4 Top Security Extortion Hacks MSPs Must Know in 2024

Evolving Ransomware Tactics: As Aaron Goldstein, Head of Security Operations and Incident Response at Todyl, starkly observes, ransomware groups are becoming more organized and brazen, picking their targets meticulously and threatening them with notifying compliance and regulatory bodies as a repercussion for non-payment of their extortion. MSPs must be aware of these evolving tactics, including the use of sophisticated encryption algorithms and targeted searching and exfiltration of sensitive data, to provide effective countermeasures.

1. Rise in Business Email Compromise:MSPs should be particularly vigilant about the surge in Business Email Compromise (BEC) and fraud. With cybercriminals now capable of intercepting Multi-Factor Authentication (MFA) tokens and session data, these phishing attacks are increasingly difficult to detect, often appearing as logins from a nearby location due to the use of proxies and VPNs.
2. Advanced Threat Detection and Response: In response to these sophisticated threats, MSPs need to enhance their service offerings with advanced threat detection systems.These systems should be capable of identifying unusual behavior patterns and responding promptly to mitigate potential breaches.
3. Educating Clients on Cybersecurity:MSPs play a crucial role in educating their clients. Regular training sessions, phishing simulations, and updates on the latest threat actor techniques should be part of their service offering. Educating clients about recognizing and responding to cyber threats is crucial in the fight against sophisticated cyber attacks.
4. Regulatory Compliance and Cybersecurity:MSPs must also guide their clients in understanding and adhering to cybersecurity laws and regulations. Assisting clients in maintaining compliance can reduce the risk of legal complications and enhance overall cybersecurity posture.

As we progress through 2024, MSPs must be cognizant of these top security extortion hacks. By staying informed about the latest threats and adapting their strategies accordingly, MSPs can provide their clients with the necessary tools and knowledge to safeguard against the ever-evolving landscape of digital threats.