Madison Strategic Sector Premium Fund : How MSPs are Protecting Their Businesses from Ransomware

According to survey findings in our annual State of the Channel Ransomware Report, managed service providers (MSPs) acknowledge that it's not just their small and medium business (SMB) clients being targeted by ransomware.

MSPs are also concerned, and rightfully so. 95% of MSP respondents agreed they are being increasingly targeted by ransomware attacks. In these attacks, hackers use MSP credentials to access and spread ransomware to their clients. MSPs are taking the threat seriously and it shows in the statistics.

• More than 50% report they are using password management and two-factor authentication (2FA) tools
• 44% reported that they are using an identity provider for Single Sign-on (SSO)
• Of that 44%, nearly 70% use the same provider for 2FA
• 47% of MSPs said they use Microsoft Azure Active Directory, making it the top choice of SSO identity providers among respondents

Partnering with an MSSP

MSPs recognize the need to boost their security measures and expertise. They are doing just that, with 46% of MSPs surveyed now partnering with managed security service providers (MSSPs) for assistance with IT security-for their clients and their own businesses. In fact, the number one reason MSPs reported doing so was to improve their own security preparedness-another sign that MSPs are taking the possibility of attacks on their own businesses seriously.

Ultimately, partnering with an MSSP boils down to accessing expert guidance. IT security is a broad, complex discipline that requires specialization to develop expertise. MSSPs have it, and MSPs need it. The top three reasons MSPs are choosing to partner with MSSPs include:

• 54%: To boost cybersecurity/ransomware preparedness at my MSP
• 47%: To reduce cyber risk to my business
• 45%: To better understand available and effective security technologies

*Survey respondents were able to select multiple answer choices.

Learn more about how MSPs are preparing their clients' businesses and their own to face cyber risk in our full State of the Channel Ransomware Report.