Here’s a cold, hard fact that all businesses must face regardless of their size or industry: they are always going to be vulnerable to cyber attacks.
As per the Global Risks Report 2024 from the World Economic Forum, “Cybersecurity will remain a constant concern, and there will be continued risk in 2025 from attacks against technology-enabled resources and services, including financial systems and communication infrastructure.”
In fact, the annual average cost of cybercrime is expected to exceed $23 trillion by 2027, up from $8.4 trillion in 2022.
And the next tidbit is especially troubling: The FBI’s Internet Crime Complaint Center reported the volume of complaints in 2023 from the U.S. public at 880,418. This marks a 10% increase from 2022. What’s more, potential losses from those complaints exceeded $12.5 billion!
Basically, businesses that don’t take adequate measures to protect themselves against cyberattacks are setting themselves up for a bleak future. From compromised data to financial ruin, the consequences of a cybersecurity breach can be disastrous.
Don’t believe us? We’ll let these real-life horror stories of major breaches from not too long ago do the talking.
Snapshot of the attack:
The Change Healthcare attack caused massive disruption in the US healthcare system for weeks, forcing it to shut down. This was done in response to a nasty ransomware attack. As a result, several pharmacies and hospitals couldn’t process claims and/or receive payments.
UnitedHealth declared that data belonging to a “substantial proportion” of Americans may have been compromised in the attack. It was later found that sensitive patient medical data, including diagnoses, medicines, test results, images, and care and treatment, was also exposed in the attack.
Lessons learned:
i. Strong access controls: Every person using the business’s systems and technologies must be given a unique user ID and password. For greater protection, every password should be a mix of letters, numbers, and symbols. Additionally, two-step verification must be set up to further fortify the most important/vulnerable systems.
ii. Monitor network activity: This vital measure can help you detect and stop threats before they can cause any damage. Activities such as accessing files without permission or connecting unfamiliar devices to your network can be quickly identified and mitigated.
Snapshot of the attack:
April 2023 witnessed the ALPHV group (or BlackCat) attack NCR, a US-based manufacturer and servicer of ATMs, barcode readers, payment terminals, and other retail and banking equipment. The ransomware attack forced the data centers handling the Aloha POS platform, mainly used in fast food restaurants, to shut down for many days.
For those wondering how does ransomware work, it encrypts computer systems’ files to prevent users from accessing their data until a ransom is paid to the attacker. This can result in tremendous financial and reputational losses for a business.
Lessons learned:
i. Data encryption: This is crucial to protect sensitive financial and customer data. Poor or no encryption can make it easy for hackers to access personal information.
ii. Incident response planning: A well-thought-out incident response plan can help minimize downtime and better manage the aftermath of a breach.
iii. Anti-ransomware strategies: Your IT team must implement ransomware protection strategies on a regular basis. This can include taking frequent data backups and network segmentation. These strategies can help control the damage done and prevent widespread operational disruption.
Snapshot of the attack:
In 2021, cyber hackers managed to exploit numerous zero-day vulnerabilities in the Microsoft Exchange Server. Simply put, they detected security loopholes and took advantage of them to gain unauthorized access to the email systems of thousands of organizations worldwide.
Not only did they steal confidential data, but they also installed backdoors to continue enjoying long-term access to the affected systems. As a result, a number of small businesses, corporations, and government institutions suffered as well.
Lessons learned:
i. Timely patch management: Had it been in place, this measure could have saved the day for the Microsoft Exchange Server. Businesses must ensure they deploy the right patches as soon as threats are detected in their network, especially in mission-critical software and applications.
ii. Advanced threat detection: Installing sophisticated threat detection software is crucial to identifying suspicious activity, both before and after cybercriminals have gained access to the system. For best results, regular system monitoring and systematic audit trails are advised.
Snapshot of the attack:
LinkedIn was embroiled in a humiliating cyberattack where publicly available data of over 500 million users was scraped and sold online. The breached data included contact numbers, addresses, geolocation data, and inferred salaries of users. Apparently, this information was made available for sale on the dark web.
The fact that cybercriminals can use compromised data against LinkedIn users in multiple ways is highly concerning. This may include spammed phones and emails, targeted phishing attacks, and password hacking.
Lessons learned:
i. Refrain from sharing data publicly: Organizations must educate their users/customers about sharing their data publicly on online platforms. Users should be made aware of the various privacy settings available and encouraged to use them for optimal protection.
ii. Protect online activities: Users must be advised to protect their online activities with a VPN. Also, using a password manager to create strong passwords and store them securely is a good idea.
Conclusion
Whether your business is big or small, the threat of cyber attacks will always loom large. To keep your data secure, it is best to invest in a comprehensive cybersecurity solution—and using a managed IT services pricing calculator can help you weigh the costs of managing security on your own versus partnering with experts.
Remember, cybersecurity is not a one-time fix but an ongoing process. Implementing a robust multilayer defense tool can make for an effective strategy to mitigate risks and steer clear of evolving threats.