A Managed Service Provider or MSP is a business that offers a range of services. A popular example is remotely running and managing a client’s IT systems. The service is delivered via the internet and more often than not, through a paid subscription as specified by the client. Specifications, in turn, are made according to their capacity as the end-user.
MSP started out generally focused on remote management and monitoring of client’s servers and networks. It then expanded into specializations like data storage and other various industries such as financial, legal, healthcare, and even in manufacturing. Some MSPs also offer security services.
Mostly, customers of MSP are small to medium-sized businesses that have limited capabilities when it comes to in-house IT maintenance. For small businesses running on just enough budget, having an MSP take care of your IT concerns makes sense both economically and knowledge-wise.
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The Risks involved in Not Having a Password Management System
Although MSPs for security reasons do not practice loading passwords on a spreadsheet or keeping them in notebooks, some businesses still do. Hence, it makes perfect sense for the MSP to take charge of the secure password management for their clients too. Moreover, the ultimate solution to that is to acquire an MSP password management system that will take care of their internal password security while offering and providing the service to their clients.
Some MSPs provide such a password management system by white-labeling or reselling a reputable password enterprise manager. A password manager that they can offer as their own, essentially taking responsibility for the whole guarding the gate system. White-labeling is regarded as a practical solution in so much that the MSP’s client will no longer have to go through the hassle of dealing with one other company that provides password security.
With white-labeling, the MSP can then act as an expanded provider, thereby increasing credibility and trust with their customers.
Protecting Your Customer’s Credentials
Just a shortlist of the types of attacks that can become a potential breach in your customer’s sensitive data.
Brute-force attacks
Automated attacks that make use of email addresses and punching it with big volume approximation or guessing of passwords. These are words that are lifted from password dictionaries, word variations, and the like. It can be expensive and time-consuming but is quite effective on weak passwords.
Password Spraying
Makes use of email addresses and a list of common passwords. This type of attack works on weak passwords too.
Credential Stuffing
An auto-attack that targets new sites by making use of known usernames and password combinations. This type works on individuals who reuse passwords.
We recommend creating a strong password to defend against all of these types of attacks. Today it’s easier to crack credentials since a simple Google search can yield password lists that can number into the millions. And this is not taking into account various password databases that can be found with some deeper digging.
The Solution
MSPs must maintain a reliable and strong password manager. It is important because MSPs by default may have access to credentials of hundreds if not thousands of customers that also rely on them for security. The smallest breach can be a compromise that some companies may not recover from.
The Benefits of Having a Password Management System allows the MSP to:
• Have the ability to secure and store sensitive business credentials
• Autofill passwords into systems automatically
• Have The ability to create strong passwords
• Allow or revoke access with just 1 click
• Create rules and roles for permissions according to appropriate levels and seniority
• Rotate credentials as necessary
• Monitor Passwords according to age and strength
Other Important Security Features in a Password Management System
Here are some of the other capabilities and safety features that you will want your developer to do for your password manager:
Documentation
Whenever applicable, a purpose-built password manager must have an IT documentation, most often found in the form of white paper detailing how it works, encrypts and stores the sensitive data.
Testing for vulnerabilities
Developers of the security system must regularly conduct tests and check for attack vectors. The purpose of testing is to keep the attack surface as small as possible. If and when there are any that may be identified, it is immediately addressed and remediated.
Manageable System Changes
Whenever a necessary change or update needs to be done it must be conducted independently separate from the moving “parts” of the system. Meaning, as much as possible, disruption to the operation/production should be very minimal or totally eliminated. Just in case a technical problem occurs a restore mode must be available so that customers are not impacted.
Necessary Redundancy
A password manager that can be hosted in multiple locations will be an advantage since it lets the providers scale the business in an adaptive and flexible manner. Additionally, they can do this based on the current load. If the system is built in several places along with a balanced configuration, it allows for redundancy that will make scaling the business possible.
Monitoring
The system must let the IT administrator have the capacity to audit and monitor control. This is to make sure that security will always be on top of mind, as he works to keep the processes as seamless as possible.
Taking Care of Your Customer with a Reliable and Robust Password Security System
PassCamp MSP password management system is up-to-date, efficient, and operating with a no-compromise data management standard. It’s created to collaborate and is generally designed and perfected for teams. We offer password management for MSP internal usage as well as white labeling, reselling, and integration for your clients. We make sure that we get to meet yours and your customer’s needs as we add to your revenue at the same time making you a reputable multi-provider.
