6 Biggest Threats that Your MSP Should Prepare You for This 2020

The Hard Truth About Malware in Australia

(The statistics in this section are findings from this article)

It seems like businesses in Australia are uniquely behind the times when it comes to managing cybercrime and security.

2019 was an exceptionally challenging year. Throughout the country, at least 23,000 Australian businesses dealt with some manner of a cybersecurity emergency.

In fact, the first half of last year saw 9.2 million recorded malware detections from businesses. While the average cost paid to cyber extortionists was $36,295. On the high end of these crimes, there have even been payments made that have reached $250,000.

The eventual toll 2019 took on Australia is $19 million in cybercrime. This year, the number is projected to jump 27%—and another 52% by 2022.

It’s integral for you, as a business owner, to commit to halting these crimes by complying with security measures and protecting your data.

Six Malicious Cyberthreats Looming Over Your Business

(The statistics in this section are findings from this report)

1. Lack of Communication Between Small Businesses and Their MSP

The biggest problem facing Australian businesses is their own inaction. With more room to roam freely and launch malicious attacks on businesses across the country, it’s only possible for cybercriminals to grow bolder and stronger.

Part of that inaction is not having a firm plan or strategy in place to handle these threats.

Such a strategy can only be formed and executed if businesses are proactive and align themselves with an MSP willing to collaborate on an effective solution.

Sadly, there’s a disconnect throughout the country with small businesses and their MSPs. 90% of MSPs are “very concerned” about the ransomware threat, while only 24% of their small business clients feel the same.

Meaning, businesses aren’t listening to their MSPs—who clearly aren’t doing a good enough job conveying that information.

2. Getting Baited by Email Phishing Scams

It’s incredible to think that in 2020, businesses would get bilked by phishing emails out of highly sensitive information.

However, these scams have become increasingly more deceptive and intricate as the years have gone by. Even the savviest of individuals can end up getting hooked by a phishing scam.

MSPs throughout Australia rank phishing emails as the leading cause of successful attacks, with 73% of small businesses falling victim to these scams.

3. Your MSP Lacks of Education About Cybersecurity

Another issue ranked by Australian MSPs as a leading cause of malicious cyberattacks is a lack of education on these matters.

33% report a lack of cybersecurity training directly leading to attacks.

Understandably, businesses fall victim to this lack of education. Owners are so laser-focused on their products and services, and matters of security are overwhelming and all-encompassing. It’s incredibly challenging to remain informed on these issues.

Still, it’s crucial to stay informed and ready for these risks, which is much easier when you’re working with a top-notch MSP.

4. Weak Password Strategy

It becomes effortless for hackers to invade your email inbox and procure sensitive information when they don’t actually have to hack.

39% of small businesses have weak passwords, according to MSPs. This statistic is highly likely due to the lack of education on cybersecurity for these businesses.

5. The Growing Capabilities of Ransomware

In 2019, ransomware was as prevalent as ever as a malware threat to your system. To elaborate, 89% of MSPs report this malicious software as the most common malware threat to SMBs.

Furthermore, 64% of MSPs reported attacks against clients during the first half of last year, alone. On top of that, the aftermath of a ransomware attack is devastating. Almost 50% of MSPs report victimized clients experiencing levels of downtime that threatened their business.

6. DIYing Tech Services

Throughout this blog, it’s been made clear that a lot of these issues result from an educational gap. And, of course, they occur due to a disconnect with MSP and IT teams.

Well, you can’t communicate with your MSP if you haven’t hired one to help with such services.

Tech these days is so sophisticated that it’s not something you can really DIY. You have your own discipline, and digital technology is its own fulltime job. There isn’t any possible way you can dedicate the necessary time to matters such as cybersecurity when you’re focused on other aspects of your business.

If there is one take away from this article, it is to at least have a conversation with your IT provider around cyber security.