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Introducing NordProtect: An identity theft protection service you can trust

What is NordProtect?

NordProtect is a comprehensive identity theft protection service designed to help you keep your identity safe, available to customers in the US.

It’s impossible to always be on the lookout for potential data breaches or continuously monitor your credit activity. So let NordProtect do it for you. With features like 24/7 dark web monitoring, credit activity tracking, and real-time security alerts, you can stay informed about potential threats and take action to protect yourself right away.

And in the unfortunate event of identity theft, you may apply for reimbursement of expenses and expert support in handling the process of recovering your identity. So how does NordProtect work?

What does NordProtect do?

NordProtect offers features that make it easier to keep your identity safe and take relevant action if its security is compromised. NordProtect works on several fronts:

Dark web monitoring

NordProtect continuously monitors dark web pages, forums, and marketplaces for your email address, phone number, and Social Security number (SSN). If this information is exposed, you get an instant alert prompting you to secure your accounts, for example, by changing your passwords and enabling MFA.

Credit activity monitoring

NordProtect tracks and notifies you about suspicious credit activity. Imagine someone is trying to take out a credit card in your name. Would you rather find out about it right away or a month later, when the scammer has already racked up debt? NordProtect sends you regular updates on your VantageScore® 3.0 credit score with credit status alerts so you can act quickly if needed.

Monthly information about your credit file will provide valuable insights and help you take action to change your VantageScore® 3.0 credit score and prevent fraud. If needed, NordProtect will direct you to the TransUnion® website, where you can freeze your credit file.

Actionable alerts and warnings

If your data is leaked and appears on the dark web, NordProtect will send you an instant alert, suggesting the best action to take to control the damage. Because even if you protect your personal data, it can still be leaked in a data breach. It’s best if you find out about it ASAP.

Identity theft recovery

With NordProtect, you can apply for professional assistance and financial support to help you recover from identity theft. The service is provided by HSB, one of the largest cyber insurance writers in the US.

Because what if the unthinkable has happened — someone stole your identity and used it for malicious purposes? It’ll take time and financial resources to deal with the consequences of identity theft. You might even have to take time off work. With NordProtect, you can apply for reimbursement of eligible expenses up to $1M. These expenses may include credit bureau reports, replacement of documents, application fees, legal fees, lost wages, and mental health counseling.

If your application is approved, you also get access to an identity restoration case manager who can assist you with correcting your credit score and identity records. Typically, the case manager will handle most of the groundwork, giving you the opportunity to concentrate on rebuilding your life.

Cyber extortion protection

NordProtect’s cyber extortion protection is a form of coverage that helps you manage a cyber extortion attack. It ensures you’re not dealing with cybercriminals’ threats on your own — it provides both financial support and expert advice for navigating the situation.

The cyber extortion protection offers up to $100,000 to cover eligible expenses, including professional guidance and payments made in response to the attack. Your cyber extortion cover is provided by HSB.

Why NordProtect?

With NordProtect, you get a reliable and easy-to-use identity theft protection service that comes bundled with additional cybersecurity benefits.

  • Comes with a VPN and online threat protection. NordProtect is available with the top-tier NordVPN plan Prime, which comes with an advanced VPN service for your online traffic protection and the Threat Protection Pro™ solution. Threat Protection Pro™ provides you with anti-malware protection, advanced browsing protection, and an ad and tracker blocker for all-round online security.

  • More than just monitoring for leaked credentials. NordProtect doesn’t just monitor the dark web for your data leaks but also offers credit activity monitoring, identity theft recovery, and cyber extortion protection as part of the service. And you don’t even have to pay extra.

  • It’s easy to set up and use. Just buy a plan, add your information, and verify your account – that’s it! Your identity protection has just gotten an upgrade.

How do I use NordProtect?

NordProtect is available with the top-tier NordVPN plan Prime. All you need to do is buy a plan, complete the setup, and go on with your day feeling confident about your data security.

  1. Get NordVPN’s Prime bundle.

  2. Follow the steps on screen to set up your Nord Account.

  3. From your Nord Account, go to NordProtect.

  4. Add your details, verify your account, and enjoy improved protection.

NordProtect will notify you if it finds your leaked information on the dark web or detects suspicious activity related to your credit account. Even if you suffer identity theft, you can count on NordProtect for support.

About NordLayer
NordLayer is an adaptive network access security solution for modern businesses – from the world’s most trusted cybersecurity brand, Nord Security.

The web has become a chaotic space where safety and trust have been compromised by cybercrime and data protection issues. Therefore, our team has a global mission to shape a more trusted and peaceful online future for people everywhere.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

What is a YubiKey and do you need one?

How does a YubiKey work?

Simply put, the YubiKey is a security key developed by the FIDO Alliance and manufactured by Yubico. Each YubiKey device is assigned a unique code which, when plugged into a computer, can authenticate the user’s identity. In addition to the USB keys, NFC YubiKeys are used for authentication on mobile devices.

