Having trouble logging into your client’s network? Can’t access any files?

That’s most likely because you’ve been breached or one of your clients has.

But the question is who should be held accountable if a data breach occurs? In this article, we’ll explore ways to prevent breaches, understand who has access to which sensitive data assets, and discuss the importance of why every MSP should have cybersecurity insurance coverage.

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Understanding Where Sensitive Data Is Stored

Do you know who has access permissions to your CSP resources, such as Google Drive? A study that analyzed 6.5 million Google Drive files found that 40.2% contained sensitive data that could put an organization at risk of a data breach and suggested that 34.2% of the scrutinized files were shared with external contacts outside the company’s domain files. A single compromised file can place your MSP business at risk of a potential lawsuit since you are responsible for managing and securing your clients’ data once you’ve signed that NDA.

But it gets even more complicated.

Can you be 100% certain that your clients’ employees’ are even aware of the risks associated with Bring Your Own Devices (BYOD) when logging into corporate accounts from outside of the office? And how many devices have unsecured endpoints? We’re not talking about a client with 20-50 employees. Imagine an enterprise with thousands of potentially vulnerable endpoints just ripe for the picking.

Consider the risks of AI-generated phishing attacks or other forms of malware a remote employee might download from an unsecured Wi-Fi hotspot connection. Multiply this threat by the number of servers and devices they access, and the risks of a breach increase exponentially.

A study conducted by the Ponemon Institute found that 68% of organizations have experienced one or more endpoint attacks that successfully compromised data and/or their IT infrastructure.

And then there’s the real threat of external third-party suppliers and contractors that your clients work with, who are granted access ‘carte blanche’ to applications, shared cloud service providers, and systems without your knowledge. Something as simple as removing an inactive user from a shared Slack account can wind up costing you down the line.

Any of these scenarios can point back to you if you don’t know where sensitive data resides.

Research conducted by IBM Security found that the time it takes to contain a breach was 291 days across multiple types of environments.

Time is a valuable commodity in a security incident. Every second counts if proper security measures aren’t locked in place.

Conducting a Cyber Risk Assessment is a Good Start

One way to protect yourself from a potential breach is by conducting a thorough cyber risk assessment to get a clear understanding of your critical vulnerabilities and security posture. A cyber risk assessment can show you a detailed breakdown of what data is at risk and how third-party access could compromise any of your systems or critical infrastructure.

Assessments should be performed at least annually to ensure that your security measures are up-to-date.

Here are a few other use cases to perform a cyber risk assessment:

• Immediately after a security event occurs
• When integrating new technologies to evaluate any risks
• To ensure that compliance regulations are met
• Onboarding new third-party vendors, partners, and suppliers
• When employees change roles or leave the organization

Cyber risk assessments show you where sensitive data is stored, how long it is kept, who has access to the data, and if the data is secured.

Assessments can help you determine if you have the right security policies and controls to protect the data effectively. Once you have a detailed inventory of all assets at risk, you can prioritize future mitigation strategies to reduce the likelihood of a breach.

Cyber risk assessments are a crucial piece of the security puzzle. But what happens when a client decides to file a lawsuit against your business if their data has been compromised?

Why MSPs Need Cyber Insurance

Although you can’t control access permissions of third parties assigned by clients, you can protect yourself in terms of liability and legal ramifications in the event of an actual breach. Cyber insurance can provide financial protection, cover legal expenses, support incident response efforts, and help repair any reputational impact if a breach occurs.

Cyber insurance policies can shield you from the financial fallout of cyber incidents and breaches, including first-party losses like business interruption, data recovery, and ransom extortion fees. It also protects against third-party liabilities such as legal defense costs, settlements, regulatory fines, and penalties.

Another benefit of having cyber insurance coverage is that the insurer can act as the mediator in the event of a dispute. This might involve negotiating with third parties, managing communications with affected clients, or handling regulatory bodies to ensure compliance and mitigate further liabilities.

