As technology advances and its applications become widespread, the need to invest in cybersecurity increases. Cybercrime groups are growing in number and targeting companies of all sizes in various industries. This is alarming when you consider that the detection rate in the US is only 0.05 percent, according to the World Economic Forum’s 2020 Global Risk Report.
Most cyber criminals target both small and large businesses, and one attack will affect your business for months. In a 2019 CyberCrime Magazine report, the average global cost of a single security breach is approximately $ 3.62 million. And 60 percent of small businesses are likely to go out of business within six months of being victim of a cyber attack or data breach.
Top security threats to business
If you haven’t thought about cybersecurity for your business, now is the time. You need to protect all of your data from theft, corruption, or ransom, which can include setting up appropriate database security protocols, as well as other technology and behavior tweaks.
In 2021, the top attack types include:
- Ransomware – Hackers lock the victim’s information / computer and ask the victim to pay a ransom. It can spread by visiting infected websites and opening phishing emails.
- Malware – Malicious form of software designed to damage computers. It can infiltrate computers through internet downloads, external hard drives / USB, and physical hard drives.
- Social Development – The attacks depend on social interaction with employees who are unknowingly manipulated to reveal confidential data.
- Phishing – belongs to social engineering attacks. In phishing, hackers use false identities to trick individuals into downloading malware, revealing classified information, or visiting malware-laden websites.
Ransomware – Making money by exploiting a security hole
Of the four biggest threats to business, ransomware is the most widespread, according to a report by Cybersecurity Ventures. In 2021, the frequency of attacks is expected to be every 11 seconds. The projected cost of ransomware attacks in 2021 is approximately $ 6 trillion. The same report estimates that cybercrime will cost businesses around the world approximately $ 10.5 trillion annually by 2025.
In addition, the US Cyberspace Solarium Commission points to ransomware as the fastest growing and most harmful form of cybercrime.
Top ransomware attacks in 2021
A ZDNet article mentioned that 292 organizations were victims of only six ransomware groups. From January to June 2021, they have already collected over $ 45 million in ransom.
The most recent major cyberattacks to hit the headlines are the attacks on Colonial Pipeline and the JBS branch in the US. These companies aren’t the only ones. Some of the high profile ransomware attacks are the following:
1st burning day is a chemical distribution company that was attacked in May 2021. DarkSide, the same gang that targeted Colonial, was responsible for the attack. They managed to steal 150 GB of data and claimed $ 7.5 million in Bitcoin. The company negotiated and ended up paying $ 4.4 million. Unlike Colonial, payment has yet to be collected.
2. Acer was also attacked by REvil in May 2021. The gang found a vulnerability on a Microsoft Exchange server and exploited it to access the company’s bank communications, bank balances, and financial tables, which they posted on their dark website. They asked for a ransom of $ 50 million, the highest ever ransom.
3. Quanta, a computer manufacturer in Taiwan and a key business partner of Apple, was attacked by REvil in April 2021 for a $ 50 million ransom. The company refused to negotiate and the gang switched to Apple. They leaked Apple product plans that they had stolen from Quanta and threatened to reveal other sensitive information. But it appears it was canceled in May, and Apple never mentioned the cyberattack.
4. AXA, a European insurance company, was attacked by the Avvadon group, which announced they had access to 3TB of data from the company. Ironically, the company announced that it would stop reimbursing ransomware payments.
How to secure your data
While there is no surefire way to ensure data security, you can reduce the risk of cyberattacks by following a few best practices.
Use strong passwords. Using weak passwords is one of the most common reasons a cyberattack occurs. Use a password manager and make sure not everyone uses a single password for multiple accounts.
Update your software. Eliminate vulnerabilities in your software by setting it to update automatically.
Minimize data transfers. Train your employees, especially those who work remotely, to stop transferring business data to personal devices.
Download files carefully. Another thing to teach your staff is to stop downloading files from unverified sources. Likewise, they should understand that clicking links in emails from unknown senders is risky.
Maintain regular data monitoring. It will be easier to identify leaks if you monitor your data regularly. You can install a data breach monitoring tool to alert you to suspicious activity.
Create a security breach response plan. A formal plan can help you manage potential security breaches so your organization is ready to respond to attacks so you can minimize the damage.
Benefits of investing in cybersecurity
Cyber security is a business problem today as recent attacks have proven that any type of business can be exploited by cyber criminals. Investing in a cybersecurity program is now essential. This step can give your business a broader security benefit, especially if you are getting your entire company to take cybersecurity training.
When you integrate IT support and cybersecurity, you benefit from these advantages:
1. Protect remote workers by securing sensitive information and removing the risk of leaving them vulnerable to adware, malware and phishing attempts.
2. You increase productivity by eliminating the risk of cyber attacks and possible work interruptions. With the right cybersecurity training, you will increase employees’ knowledge of cybersecurity, which will make them work better.
3. Customers’ trust in your company increases because they know that you are protecting their confidential data. They feel safe doing business with you.
4. You increase your sales. Investing in cybersecurity training, cybersecurity tools, and IT infrastructure will pay off in the long run. You prevent cyber attacks and avoid paying customer claims and fines to regulators. In addition, you adhere to the data protection regulations of your state and the federal government.
Summary
It is important to invest in a cybersecurity program to make sure your business is not vulnerable to cyberattacks. Use a comprehensive cybersecurity platform that protects all of your data on-premise or in the cloud. If you regularly update your backups, save them offline, and train your staff, you can ward off cyberattacks.
source https://collegeeducationnewsllc.com/why-investing-in-cyber-security-makes-sense/
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