Learning from Recent Cybersecurity Breaches: A Guide for MSP Owners

Cyber threats continue to evolve at an alarming rate, which poses significant challenges to Managed Service Providers (MSPs) responsible for safeguarding their clients’ IT infrastructure. The surprising truth is that a large majority of security issues are caused at least in part by a simple lack of knowledge on the part of employees.

It’s more important than ever that MSPs have the best education and preparation to succeed in the battle to protect sensitive data. This guide is designed to help MSP owners learn from recent cyber breaches and fortify their defenses with security awareness training.

Cybersecurity Breaches in 2023

The cybersecurity landscape of 2023 was characterized by a notable increase in the volume and sophistication of cyber threats. In addition, the cost of cybercrime is predicted to grow further, from $8 trillion in 2023 to $10.5 trillion by 2025.

With as many as 95% of breaches attributed to preventable human errors, it’s clear that enhanced awareness and education needs to be a high priority for MSPs.

Case Studies

Let’s take a look at some of the biggest data breaches in 2023 and see what we can learn from them:

Breach 1: Real Estate Wealth Network

Security researchers discovered an unsecured database belonging to Real Estate Wealth Network, which left over 1.5 billion records exposed to the public due to a preventable security oversight.

  • The Nature of the Attack: The exposed data included a wealth of information on property owners, sellers, investors, internal user logging data, tax data, and more; this included names, addresses, and tax info for a number of celebrities.
  • Vulnerabilities Exploited: The database in question was left entirely unprotected, which indicates lax security protocols, negligent password policies, and a lack of security awareness training.
  • Tactics Employed by Attackers: While it’s not been publicly confirmed whether the database was actually accessed by cybercriminals, it’s possible that hackers gained access, intentionally removing any security obstacles that had been in place to leave the data exposed.
  • Consequences for the Company: A tarnished reputation, potential legal ramifications, and a significant loss of client trust.

Breach 2: UK Electoral Commission

The Electoral Commission announced an “intricate cyber-attack” in which hostile actors infiltrated the electoral registers of the United Kingdom, which contain the personal data of approximately 40 million individuals.

  • The Nature of the Attack: Hackers gained access to data that included names, addresses, and backup electoral registers of UK voters from 2014 to 2022, in addition to records of overseas voters.
  • Vulnerabilities: A whistleblower told BBC that when the attackers breached the Commission’s systems, the organization had just failed a Cyber Essentials audit, which indicates inadequate security policies.
  • Tactics Employed by Attackers: There are reports that the Commission was using unpatched software, which left it exposed to known vulnerabilities. While unconfirmed, it is likely that hackers took advantage of this oversight to breach the system.
  • Consequences for the Company: A nationwide scandal, inquiries into operational integrity, and significant operational disruptions.

Breach 3: DarkBeam

In the biggest data breach of the year, DarkBeam, a prominent digital risk protection company, suffered a data exposure debacle that affected a staggering 3.8 billion records.

  • The Nature of the Attack: Due to a misconfigured Elasticsearch and Kibana interface, billions of records were exposed, which included user emails and passwords as well as information on previous data breaches for many clients and other companies.
  • Vulnerabilities Exploited: A failure to adhere to precise access controls and configurations, which allowed unauthorized entry.
  • Tactics Employed by Attackers: Left exposed as it was, the affected data could be accessed with ease by anyone employing public Internet scans to identify and exploit security gaps.
  • Consequences for the Company: A catastrophic blow to credibility, a loss of high-value clientele, and a damaging hit on stock market valuations.

An Effective Strategy: Security Awareness Training

In response to these vulnerabilities, MSPs are encouraged to explore comprehensive security awareness training programs to educate and prepare their teams. One such solution is ClipTraining, an eLearning platform designed to cover a wide array of cybersecurity topics and best practices.

ClipTraining stands as an exemplary solution for MSPs looking to bolster their cybersecurity knowledge base. With modules covering everything from identifying phishing scams to implementing secure practices, it is a powerful tool for reducing the human element of risk.

Strengthen Employee Training Programs and Cybersecurity Defense with ClipTraining

The trajectory of cybersecurity in 2023 sends a powerful message to the MSP community—the time for action is now. Investing in security awareness training is not just a recommendation but an imperative to maintain client security, and ClipTraining has all the resources you need to make sure everyone in your company is up to the task.

To learn more, schedule a demo with ClipTraining today, and be a part of the proactive solution to the cybersecurity challenges that await us.

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