And it’s not only MSPs who need to have cyber insurance. Data showed that 87% of MSPs are seeing an increase in demand for cyber insurance from clients. Breaches can stem from unpatched software, leaked credentials from a misconfigured AWS S3 cloud bucket to an employee falling for a phishing scam. Regardless of how it happened, the cause is less relevant than the outcome.

That’s why every MSP should have premium cyber insurance coverage.

Protect Your Business from Breach Disputes with Guardz Cyber Insurance Coverage

Guardz Cyber Insurance can help cover the costs associated with data breaches and legal expenses. Manage and mitigate the impact of a cyber incident without disrupting business operations. Guardz also covers the costs incurred by MSPs and SMEs in investigating the incident and implementing recovery measures to keep business flowing.

Don’t leave anything to chance. Protect your critical assets and demonstrate cyber risk readiness to your clients with Guardz Cyber Insurance.

Highlights:

1. Small businesses and Managed Service Providers (MSPs) are particularly vulnerable to browser exploits, such as CVE-2024-4761.
2. The impact of such vulnerabilities can be devastating, potentially leading to data breaches, financial loss, and reputational damage.
3. Practical steps can be taken to mitigate these risks, including regular updates, managed browser policies, and proactive security measures.

Browsers are an essential part of modern business operations, enabling access to the internet and various intranet resources. With Chrome, Safari, Firefox, and Edge dominating the market, it’s easy to see why maintaining browser security is crucial. For small businesses and Managed Service Providers (MSPs), the implications of browser vulnerabilities like CVE-2024-4761 can be particularly severe.

Understanding the Impact

Small businesses often lack the extensive IT infrastructure and dedicated cybersecurity teams that larger organizations have. This makes them attractive targets for cybercriminals, who exploit vulnerabilities in widely used software. The CVE-2024-4761 vulnerability in Chrome is a prime example. This flaw, present in versions prior to 124.0.6367.207, allows remote attackers to execute arbitrary code via a crafted HTML page, exploiting an out-of-bounds memory write in the V8 JavaScript engine.

For MSPs, the stakes are even higher. MSPs manage IT services for multiple clients, meaning a single vulnerability can compromise numerous businesses. An exploit like CVE-2024-4761 could lead to widespread data breaches, jeopardizing client trust and causing significant financial and reputational damage.

Consequences for Small Businesses and MSPs

1. Data Breaches: Exploiting browser vulnerabilities can give attackers access to sensitive information, including financial records, personal data, and proprietary business information. This can lead to identity theft, financial loss, and intellectual property theft.
2. Financial Loss: The costs associated with a data breach can be staggering. Small businesses may face fines, legal fees, and the costs of implementing additional security measures. For MSPs, the financial repercussions are multiplied across their client base.
3. Reputational Damage: Trust is a cornerstone of business relationships. A breach can erode customer trust, lead to loss of business, and damage the reputation of both small businesses and MSPs.

Practical Tips for Staying Protected

To mitigate the risks associated with browser vulnerabilities, small businesses, and MSPs should implement the following measures:

1. Regular Updates: Ensure all browsers are up-to-date with the latest security patches. Automated updates can help maintain the most current protection.
2. Managed Browser Policies: Utilize managed browser solutions to enforce security policies across all user accounts. This includes configuring safe browsing settings and restricting access to risky websites.
3. Comprehensive Security Solutions: Employ robust security software, including antivirus programs and firewalls, to add layers of defense against potential exploits.
4. Employee Training: Educate employees about the risks of browser vulnerabilities and safe browsing practices. Regular training can help prevent accidental exposure to malicious websites.
5. Vulnerability Management: Conduct regular vulnerability assessments to identify and address potential security gaps. Use tools to monitor browser versions across the network and ensure compliance with security policies.
6. Incident Response Plan: Develop and maintain an incident response plan to quickly address and mitigate the impact of any security breaches.

By staying vigilant and proactive, small businesses and MSPs can significantly reduce the risk posed by browser vulnerabilities like CVE-2024-4761. Ensuring robust security practices not only protects sensitive data but also upholds the trust and integrity of their operations.