YubiKeys use cryptographic keys to authenticate login attempts. They support a number of MFA protocols, such as passkeys, one-time passwords, and Universal 2nd Factor (U2F), and help protect users from advanced man-in-the-middle attacks, where the malicious actor attempts to intercept two-factor authentication.

How to set up a YubiKey 

Unlike traditional passwords, YubiKey holders don’t need to remember a separate code to authorize a login attempt—the YubiKey works when plugged into or tapped against the device, and the user only needs to press a button to activate it. Similarly, to set up the YubiKey as an authentication device, the user only needs to choose it as their preferred option in the account security settings.

What services and applications support a YubiKey?

Although YubiKey authentication isn’t the most popular multi-factor authentication method, it’s broadly available for both personal and business use. It can be used to authenticate login attempts to websites, applications, and databases.

Everyday users can rely on YubiKeys to authenticate login attempts to social media and email accounts, and access sensitive data such as banking information or personal medical records. Services like Microsoft and Google not only support YubiKey authorization, but the tech giants behind them have contributed to the key’s development as a whole.

YubiKeys can work in tandem with password managers. The key can be used to add a layer of security to the password manager itself, while the credentials generated using the password manager can strengthen the first line of defense for the user’s accounts.

YubiKey’s popularity is growing, and the industry is seeing an increase in use cases for YubiKeys. These security keys have already become a favorite for many companies that seek out advanced employee security practices. FAANG companies are issuing employees with personal YubiKeys for work-related authorization, ensuring that all sensitive information can only be accessed by verified users.

YubiKey also adds flexibility for remote and hybrid workers. With a YubiKey, they can easily access databases and work accounts anywhere around the globe without risking unauthorized data exposure. Since YubiKeys don’t need any kind of connection to run, hackers cannot break into them as they would with open Wi-Fi networks.

 

What are the benefits of YubiKey authentication?

The YubiKey is considered one of the safest multi-factor authentication methods. Its compatibility with mobile and desktop devices makes it a flexible option for individuals and business users alike. The USB version is compatible with common ports found on hardware devices, like USB-C or Lightning, and most modern laptops are built with a designated security key dock.

The YubiKey is physically sturdy as it’s water- and crush-resistant, making it a reliable long-term investment into security. It does not require any third-party applications to operate, although additional applications can be used for custom configurations.

Whenever you log in to an account that uses YubiKey authentication, the key can detect the legitimacy of the website. It only validates the login attempt if the website matches the original link. This protects you from accidentally logging in to a spoofed website and revealing your credentials to cybercriminals.

There’s one caveat to carrying around your YubiKey for authentication. Due to its size, a YubiKey can be easy to lose. So, if you choose a YubiKey as your authentication device, make sure you store it in a secure location. Yubico officially recommends users have a backup YubiKey device that can be activated if the primary key is lost or stolen.

Even if you lose your YubiKey device, you don’t have to worry about any of your personal information being exposed, as the security key does not act as a storage device. If someone steals your YubiKey but doesn’t know your password, they still won’t be able to break into your account.

YubiKey vs. other authentication methods: how do they compare?

YubiKey is one of several alternatives that individuals and companies use as the next step of multi-factor authentication. Let’s see how YubiKey authentication compares to passkeys, third-party apps, and text message codes.

Passkeys

It’s not unusual to see passkeys mentioned alongside YubiKeys in discussions about MFA. Both authentication methods are the brainchildren of the FIDO Alliance, falling under the FIDO2 umbrella. Both offer a passwordless solution to account authentication and protection. And, of course, both are uniquely encoded.

The core difference between passkeys and YubiKeys is the hardware. Passkeys use a combination of biometric verification with cryptographic keys. The process is validated with a mobile phone, tablet, or laptop. Passkeys can also be stored in third-party password managers like NordPass and synchronized between devices at the user’s convenience.

YubiKeys act as passkey storage themselves, albeit with storage restrictions. YubiKey codes cannot be replicated or transferred to a different device, making them less flexible than passkeys.

Choosing between a passkey and a YubiKey comes down to the user’s preference. Both methods follow the FIDO2 protocol, making them strong authentication mechanisms for individuals and organizations.

Authentication apps

Authentication apps are another popular way to support MFA. Apps like Google Authenticator or the built-in NordPass Authenticator allow users to generate time-based one-time passwords (TOTPs) on their devices whenever they log in to a website or app. Codes generated by authentication apps are generally short, averaging 6 characters, and reset after a set period, usually between 15 to 60 seconds.

YubiKeys were initially built to produce highly complex, 44-character unique one-time passwords (OTPs) for account authentication. However, as the YubiKey technology has evolved, it has switched to passwordless authentication. While it’s still possible to produce the OTPs using a YubiKey device, WebAuthn is now the preferred authentication method.

