Datto CISO Ryan Weeks Contributes to Ransomware Task Force's Comprehensive Framework to Combat Ransomware

Rhea-AI Summary

Datto (NYSE:MSP) announced its collaboration with the Ransomware Task Force (RTF) on the report titled “Combating Ransomware: A Comprehensive Framework for Action”. Led by Datto’s CISO Ryan Weeks, the RTF aims to address the urgent national security threat from ransomware attacks, highlighting that 95% of managed service providers (MSPs) are increasingly targeted. The report outlines four strategic goals: deter, disrupt, prepare, and respond to ransomware threats. It emphasizes the importance of cyber hygiene, funding for MSPs, and increased transparency regarding ransomware incidents.

Positive

• Collaboration with RTF enhances Datto's visibility in combating ransomware, positioning them as a leader in cybersecurity.
• The report’s recommendations could lead to improved security practices among MSPs, potentially increasing demand for Datto's services.

Negative

• The report highlights that MSPs currently lack extensive security coverage, which may hinder their competitiveness.
• Ongoing ransomware threats remain a significant concern for MSPs, impacting their operational stability and client trust.

Datto Holding Corp. (“Datto”) (NYSE:MSP), the leading global provider of cloud-based software and security solutions purpose-built for delivery by managed service providers (MSPs), today announced its collaboration on the Ransomware Task Force's (RTF) “Combating Ransomware: A Comprehensive Framework for Action” report. Datto CISO Ryan Weeks is a core member of the RTF, a broad coalition of more than 60 experts in industry, government, law enforcement, and international organizations coming together in the fight against ransomware.

The RTF, formed in January by the Institute for Security and Technology (IST), recognizes that ransomware attacks present an urgent national security risk around the world. According to Datto’s Global State of the Channel Ransomware Report, while threat actors do not discriminate, 95% of MSPs state that their own businesses are increasingly being targeted and 78% of MSPs reported attacks against small and mid-sized businesses (SMB) in the last two years. Any recommended solutions must therefore apply both internationally and to a wide array of affected sectors, including MSPs and SMBs. The varied expertise of the members allowed for multifaceted solutions and a full, comprehensive strategy to stem the ransomware tide.

The recommended RTF framework consists of four goals:

• deter ransomware attacks through a nationally and internationally coordinated, prioritized, and resourced comprehensive strategy;
• disrupt the ransomware business model and decrease criminal profits;
• help organizations better prepare for ransomware attacks; and
• respond to ransomware attacks more effectively.

The 48 recommended actions provide guidance for addressing some of the root causes of the ransomware epidemic, including the low barrier to entry for intelligent cyber criminals, the difficulty of tracing cryptocurrencies, and lack of law enforcement resources. This has created an environment of safe havens for threat actors.

Effects on the MSP Community

The RTF finds that MSPs do not commonly provide extensive security coverage or ransomware mitigation, but doing so would create a widespread positive impact for SMBs.

To further this effort, baseline requirements for MSPs include:

• Adherence with a cyber-hygiene program (for example, CIS Controls Implementation Group 1 and the NIST Cybersecurity Framework)
• Financial funding and support to help MSPs develop cyber resilience capabilities
• Stricter disclosures of the occurrence of ransomware incidents for increased transparency
• Formation of an MSP-ISAC, an information sharing and analysis center specific to the unique needs of the MSP industry

“The release of these findings is an important step both in the U.S. and globally in instituting the proper frameworks, enforcement, and funding to make a difference,” said Ryan Weeks, CISO at Datto. “MSPs continue to be on the frontlines of a cyberwar but need more support, and this report elevates this concern. The time for concerted, coordinated action is now. Datto is proud to have played a part in this groundbreaking coalition, and looks forward to the day when the threat of ransomware no longer looms over the heads of citizens, students, teachers, businesses, hospitals, and nations.”

To read the RTF report, visit http://securityandtechnology.org/ransomwaretaskforce/report

To learn more about how Datto builds cyber resilience, visit https://www.datto.com/cyber-resilience

About Datto

As the world’s leading provider of cloud-based software and security solutions purpose-built for delivery by managed service providers (MSPs), Datto believes there is no limit to what small and medium businesses (SMBs) can achieve with the right technology. Datto’s proven Unified Continuity, Networking, and Business Management solutions drive cyber resilience, efficiency, and growth for MSPs. Delivered via an integrated platform, Datto’s solutions help its global ecosystem of MSP partners serve over one million businesses around the world. From proactive dynamic detection and prevention to fast, flexible recovery from cyber incidents, Datto’s solutions defend against costly downtime and data loss in servers, virtual machines, cloud applications, or anywhere data resides. Since its founding in 2007, Datto has won numerous awards for its product excellence, superior technical support, rapid growth, and for fostering an outstanding workplace. With headquarters in Norwalk, Connecticut, Datto has global offices in Australia, Canada, China, Denmark, Germany, Israel, the Netherlands, Singapore, and the United Kingdom.

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FAQ

What is the main focus of Datto's recent press release regarding MSP?

Datto's press release announces its collaboration with the Ransomware Task Force to address ransomware threats impacting MSPs.

How does the RTF report affect Datto's business strategy?

The RTF report outlines strategies that may enhance Datto's offerings and align its goals with MSP needs regarding cybersecurity.

What are the key goals outlined in the RTF report mentioned by Datto?

The RTF report identifies four key goals: deter, disrupt, prepare, and respond to ransomware attacks.

What percentage of MSPs are being targeted by ransomware according to Datto?

According to Datto, 95% of managed service providers (MSPs) report being increasingly targeted by ransomware attacks.

What recommendations does the RTF report provide for MSPs?

The RTF report recommends adherence to cyber hygiene programs, financial support, stricter incident disclosures, and the establishment of an MSP-ISAC.