We’ve seen many new developments in the cybersecurity landscape in 2023, and they’ll continue to evolve in 2024. While knowing what comes next is essential, it isn’t enough for MSPs to stay ahead. Besides understanding the trends, you must identify the opportunities that come with them and have the people, processes, and technologies in place to meet market demand.

Let’s explore the top cybersecurity trends of 2024 and how MSPs can leverage these opportunities to drive more business.

Top 7 cybersecurity trends MSPs should know

1. AI: A double-edged sword

Criminals will use generative AI to launch sophisticated attacks, like deepfake social engineering attempts, more realistic phishing scams, and automated malware that can adapt to evade detection. Meanwhile, the same technology can help us better identify and neutralize threats using real-time anomaly detection, smart authentication, and automated incident response.

What MSPs should do: Implement robust vulnerability management and intrusion detection technologies supported by an AI-driven Open XDR platform to increase your ability to respond to incidents quickly and accurately. Also, help your customers implement employee training programs to protect against sophisticated phishing attacks and unintentional data exfiltration.

2. Cyber insurance: A necessity

The demand for cyber insurance will continue to rise as companies realize they must mitigate the significant, often devastating, financial consequences of a data breach. To qualify for this type of insurance at an affordable rate, organizations must have a robust approach to strengthening and maintaining their defense and demonstrate the implementation of the appropriate tools.

What MSPs should do: Meet market demand and capture more revenue by adding services to help customers implement the necessary controls to harden their environments and qualify for cyber insurance at favorable rates. Some specific measures include multi-factor authentication (MFA) and endpoint detection protection and response (EDR).

3. SMBs: A ripe market

Most small and medium-sized businesses (SMBs) understand the importance of cybersecurity but lack the resources to execute a comprehensive strategy. Many have implemented some security tools, yet they don’t work together holistically to present a big-picture view and cover all the bases. More SMBs will look to MSPs to help them make sense of all the moving parts and stop the guesswork.

What MSPs should do: While the SMB market is ripe, it poses unique challenges. You must monitor multiple client environments while juggling numerous security tools your clients have already invested in. An Open XDR platform allows you to monitor and control any security software from various clients in one place without requiring them to invest in new software. 

4. Breach reporting: A new rule

The SEC Cybersecurity Breach Rule, which went into effect on December 18, 2023, will require registrants to report a security incident within four business days of the occurrence and disclose material information regarding their cybersecurity risk management, strategy, and governance annually. The European Union has also adopted new cybersecurity reporting requirements.

What MSPs should do: The SEC rule’s short response timeframe makes 24/7/365 SOC monitoring and robust intrusion detection more critical than ever. Additionally, accurate reporting is crucial for avoiding legal issues and penalties. Organizations will seek help from MSPs and MSSPs to strengthen their cybersecurity programs and meet the implementation deadline. 

5. Insider threat: A growing risk

Insider threats, exacerbated by more layoffs caused by the uncertain economy, will require organizations to implement a comprehensive and granular approach to security. Companies must implement airtight processes to spin down assets, turn off past employees’ login credentials, and gain complete visibility into cloud collaboration tools to minimize risks.

What MSPs should do: Help your clients implement proactive measures to mitigate these risks. Devise a comprehensive employee offboarding process to revoke all access privileges when someone leaves the company. Also, you should provide 24/7 cloud security monitoring and endpoint detection and response capabilities to have eyes and ears on all potential attack surfaces.

6. Ransomware attacks: An ongoing threat

Ransomware is here to stay. The difference is that criminals will be churning out sophisticated malware even faster with generative AI software while increasing the aggressiveness of their negotiation tactics. It’s not if but when an organization comes under attack. Businesses will seek MSPs and MSSPs with a plan to handle these situations and help them ensure business resiliency and continuity.

What MSPs should do: Robust backup strategies, employee training, cyber insurance, negotiation expertise, and incident response plans are essential for navigating the fast-evolving threat landscape. You should also conduct penetration testing, implement vulnerability management, and provide round-the-clock SOC monitoring to identify suspicious activities and nip attacks in the bud.

7. Strong vendor relationships: A secret weapon

Many MSPs have implemented a patchwork of security tools and begun to realize that the complexity is causing alert fatigue, delaying response time, and impacting their ability to deliver top-notch services. As such, vendor consolidation will be a prominent theme in 2024. Meanwhile, they must address the ongoing talent shortage and navigate the skyrocketing costs of hiring an in-house team.

What MSPs should do: Simplify your cybersecurity stack and consolidate vendor relationships to boost efficiency and efficacy. Meanwhile, partnering with a reputable SOC as a service (SOCaaS) vendor will give you access to technological expertise, training resources, and cutting-edge tools. Some also offer one-stop-shop services like cybersecurity staffing and vCISO services to help you fill skill gaps.

You don’t have to go it alone

2024 will be another year where the cybersecurity landscape will experience dramatic changes and developments. MSPs must leverage enterprise-grade tools and the latest techniques to stay on top of new vulnerabilities and attack vectors. The good news is you don’t have to hire a large SOC team, build in-house capabilities, or pay the enterprise price tag.

enhanced.io allows you to access cutting-edge security technology trusted by global enterprises at an MSP-friendly subscription fee. Our SOCaaS packages provide essential services like 24/7/365 SOC monitoring, vulnerability management, intrusion detection, cloud security monitoring, and more to help you stay relevant and grow your revenue. 

Learn more and get in touch to see how our turnkey solution can help you maximize opportunities in 2024.

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