Ransomware as a Service: What MSPs Need to Know

In this engaging episode of the Beyond the Horizon podcast, Jim Waggoner, VP of Product Management for Security at N-able, and Lewis Pope, Security Head Nerd at Enable, dive deep into the world of Ransomware as a Service (RaaS). They explore the commoditization of cybercrime, the challenges and opportunities for Managed Service Providers (MSPs), and the cutting-edge solutions available to combat these threats. Key Topics Covered:What is Ransomware as a Service (RaaS)?Definition and explanation of RaaS.How it lowers barriers for cybercriminals, enabling even non-technical actors to launch ransomware campaigns.The Economics of RaaSEntry costs and the profitability of RaaS for threat actors.Comparison between the startup costs for cybercriminals and legitimate MSPs.Why the asymmetry of costs and skills creates significant challenges for defenders.Target Profiles and Attack Patterns:How attackers cast wide nets and target vulnerabilities indiscriminately.Examples of unexpected targets, including non-profits like food banks.Regional patterns and why the U.S. remains a favorite target for ransomware campaigns.Challenges for MSPs:Skill gaps and operational challenges for MSPs trying to combat advanced threats.The high cost of building in-house SOC capabilities.Growing expectations from clients for integrated security services.Opportunities for MSPs: The shift toward incorporating Managed Security Service Provider (MSSP) capabilities. Leveraging third-party tools like Enable's MDR for cost-effective, scalable solutions.The importance of having risk management conversations with clients.Real-World Success Stories: How Enable's MDR helped a city in New Jersey recover and protect itself from repeated ransomware attacks. The value of rapid detection and response in minimizing downtime and financial loss.Actionable Steps for MSPs: Engaging clients in honest risk management discussions.Identifying and addressing gaps in their current security offerings. Leveraging commoditized services like MDR to offer 24/7 protection without building in-house capabilities. Future of Cybersecurity for MSPs: The evolving threat landscape and how MSPs can adapt to remain competitive and secure. The importance of continuous learning and partnering with vendors who offer advanced security tools. #Cybersecurity #CyberThreats #CyberAwareness #Ransomware #RansomwareAsAService #RAAS #MDR #ManagedDetectionAndResponse #CyberSolutions #TechPodcast #BusinessSecurity #CybersecurityTips #TechInsights#LearnCybersecurity #ITPro #TechEducationDisclaimer: This poDisclaimer: This podcast provides educational information about issues that may be relevant to information technology service providers. Nothing in the podcast should be construed as any recommendation or endorsement by N-able, or as legal or any other advice. The views expressed by guests are their own and their appearance on the podcast does not imply an endorsement of them or any entity they represent. Views and opinions expressed by N-able employees are those of the employees and do not necessarily reflect the view of N-able or its officers and directors. The podcast may also contain forward-looking statements regarding future product plans, functionality, or development efforts that should not be interpreted as a commitment from N-able related to any deliverables or timeframe. All content is based on information available at the time of recording, and N-able has no obligation to update any forward-looking statements. https://www.n-able.com

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