Cyberattacks by Third-Partys; MSPs and MSSPs
While third-party hacking is not new, and there are many examples in the cyber world, the most serious threat to your cybersecurity is being hacked by a third party appointed only for that purpose. As they have access to vast amounts of information about other companies, Managed Service Providers and Managed Security Service Providers are prime targets of adversaries. They also allow an adversary to multiply a cyberattack with thousands of dollars, which is a popular tactic used by ransomware operators. MSSPs are therefore a valuable target for attackers.
Security-Critical Information of Customers
MSSPs are the most popular because they have PII and customer information of other customers. They may also have all the weaknesses and vulnerabilities listed for each customer in a file on one their systems. MSSPs are a lot more attractive than other service providers because they have access to PII and customer data of customers. Access to customer assets such as open ports and product versions is also available. They have access to the most important information about customers through their monitoring tools.
This sounds like heresy. A cyber-attack on one managed service provider (MSP), or managed security provider (MSSP), could cause a loss of approximately $80 billion in capital across hundreds small businesses.
Are MSSPs Themselves Secure; A FireEye Case Study
Here's a quick refresher on FireEye, a Silicon Valley Cyber Security company.
You'll recall the Cyber Attack on FireEye in December 2020. This attack shows just how secure traditional MSSPs are. According to FireEye, the Russian state-sponsored attackers had "world-class capabilities" and were "highly trained and disciplined." FireEye representatives explained that the attackers "targeted" and "accessed certain Red Team assessment instruments [that] are used to] provide essential diagnostic services to our customers." FireEye's most sophisticated hacking tools were stolen by the attackers, despite them having the most up-to date cybersecurity.
A Supply Chain Attack
Multiple U.S. agencies were hit in the attack, including the Departments of State, Treasury, Commerce, Energy and Homeland Security, as well as the National Institutes of Health. Now the question is: HOW? !
It was a huge supply-chain attack. An attack vector was a third-party Texas-based company called SolarWinds that makes software used in thousands of private businesses and federal agencies. SunBurst, the malware used by the adversaries to infect a Solarwinds software update was cleverly installed. The infected updates were applied to the affected software and the users were immediately affected.
It is crucial to realize the serious problem with software-level cybersecurity that MSSPs and other cyber security firms cannot protect themselves from, as they rely on third-party software supplies. Customers are often advised to upgrade to the most current software versions. However, this can lead to their systems being breached. FireEye also confirmed that this was an attack vector. "The SolarWinds compromise was what prompted the attack on FireEye." FireEye believes that they used this attack vector to begin with. They then used more sophisticated techniques to penetrate our network and hide behind it."
How to Stay Safe from Third-Party Attacks
The reliance on third-party software is not going away anytime soon. Even if companies have the best tools to protect themselves against cyber attacks, it is likely that someone within the organization will still use Zoom, Skype, or Slack. Third-party software will always exist and there will always been non-technical staff such as HR and Finance. Even in highly technologically advanced companies. There will always be a supply-chain attack. At the Forrester Research Security & Risk 2021 Conference, a panel of analysts said that 60% of security incidents will be caused by third-party issues. It's similar to having fire alarms that are well-detected but still catching fire in your home.
Security at the Firmware Level; The Only Solution
Although most MSSPs do a good job protecting customers, they want their customers to be safe. Security at the firmware level is the only way to protect MSSPs from data breaches as they grow into one of the most important industries. Flexxon calls it the "Security Vault". This means that you have security within your systems closest to your most valuable assets. This is crucial for any organization's ability to defend against external or internal attacks.
Security Vault CyberSecure SSD Integrated with AI X-Phy
Our built-in SSD from X-PHY AI is immune to all cyber attacks. An award-winning SSD responds to cyber attacks quickly and accurately. For example, I thwarted an attack by WannaCry ransomware, a ransomware that dominated the Internet in 2017. As Chris Dewey, a leading specialist in cybersecurity solutions, noted while testing our SSD on an unprotected system: the threat could have been thrown at it. I was very surprised by how quickly it detects a threat and prevents it from causing harm.” Therefore, X-PHY SSD does not rely on signature-based detections or cybersecurity professionals to respond to alerts. It is more of a firmware level protection solution. This means that the solution that We offer can handle the latest and ever-evolving variants of all malware at first encounter.
Had our SSD X-PHY been deployed to affected systems after FireEye, the so-called SunBurst malware would never have executed and the attack would have been over, right then and there. Therefore, MSSPs and software vendors must implement X-PHY Cyber Security SSDs immediately to ensure that they do not redirect any cyber attacks towards their unsuspecting customers.
conclusion
MSSPs are part of a very important industry, which is cybersecurity. Global spending on managed security services will grow 8% annually and exceed $46 billion by 2025, according to a May 2020 report by and Markets. Therefore, MSSPs have a bright future if they take the right steps, such as implementing firmware-level security with AI-embedded CyberSecure SSDs. If you would like to discuss anything else, please feel free to contact us at:
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