline show that MSPs are increasingly being targeted and identifies the top five ransomware groups that the CRU observed targeting MSPs and their clients.

Companies encountering numerous pain points as they seek to manage application connectivity security and risk.
Only 29% of respondents are highly confident they have a robust mechanism to test their environments against the most current threat vectors.
Netwrix has launched a new multi-tenant, software-as-a-service (SaaS) auditing solution designed to meet the needs of MSPs. Its lightweight cloud architecture helps MSPs ensure the security and compliance of their clients’ systems and data from a single console.
The new managed SASE solution builds on NTT’s Managed Campus Networks platform to provide customers with enhanced capabilities, new features, and a fully managed end-to-end service to support and operate critical network infrastructure.
Research also shows the inability to prevent bad things from happening as the worst part of a security job with more than a third of respondents unsure they could tell their boards that no adversaries are inside.
Channel partners in EMEA to access scalable application security testing solutions.
A new research report by CSI Ltd looking into the top concerns of cyber security decision makers finds that 78% believe the current cost-of-living crisis will increase the risk of a cyber threat occurring in their organisation. This finding was especially prevalent in the healthcare (84%) and financial services (86%) sectors.
Acronis has announced a three-year partnership with London´s oldest professional football club, Fulham FC. EveryCloud.co.uk will support Acronis as its ‘Strategic #Cyberfit’ delivery partner providing its cutting-edge cyber protection solutions and cloud backup service to the club.