Jun 7, 2021

How to Prevent Cyber Attacks on Your Business

Brute-force, credential stuffing, phishing, malware and ransomware are all attacks on a business’ digital files, operations and network. Is your organization prepared to do battle if attacked?

There have been several high-profile, publicized ransomware attacks that have, in part or in full, shut down the operations of major corporations that affected the U.S. in multiple ways. For instance, its energy supply, i.e., Colonial Pipeline, its food supply, i.e., JBS North America and critical healthcare, i.e., University of Florida Health. Each organization’s operations were held for ransom by cybercriminals. They want to gain financially, and it must be argued post notice to America and its companies that they are not always in control. Other organizations that have had recent incidents include global giants Facebook, Fujifilm, Marriot, The United Nations, LabCorp, Microsoft, T-Mobile and Capital One. These incidents ranged from data breaches of user and account information to network ransom attacks. 

 

In each case, immediate steps had to be taken to shut down networks, servers, and IT equipment and systems across the corporations to mitigate the potential damage. While reports about the JBS and Fujifilm attacks indicate they were able to recover within 24 to 48 hours, Colonial Pipeline’s operational distribution caused days of uncertainty for the U.S. east coast gasoline supply, and days of uncertainty and reported chaos at local gas pumps in the region.

Ransomware attacks have been on the rise, so much so that they have become the biggest single money earner for cybercriminals. In 2020, there were 1001 cases reported to the U.S. government affecting more than 155.8 million individuals. The primary cause cited is less than adequate information security. You can discover significant details and up-to-date information by visiting the FBI cybercrime site. In each case, companies either did not think they would actually be a target for cybercrime and/or were not apprised of or utilizing the best practices to thwart these attacks on their businesses.

It isn’t only large organizations that are hit by cybercriminals.  According to CBNC, 43% of cyberattacks hit small businesses and only 14% are actually prepared to defend themselves. The average cost of a cyberattack to a small business is $200,000. Another startling statistic is that more than half of small businesses suffered some type of breach in 2020, whether it was a data breach brought on by a phishing event or a full system shutdown due to ransomware. Sadly, an estimated 60 percent of those attacked went out of business within six months of becoming a victim of cybercrime.

If your organization has not conducted a cybercrime assessment in the past 12 months or ever, now is the time to take action. Have your in-house IT team consult with specialists to assess your organization’s vulnerability and risks. LightWork® Managed Services is a managed service provider dedicated to assisting small- and medium-sized businesses with Backup and Disaster Recovery systems. 

Not sure where to start, but want to protect your company? Reach out to LightWork for a free assessment.

 

LightWorkSoftware

LightWorkSoftware