Both authentication keys and YubiKey OTPs offer a similar level of convenience. They require a single device to generate codes and grant instant access. However, as a hardware device, the YubiKey is more resilient to breach attempts. Third-party authentication apps may be prone to cyberattacks or phishing attempts.

Consider a scenario where a scammer contacts a user and tries to extract the authentication code from them to break into their accounts. Upon seeing that the required authentication method is an app, they’d be more likely to carry on. After all, it’s easier to get a user to reveal a 6-digit code than a 44-digit one.

The time-based reset aspect adds a layer of reliability to authentication apps, as the timer makes it more difficult for cybercriminals to get around. The YubiKey authenticator adds extra haste by autofilling the authentication code as you press the button on your key, saving you the time of typing in all 44 characters.

SMS-based 2FA

Although SMS-based authentication is considered one of the weaker methods, it remains popular due to its ease of use. To set up SMS authentication, the user inputs their mobile phone number and receives a one-time password upon each login attempt.

Compared to YubiKey authentication, relying on text messages is pretty flawed. Phone spoofing and SMS swapping are popular social engineering tactics that aim to extract the authentication code sent to your number. In the former tactic, cybercriminals call their targets, pretending to be from a legitimate service, and ask for the SMS code for verification. For the latter, hackers call the target’s phone service provider, pretending to be the victim, to gain access to the number.

The YubiKey cannot be remotely overtaken by malicious actors. It’s an offline device that does not require an internet or mobile network connection. The ease of authentication without needing to reveal or input a one-time password ensures that user accounts are more resilient to phishing attacks.

The YubiKey can also protect your texting apps from within—it can connect to the phone via the USB dock or by using NFC to authenticate attempts to log in to these services. It also saves you the headache of updating all your accounts with SMS authentication if you change your phone number.

Combining your YubiKey with NordPass

Whether it’s for personal or work-related use, you want to maximize your account protection. Combining NordPass with a YubiKey makes it easy to leverage a higher level of security without making things complicated.

NordPass is a secure password manager that lets you generate strong and unique passwords, as well as store and manage passkeys for all your accounts. It uses zero-knowledge architecture and advanced XChaCha20 encryption to protect your sensitive data and keep all your credentials accessible in a vault that can only be accessed with your authorization.

As a member of the FIDO Alliance, NordPass understands the role that passwordless authentication will play in the near future. Lost access to your YubiKey? Don’t worry—switch your preferred authentication method to an authenticator app. From here, you can use the NordPass Authenticator to generate one-time codes along with your passwords. You can even use the YubiKey with your Nord Account, putting your digital security first.

About NordPass
NordPass is developed by Nord Security, a company leading the global market of cybersecurity products.

The web has become a chaotic space where safety and trust have been compromised by cybercrime and data protection issues. Therefore, our team has a global mission to shape a more trusted and peaceful online future for people everywhere.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

ETeC 2024: Why botnet tracking is so effective

ESET has been successfully utilizing botnet tracking for years. 

When cybersecurity vendors invest heavily into sophisticated malware replication mechanisms studying real-life malware behavior in isolated environments, one may ask what the point of malware tracking is. What do we learn by extracting data from malicious code without it running or communicating with a command and control (C&C) server?

Using the Grandoreiro banking trojan as an example, ESET senior malware researcher Jakub Souček explained the pros and cons of botnet tracking and malware replication at the ESET Technology Conference 2024, an annual ESET conference discussing the best in ESET security and research.

If you want to know more about how ESET participated in the Grandoreiro disruption, check out our other blog discussing the case at length.

ESET tracking systems

With malware tracking, researchers need to implement a dedicated program (parser) for the relevant malware family deployed on the targeted machine. With this tool, the malware is nothing more than an input to such a program.

Using a heuristic approach, code patterns, and analytical output, the parser extracts all interesting information from the malware sample without it running or communicating. It can also emulate the C&C protocol and lure even more information from the C&C server.

“At ESET, botnet tracking has proven to be an invaluable resource several times in recent years,” Souček said.

ESET researchers have utilized such tracking in cases like the Trickbot disruption, which infested over a million computing devices between 2016 and 2020, the pervasive malware family Emotet, and a large variety of infostealers and remote access trojans (RATs).

The ESET tracking system is designed with the following objectives in mind:

  • Extraction of C&C server domains and IP addresses. These are routed toward automatic blocking. In some cases, ESET also emulates network traffic to obtain more data.
  • Extraction of payloads, both embedded and downloaded. These are great candidates for automatic detection as well.
  • The most significant benefit lies in the ability to extract any custom information researchers want, such as DGA configuration, C&Cs that may be used as backup only, mutex names, and license ID.
  • In the case of banking trojans, ESET engines also extract a list of targeted banks.

Pros and cons of botnet tracking

The benefits of malware tracking are many – full power over the malware sample, no actual compromise occurring, anti-emulation techniques don’t work, and the processing speed depends only on the complexity of the used parser.