Ransomware payments last year exceeded $1 billion, a trend projected to persist this year as a significant cybersecurity threat for all types of businesses, with reports that 69% of SMBs are unprepared to deal with the next cyberattack. However, many seek to meet global standards that assist them in strengthening their cybersecurity posture, defending against ransomware and other cybersecurity threats, and opening up new business opportunities. One such standard is the Cyber Essentials.

The 5 Security Controls of Cyber Essentials 

Cyber Essentials, launched in 2014 as a UK-based standard for cybersecurity controls and practices, was initiated by the National Cyber Security Centre (NCSC). Similar to many other cybersecurity standards, it helps businesses identify which clients are using effective cybersecurity practices and implementing proper data security. This, in turn, facilitates new business relationships, including those with the UK government. The Cyber Essentials includes five different security controls that are meant to defend against 80% of cybersecurity attacks. 

They include:

• Firewalls and routers. Check anti-virus software and internet gateways routinely to prevent the use of default passwords and unauthenticated access. Remove permissions once they are no longer needed. Approve and document all rules for firewalls together with both an approved individual and the organization. 
• Patch management. Ensure all software is licensed, supported, and patched within 14 days of an update release. Routinely fix vulnerabilities scored as “high” or “critical.” All vulnerabilities with a CVSS v3 score of “7” should also list the fixes.
• Malware protection. Keep software up-to-date and configured to scan files when accessed. Web pages should also be scanned automatically when accessed through a web server, and connections to malicious software sites should be prevented.  
• Access control. Protect against malicious attackers gaining access to systems and networks by only allowing authorized individuals to access accounts. Use a combination of authorization and authentication methods to accomplish this. 
• Secure configuration. Misconfigurations are one of the most common sources of data breaches. Ensure your services and networks are properly configured to reduce the number of vulnerabilities malicious threat actors can potentially exploit.  

5 Alternative Cybersecurity Frameworks and Standards

While there may be some overlap between the Cyber Essentials and other cybersecurity standards, each 

• ISO 27001. An international standard was formally adopted in 2005 by the International Organization for Standardization (ISO). Its goal is to facilitate the effective implementation, use, and improvement of information security management systems (ISMS) within a business and its third parties. 

• NIST Cybersecurity Framework (CSF). Initiated by Obama in 2014 to improve the cyber resilience of critical infrastructure, it is now the most common set of voluntary standards adopted by businesses. It provides all businesses with a simple set of steps to execute to strengthen their cyber resilience. 

• PCI DSS. A cybersecurity standard for businesses who transmit, store or generate data related to credit and debit card payments. Its goal is to protect consumers against fraud and data theft. 

• GDPR. A regulation focusing on the data privacy of customers in the European Union or businesses who process customers’ data in the European Union. 

• HIPAA. Developed in 1996, the Health Insurance Portability and Accountability Act (HIPAA) is a U.S. regulation aimed at protecting patient health information (PHI). 

Evaluating the Effectiveness of Alternative Cybersecurity Frameworks

The Cyber Essentials were developed with a specific use case in mind, one in which an attacker uses publicly available tools and techniques to launch security attacks. Although it broadly covers the five security controls mentioned, it may not be comprehensive enough for businesses in specific industries with specific compliance requirements and complex IT environments that encounter evolving cybersecurity risks. On the other hand, its broad scope makes it easier to implement for businesses of all sizes across industries.

Alternative cybersecurity standards and frameworks such as ISO 27001, PCI DSS, NIST CSF, and HIPAA have detailed guidelines for improving cybersecurity posture and protecting sensitive information according to their industries. While they are comprehensive and effective, they are limited in scope and can be harder to implement in larger organizations that have detailed requirements. Noted exceptions are the NIST CSF, which is adaptable and flexible for businesses in different industries but also consumes resources when implemented in larger organizations. The GDPR is also an effective regulation but can be difficult to implement due to its broad scope. It also focuses on legal aspects of data privacy rather than data protection. 

The Perfect Combination of Cybersecurity Standards 

Businesses that seek to replace the Cyber Essentials with an alternative cybersecurity framework must first evaluate whether or not it also covers these five security controls and has UK accreditation. Any additional framework should also require evidence that it tests against these controls or assesses the overall outcome (e.g., to manage the risk of an internet attack). 