However, tracking is not suitable for every piece of malware. Heavy code protection breaks binary patterns, frequent code changes increase maintenance requirements, and setting up such tracking may be time-consuming.

“To summarize, tracking is a great option for analyzing large stable botnets when long-term data is needed, and the samples contain information researchers wouldn’t otherwise have access to,” Souček said.

What about malware replication?

Malware replication requires a dedicated machine that is deliberately compromised to observe malware behavior, ideally establishing a connection to a C&C server and analyzing their communication. In a best-case scenario, the C&C server replies with additional payloads or plugins and a list of targets in the case of banking trojans, for example.

Setting up such an environment is relatively fast and easy, the entire process doesn’t require heavy maintenance, and the main benefit is that malicious code protection (such as virtualization or heavy obfuscation) can be ignored.

On the other hand, the malware may wait quite a long time before reaching out to a C&C server and, while waiting, both time and processing power are wasted. It may also be quite difficult to see under the custom encryption layers in network communication.

When analyzing installed malware, evading all sandbox-detection mechanisms may be quite tricky. There is also a risk of unusual control flow, like restarting the machine, which further complicates automatic replication.

“In a nutshell, replication is great for unknown malware where we don’t really care about long-term data. It can also be extremely helpful in overcoming code protection techniques,” Souček explained.

Tracking vs. Replication: Which one is better?

When it comes to botnets, the Grandoreiro case shows the benefits of malware tracking over malware replication.

Needless to say, a reliable cybersecurity solution should use both to cover the complex threat landscape.

This heuristic and multilayered cybersecurity strategy is part of the ESET prevention-first approach, based on the idea of stopping malware before it does any harm. To achieve that, ESET developed sophisticated solutions minimizing the threat surface (i.e. all possible connection points or attack vectors that attackers can use to enter victims’ systems).

Let’s take botnets in general as an example. ESET technology has multiple tools at its disposal to stop them at different stages, such as:

Anti-Phishing – Botnets (including Grandoreiro) often spread via phishing messages containing malicious content or links redirecting users to phishing websites. ESET Anti-Phishing blocks web pages known to distribute phishing content.

Reputation & Cache – When inspecting a file or URL, before any scanning takes place, ESET products check the local cache for known malicious or whitelisted benign objects. This improves scanning performance.

ESET DNA Detections – These perform a deep analysis of the code and extract the “genes” responsible for its behavior. ESET DNA Detections can identify specific known malware samples, new variants of a known malware family or even previously unseen or unknown malware that contains genes that indicate malicious behavior.

ESET Botnet Protection –ESET Botnet Protection detects malicious communication used by botnets and, at the same time, identifies the offending processes. Any detected malicious communication is blocked and reported to the user.

ESET LiveGrid® – Whenever a zero-day threat is seen, the file is sent to ESETcloud-based malware protection system ESET LiveGrid® where the threat is detonated and its behavior is monitored. The results of this system are provided to all endpoints globally within minutes without requiring any updates. This approach has a significant positive impact on scanning performance and deflection of zero-day threats on all protected endpoints with active ESET LiveGrid®.

Conclusion

Malware tracking has been an irreplaceable tool in the hands of ESET researchers for many years, contributing to numerous disruptions of dangerous malware. This mechanism is not a rival to malware replication; quite the contrary – both represent different approaches, which can be used separately when needed or even complement each other.

However, malware analysis is still only a small fraction of ESET multi-layered cybersecurity focusing on prevention. ESET combines multiple technologies, AI and human expertise to deliver top-notch security and threat intelligence from which ESET partners and law enforcement authorities benefit greatly.

About ESET
For 30 years, ESET® has been developing industry-leading IT security software and services for businesses and consumers worldwide. With solutions ranging from endpoint security to encryption and two-factor authentication, ESET’s high-performing, easy-to-use products give individuals and businesses the peace of mind to enjoy the full potential of their technology. ESET unobtrusively protects and monitors 24/7, updating defenses in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company. Backed by R&D facilities worldwide, ESET became the first IT security company to earn 100 Virus Bulletin VB100 awards, identifying every single “in-the-wild” malware without interruption since 2003.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

Are you confident in your SaaS data protection?

Here’s why you might want to double check 

How confident are you that your organization’s critical SaaS data is fully protected? If you’re not entirely sure, you’re not alone. A recent survey by Gatepoint Research of executive- and director-level respondents revealed that only 28% of IT and security executives feel fully confident in their current SaaS data protection and resilience measures. With SaaS applications like Microsoft 365 and Salesforce now essential to business operations across industries, ensuring SaaS data backup and recovery is crucial — and it’s becoming more challenging.

In a recent webinar, I talked about what these survey findings show about the state of SaaS data protection today — and why businesses need to rethink their approach to keeping their SaaS data secure. This article highlights the biggest takeaways from that conversation to help guide you on what your SaaS backup strategy should cover.