Implementing alternative standards that complement the Cyber Essentials rather than replacing it can give your business additional recognition as a company that has a strong cybersecurity posture and implements best practices. However, implementing multiple regulations can also drain resources and be challenging depending on the requirements. Before adopting an additional cybersecurity framework, a business should ask itself which security threat it is trying to defend against. They should then explore which combination of standards might be the most relevant in defending against those threats. 

How Guardz Protects MSP Client Data 

As ransomware and other looming cybersecurity attacks increase against businesses, governments may develop stricter cybersecurity regulations and standards. Although businesses should continue staying informed of different types of compliance, they need a multi-layered approach and solution to these evolving threats in parallel. Guardz enables MSPs to streamline cybersecurity by automating detection and response across user data, devices, emails, and cloud directories from a single pane of glass.

At Guardz, we are committed to staying ahead of the curve and continuously improving our platform to provide your clients with the most robust protection against evolving cyber threats. 

From advanced ransomware detection to streamlined email security management and customizable phishing campaign content, our latest updates are designed to elevate your client security posture and ensure you’re equipped to tackle even the most sophisticated cyber threats. 

Ransomware Early Detection & Response

Endpoint Security at Guardz has taken a great leap forward with the latest Early Ransomware Detection and Response capabilities.

1. The new File Integrity Check is a feature that installs and monitors a “bait” file on the device and will trigger an issue as soon as these files are edited or modified in any way (including encryption). This serves as an indication of ransomware or other malware messing with files.  
2. As a strong response to this and other threat detections, Device Isolation can be initiated to disable all the network connections on the endpoint and actively prevent the flow of packets to/from the device.  These new capabilities can be found in the Device Details drawer as well as in the relevant issues.  

Email Threshold Enhancements

Improving the effectiveness and manageability of email security is a key focus in the Guardz platform.  To this end, we are introducing a simplified approach to email thresholds, High, Medium, and Low, allowing admins to select the appropriate action for each level of risk.

These enhancements replace the old email scale and allow admins to confidently and transparently apply caution banners and quarantine.
The 3-level approach enables proactive protection while minimizing disruptions to email security workflows.

Customize Phishing Campaign Content

Due to popular demand, it is now possible to edit the content, subject and title of phishing simulation campaigns. The content will remain AI-generated but will allow admins to make necessary tweaks without regenerating the whole email.

Key Benefits:

• Tailored Messaging: Customize email content to better suit your organization’s tone and style.
• Enhanced Engagement: Craft compelling subject lines and titles to increase reliability.
• Improved Effectiveness: Fine-tune phishing campaign emails to resonate more effectively with employees, maximizing the impact of your security awareness.

Take control of your phishing simulations and personalize your campaigns for optimal results.

Coming Soon

• Windows Server Support – Beta
  
  Expanding on our device agent enhancements, we’re excited to announce that support for Windows Servers has now entered beta.
  It is now possible to ensure comprehensive endpoint security across a broader range of organization devices.
  
  The Windows Server agent supports the following versions: 2016, 2019 and 2022
  
  If you would like to join our beta, feel free to reach out via email or chat!
• New Report: Security Business Review
  
  The Guardz ROI report has been a popular way for MSPs to communicate security risks to their customers while also showing the value they bring.  This redesigned “ROI Report” is a comprehensive approach to provide end customers with a clear and concise overview of their security posture on a monthly or quarterly basis.
  
  Key Features:
  
  • Summarized Data: The Security Business Review Report offers summarized data on the security-related activities managed through Guardz. From threat detection to risky users, you’ll get a holistic view of the organization’s security landscape.
  • Comparison with Previous Period: Gain insights into your security progress over time by comparing current results with those from previous periods. Identify trends, track improvements, and make data-driven decisions to enhance security posture.
  • Behavioral Analysis: Understand how your customer behaves from a security standpoint. The report provides valuable insights into user behavior, system vulnerabilities, and potential risks, empowering stakeholders to proactively address security challenges.

We can’t wait for you to experience the newest updates! Keep your eyes peeled for more to come!