The shared responsibility model: Who’s really responsible for SaaS data protection?

When businesses move data to the cloud, many assume that providers like Microsoft, Google, or Salesforce have them covered. It’s a reasonable expectation — after all, if they’re securing the infrastructure, shouldn’t they also be responsible for protecting the data?

In reality, SaaS providers all operate under a shared responsibility model: They protect the application, but the responsibility for complete data backup falls squarely on the customer. The SaaS provider generally promises not to lose all your data at once, but they don’t necessarily protect your critical business data from deletion, corruption, encryption, or loss. It’s up to you to have a backup plan in place for your cyber resilience. Without an independent backup and recovery solution in place, data can be lost, leading to operational disruptions, compliance issues, and reputational damage.

Misunderstanding the shared responsibility model can lead to disastrous consequences, and the complexities around SaaS data protection underscores one of the reasons why so many executives express low confidence in their SaaS data protection measures.

Confidence crisis: Why so many executives are concerned about their SaaS data

The survey results show that 31% of executives weren’t confident in their SaaS data protection measures. This low confidence stems from several factors, including:

  • Compliance and regulatory pressures: Global compliance regulations, from GDPR to NIS2 and DORA, demand that organizations maintain control over their data and prove that it’s secure. This is challenging, as regulations are evolving faster than many companies can adapt, increasing pressure on data governance and compliance. For example, DORA mandates that businesses in the financial industry maintain backup environments segregated from production environments to reduce risk.
  • Increased risks from external factors: The frequency and severity of cyberthreats, such as ransomware, only continues to grow. With the advent of ransomware as a service (RaaS), the number of threat actors only stands to increase.
  • Data growth and scalability: As more companies adopt SaaS applications, the volume of data continues to grow exponentially, making traditional backup strategies insufficient and underscoring the need for scalable solutions.
  • Complexities in SaaS data backup: Many organizations rely on built-in SaaS backup tools that may not offer the robustness needed to guarantee data integrity and protection from threats like ransomware or accidental deletion, such as data immutability and air gapping.

Key challenges organizations face with SaaS data protection

The survey also delved into some of the key challenges executives say they face. Some of these are related to the reasons they don’t feel confident, but I was interested to see a couple of unique challenges reflected in their answers:

  • Increasing compliance demands: Regulations like GDPR, NIS2, and DORA are forcing organizations to implement rigorous data protection measures. These compliance requirements are constantly evolving, leaving companies racing to keep up.
  • Rapid growth of data: As SaaS usage increases, so does the volume of data, creating scalability challenges for organizations. Traditional backup solutions often fall short when managing the vast amount of data in today’s SaaS environments.
  • Managing multiple backup vendors: Many companies juggle multiple backup providers across different SaaS platforms. This fragmented approach can make it difficult to enforce consistent data protection policies, and it increases the risk of gaps in coverage. The average number of SaaS apps used by “workplaces in transition” is more than 120, according to BetterCloud.

These issues compound the challenges organizations face in securing their SaaS data, especially when operating without a clear strategy or dedicated backup vendor.

What’s true SaaS data backup and what should it include?

To overcome these challenges, organizations need reliable backup solutions that are purpose-built for SaaS data. In this case, “purpose-built” really means that they’re built on an independent cloud infrastructure that ensures your data is protected, accessible, and separated from the production environment of the SaaS provider. This approach provides the ultimate safety net, enabling you to recover and restore data independently of your SaaS provider’s infrastructure. It’s why I call such a system a true backup, not just another copy of the data.

True backup also means maintaining immutable copies — versions of your data that can’t be altered, even by the most sophisticated threats. In recent years, ransomware attacks and malicious insiders have targeted cloud data, leading to data loss or corruption. A truly immutable backup, stored independently, can withstand these threats, ensuring that your data is always recoverable.

 

Of course, this isn’t a comprehensive list. If you’d like to read more about the top considerations for backup and recovery solutions, read our top 10 for RFP blog.

The ROI of backup and recovery

A dedicated SaaS data backup solution might seem like just another expense, but it brings considerable return on investment. Data loss or downtime can lead to significant financial impacts, both directly and indirectly. From potential fines for non-compliance to revenue loss due to service interruptions, the costs of not having a backup far outweigh the investment in a robust solution. You can also leverage cost avoidance in SaaS licensing fees with some backup providers. A comprehensive SaaS data backup strategy also protects your organization against reputational damage by ensuring uninterrupted service.

Practical steps to increase SaaS data protection confidence

Regular testing and clear data classification are crucial parts of any backup strategy. Here are a few takeaways for organizations looking to improve their SaaS data protection:

  • Identify and classify your data: Identify what data is critical to your business and prioritize its protection. Knowing what information is most essential enables you to focus on securing the assets that would be most damaging to lose.
  • Test and verify backup and recovery processes: Confidence in data protection comes from testing, so schedule regular recovery tests to ensure backups are complete and easily recoverable. Make sure multiple team members are trained to handle recovery to avoid dependence on a single individual.
  • Evaluate your current backup solution: Check if your current backup solution meets modern standards of immutability, independence, and compliance. If your SaaS data is only partially covered or stored in the same environment as production data, it might be time to look for a more comprehensive solution.

Moving forward with a proactive approach to SaaS data protection

Ultimately, the goal is to be able to move from a state of “moderate confidence” to one of complete assurance. Data breaches and regulatory penalties are on the rise, and so investing in a robust, independent backup strategy is no longer optional. A true backup solution (one which stores backup data copies in a cloud independent from the production data) will not only help you meet compliance standards but will also provide the resilience and continuity your organization needs to thrive. Read more about creating a cybersecurity framework.

Another key takeaway is this: If your backup data is stored in the same place as your production data, it’s not really a backup. By investing in a purpose-built solution, you’re protecting data AND you’re strengthening your organization’s resilience by creating a safety net that keeps your business running smoothly, even in a crisis or SaaS provider outage. Learn more about air gapping.

In the end, confidence in your SaaS data protection isn’t just a nice-to-have; it’s a competitive advantage. Take the steps today to make sure your data is secure, accessible, and always within reach.

Takeaway: Backup isn’t just a safety net; it’s a strategic investment

Ultimately, having a true backup strategy for SaaS applications is not just about preventing worst-case scenarios. It’s a proactive step that empowers your organization to maintain control over its data, ensure regulatory compliance, and prevent costly downtime. By implementing a reliable SaaS data backup solution, you’re investing in resilience and building confidence that your business can withstand unexpected events, from cyberattacks to accidental deletions.

The lesson is clear: Don’t wait for a crisis to rethink your data protection. Take action today to safeguard your SaaS data with a robust, purpose-built backup solution that keeps your organization’s data secure, compliant, and always within reach.

About Keepit
At Keepit, we believe in a digital future where all software is delivered as a service. Keepit’s mission is to protect data in the cloud Keepit is a software company specializing in Cloud-to-Cloud data backup and recovery. Deriving from +20 year experience in building best-in-class data protection and hosting services, Keepit is pioneering the way to secure and protect cloud data at scale.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

Key 2024 MSP Statistics and Trends to Know

With technology, compliance, and work environments changing faster than ever before, teaming up with managed service providers (MSPs) is becoming a better option for more and more organizations — and teaming up with strategic partners is emerging as a great solution for many MSPs.

So many organizations these days just don’t need (or can’t financially justify) an investment in in-house IT departments managing services, devices, and security threats. But you also can’t function today as a business or organization without some technical expertise; the IT environment is complex and always changing. MSPs provide expert support with the ability to quickly scale, adapt, and respond to evolving compliance, cybersecurity needs, user demands, and technology.

Overview of Managed Service Provider Market

The current IT landscape requires expertise in an expanding range of services, and very few smaller organizations have the resources or personnel to handle it effectively. While size is not the only factor that determines use, it generally holds true that the smaller your organization is, the more likely it is to engage with an MSP to handle services you would otherwise be unable (or even unwise) to provide in house.

By outsourcing tasks like cloud and SaaS management, device and user controls, compliance, and security services to an MSP, businesses get the benefit of specialized knowledge, skills, and automated technology that can help fill in their tech gaps and maximize their IT spend.

Definition and Role of MSPs

Managed service providers act like an extension of an IT team — but there’s a big difference in how they operate. While traditional IT services are reactive, responding to user or network issues as they’re notified of them, MSPs are proactive with a focus on preventing issues from happening in the first place.

MSPs provide active network monitoring, data center and services management, security solutions, and keep up to date with the latest compliance regulations. With an MSP, your IT department will gain a lot more flexibility, reduced downtime, and confidence knowing that operations will run smoothly.

Importance of MSPs in Today’s Business Landscape

MSPs are becoming increasingly critical across all industries for organizations of all sizes. Large organizations with complex compliance and security needs like finance and healthcare benefit from an MSP’s active monitoring, advanced cybersecurity, and ability to adapt quickly to new regulations. Small- and medium-sized businesses (SMBs) can take advantage of top-tier IT services and support without the expense of hiring an in-house team.

As the working world continues migrating to the cloud, MSPs ensure that the transition is secure and provides more efficient technology solutions moving forward.

Key Market Statistics and Figures

Recent surveys show that use of MSPs is growing, with security at the top of the list for many organizations.

  • Almost 90% of SMBs currently use an MSP to handle some of their IT needs or are considering it.
  • 78% of organizations view MSPs as a solution for Internet of Things (IoT) management.
  • Roughly 60% of large organizations across the globe use MSPs to streamline IT and cloud services.
  • 60% of respondents said cybersecurity was the top challenge, which led them to partner with an MSP.
  • 48% cited device management and migration to remote work as areas MSPs could handle better than traditional IT.
 

Managed Services Market and Growth Trends

The use of MSPs is growing due to cost benefits, more predictable budgeting, and scalability. The latest trends in technology are mirrored in the managed services market, with cybersecurity, AI tools, and cloud services leading the way.

Global Market Size and Projected Growth

The MSP market is growing in 2024 and shows no signs of slowing down anytime soon. The market is expected to reach almost $350 billion globally by the end of the year and soar to over $1 trillion by 2033, at a CAGR of 12.9%.

Key Trends Driving Market Expansion

Security, adoption of cloud technologies, and automation are areas where MSPs excel over traditional IT departments.

MSPs enhance security through continuous network and data monitoring, password management and passwordless login technologies, device management, and improved compliance. Many MSPs provide advanced data backup and disaster recovery solutions that significantly shorten recovery time in the event of a breach.

MSPs utilize automation to streamline operations and manage resources better. They make repetitive tasks more efficient and remove the risk of human error that can lead to security holes or extended outages.

With cloud operations expanding and many organizations relying on multi-cloud environments, MSPs consolidate management and provide infrastructure to deploy multiple services efficiently.

Regional Market Analysis and Differences

These are the key statistics as organizations implement MSPs across the globe:

  • With the U.S. driving demand, North America makes up the largest share of the MSP market, expected to grow at a CAGR of 12.2% by 2033.
  • Europe is the second-largest region, with a CAGR of 12.5% by 2030.
  • Asia is the fastest growing region for MSPs.

Economic Impact of MSPs

Most organizations using MSPs feel a major economic impact.

MSPs increase productivity by making IT operations more efficient and secure, allowing businesses to apply funds that would be spent on internal IT teams to other needs. Advanced single sign-on (SSO) and device management technologies improve the experience for all users and make it more likely that protocols will be followed.

The advanced cybersecurity features of MSPs prevent breaches and can potentially save millions in legal fees, fines, and ransoms.

Cost Savings and Efficiency Improvements

By teaming up with an MSP, organizations can contract for the specific services they need rather than having to hire, build, and train an entire in-house IT team. With technology and compliance changing faster than ever, the use of an MSP makes it much easier to keep up, without the cost of additional personnel or certifications.

The tools used by MSPs are leveraged across their client base, making it more cost-effective to develop advanced technology that makes systems more efficient and secure.

Research shows that organizations using MSPs experienced significant savings.

  • Organizations that contract MSPs can reduce overall IT costs by 20-30%.
  • MSPs increase productivity by 15-25% through improved efficiency and reduced downtime.
  • MSPs reduce the risk of cyberattacks by up to 50%.

Revenue Generation Areas for MSPs

MSPs create value by providing advanced technology solutions for business.

Many of the services they provide wouldn’t be financially or logistically feasible with an in-house IT team. With highly trained specialists dedicated to areas like network and user management, cloud services, data protection, and cybersecurity MSPs can devote more time and resources to developing technology that makes online environments more productive and secure.

Because MSPs work at scale they can partner with a wide variety of clients, opening up revenue streams to build and maintain their own services more efficiently than any individual in-house IT team.

Comparison of In-House IT vs. Managed Services

In-house IT teams and MSPs vary in a few key ways. By understanding the differences, you can see how to leverage both to get the most out of your IT services.

In-house IT teams tend to be better at daily operational tasks and supporting unique environments and requests. They can be faster to respond to some issues that are specific to the organization, but overall their response times are slower to systematic issues like breaches or misconfigurations. Generally, they’re also slower to adapt to emerging cyberthreats and compliance changes. Some of the biggest challenges in-house IT departments face are scaling, budgets, and skills shortages.

MSPs excel when it comes to security and scalability. Technologies like continuous monitoring save on salaries and unexpected costs like breaches or compliance management. They can also detect and manage misconfigurations faster. All of this reduces downtime and leads to faster fixes, for a more secure and productive work environment. Most MSPs offer flexible payment structures so that organizations can take advantage of advanced services without breaking their budgets. While MSPs do provide a lot of economic advantages, it can be more challenging for them to handle one-off projects or unique requests.

Market Segmentation and Services Offered

Some MSPs specialize in a specific service, while some offer a full range of combined services. Some MSPs offer a suite of services in a customized package to address specific client needs like compliance, network management, or device management.

Breakdown by Service Type

There are three main services that MSPs provide. Managed network services (MNS) focus on maintenance and management of network systems and hardware, as well as providing IT support to keep technology current and services operating steadily. Managed cloud services (MCS) manage and optimize cloud services, which could include user management and security, deployment, and unification. Managed security services (MSS) detect threats, manage firewalls, and handle endpoint security and data encryption. They also make sure systems are compliant with the latest regulations and privacy laws. Managed security is currently the most in-demand service due to increasing threats in the cybersecurity space.

Deployment Models: On-Premises vs. Cloud

When working with an MSP, you’ll need to know the best way to deploy services for your organization.

On-premises solutions give your organization the most control over your IT infrastructure. With this approach, sensitive data is stored and managed on-site at the company. This can be a great model for organizations that have strict security and compliance needs. However, on-premises deployment can take a lot of investment and can be costlier to update and maintain.

Cloud deployment is extremely flexible and scalable, providing your organization with a much greater degree of adaptability at a lower cost. Cloud providers host data and services remotely, which reduces the need for in-house staff, hardware, and maintenance. Some organizations might be hesitant to use cloud deployment due to their security needs.

For some organizations, hybrid models are the most effective model of deployment. In a hybrid environment, sensitive data is administered on-site, while less critical functions like SaaS management are handled by the MSP remotely. Though hybrids can provide the best of both worlds, they’re more complex to manage and require specialized IT skills.

Industry-Specific Solutions and Verticals Served

There are MSPs for every type of organization. Fields like finance, government, and healthcare benefit from MSPs that focus on cybersecurity, compliance, automation, and monitoring. Retail and manufacturing use MSPs to optimize supply chain management, IoT integration, and analytics.

Future Outlook for Managed Service Providers

MSPs will continue to play a major part in IT moving forward. As technology evolves, regulators issue new laws to protect consumers, and cybercriminals deploy AI and advanced tools, MSPs will be critical to ensuring organizations maintain their systems and data. MSPs will develop new ways to maximize efficiency and safety that influence IT protocols across the industry — and to do that they’ll also need to find new ways to support their own business.

Emerging Trends and Technologies

MSPs have already started to expand into new technologies like AI, blockchain, and IoT to enhance the services they provide.

AI automates processes that help tighten security by detecting threats faster and making fixes more effectively. MSPs also improve predictive analytics to identify issues earlier and reduce downtime.

MSPs are exploring blockchain technologies to enhance cybersecurity and data integrity. Using decentralized technology like blockchain can make networks more secure against attacks by eliminating single breach points.

MSPs help integrate IoT devices across existing networks, and are using AI to find new ways to manage and analyze the data created by the influx of devices.

Now that hybrid and remote work models are the new normal, MSPs will need to keep building new tools that support remote environments. Cloud integration, unification, Zero Trust frameworks, and device management are all areas we can expect to see continued advances. Shadow IT is becoming a persistent threat and is often difficult for in-house teams to get in check.

Hyperconverged infrastructure (HCI) is a new development that uses intelligent software to bring storage, computing, and networking together under one umbrella and replaces legacy data management systems.

Challenges and Opportunities in the MSP Market

While MSPs continue to grow rapidly, there are a few challenges on the road ahead. As the market grows, the field will get more crowded with new players. This will create more competition among MSPs but could drive further innovations, but it also means MSPs will need to increase marketing efforts to stand out.

With cybercriminals using new technologies MSPs need to move fast to stay ahead of emerging threats to their clients and their own networks. Investing in cyberinsurance, new security tools, and hiring experts could drive up costs for MSPs.

Supplying new technologies like AI and blockchain will also require more investment and resources from MSPs. But with both SMBs and large organizations facing many of these same challenges, plenty of opportunities remain for MSPs to take on the increasingly complex tasks that other organizations can’t handle. As MSPs bring on additional clients, managing all of them together could pose its own challenge.

Strategic Recommendations for MSPs

If you’re an MSP, it’s all about filling in the technology gaps that other organizations don’t have the time or the resources for.

Identifying industry needs hones focus on the areas organizations are concerned about taking on. Cybersecurity is a huge concern for organizations across the board right now, and many are counting on MSPs to provide a solution. Monitoring and automation technologies are areas that can give businesses a big boost in efficiency. Migration to cloud services is an area that creates a lot of challenges for in-house IT teams.

MSPs can build stronger relationships with clients by providing solutions to the problems traditional IT can’t deal with effectively.

By partnering with cloud-based platforms or other providers, MSPs can expand their services and streamline their own operations to provide cost-friendly options for all of their clients.

By keeping current to take advantage of trends and staying ahead of emerging cyberthreats, MSPs will continue to be a valued component of every organization’s IT infrastructure.

Learn More About JumpCloud for MSPs

See how JumpCloud for MSPs enables you to give your customers a seamless, secure IT experience from a single open directory platform.

 

About JumpCloud
At JumpCloud, our mission is to build a world-class cloud directory. Not just the evolution of Active Directory to the cloud, but a reinvention of how modern IT teams get work done. The JumpCloud Directory Platform is a directory for your users, their IT resources, your fleet of devices, and the secure connections between them with full control, security, and visibility.

About Version 2 Digital

Version 2 Digital is one of the most dynamic IT companies in Asia. The company distributes a wide range of IT products across various areas including cyber security, cloud, data protection, end points, infrastructures, system monitoring, storage, networking, business productivity and communication products.

Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, different vertical industries, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.

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