Our world is digitizing expeditiously, and technologies are advancing rapidly. This hurried rate of progression has led to the outgrowth of data security anxieties and the analogous science of cybersecurity. Cybersecurity was developed as a dedicated discipline intended to protect all types of data that is personal, sensitive, intellectual and industry information from theft and damage. Without a cybersecurity program, organizations are vulnerable to data breach campaigns and become an appealing target for cybercriminals.
Why Cyber Security (CS) Is Important
Businesses generate a mammoth amount of data each day to support online transactions and communications. They are constantly experiencing various cyber threats, from phishing and malware attacks to ransomware and social engineering attacks that steal identity, data or block access to crucial documents and operating systems. With cybercriminals using hard to detect means of sabotaging cyber security protocols, their methods are becoming more resilient to traditional cyber defenses. Businesses have realized the importance of cybersecurity to keep their data, finances, and intellectual property safe.
Cyber security is one of the core focus areas for enterprises in today’s digital landscape. Investing in resources to effectively safeguard business and organizational data is the need of the hour.
– Uday Bhoomagoud
Director – Infrastructure Services, MOURI Tech
Some Ransomware Attacks that Grabbed Headlines
The ransomware attack on Accenture sent shock waves across the IT industry, with experts wondering if a $45 billion company like Accenture was vulnerable how safe are the others. While there were claims of a $50 million ransom, Accenture immediately isolated the server and controlled the attack. The breach served as yet another wake-up call for companies to review their technology security practices. Blackbaud Breach on the Yale-New Haven Hospital
Yale-New Haven Hospital (YNHH) declared that it was one of the organizations affected by a Blackbaud data breach. Blackbaud is a software company the hospital has long used for donor communications and engagement. This breach exposed personally identifiable information such as names, addresses, phone numbers, dates of birth, and philanthropic history. Although Blackbaud has maintained that they destroyed all the data and have not circulated any information, YNHH could not validate that assurance independently.
VSA Software Hacked Affecting Thousands
In a more recent and alarming attack, hackers hit the VSA software of Kaseya, a major IT software provider company. Since this software is utilized by large IT companies providing contract services to several hundred smaller businesses, there was a high possibility the hack could have diffused to thousands of victims. Kaseya advised nearly 40,000 users to disengage their Kaseya software immediately. The hacker group, identified as REvil, demanded $50,000 from smaller companies and $5 million from larger ones to unlock their computer networks, forcing thousands of store owners across Europe to shut business over the weekend.
How Decision Makers Should Think Of Cybersecurity
As cybercrimes become extra ubiquitous, the enterprise security needs more than just a firewall and antivirus. It is no longer just the technology leader, but the responsibility of the executive leadership to safeguard data and thereby the business and taking adequate measures to protect the company. Technology leaders need to ensure their enterprises are secured with the required protection standards, the correct insurance, cyber security literacy, a dedicated budget in line with the ROI expectations, and a thorough incident response plan against potential security threats. And executive leadership must strategize and fuel adequate investments to establish a robust cybersecurity mechanism and safeguard information for smooth business continuity. Besides, it’s far more economical to prevent cyber attacks than restore the damage when they arise. For instance, investing $100,000 per year is a wise decision to help avoid any possible $1 million per year lost in cyber attacks. Additionally, it would be surfeit if you only saved $50,000. A classic case of one step forward, two steps back!
Importance of Cyber Security Awareness
Here are our top reasons why security awareness training is important.
Is Your Business Secure Enough?
In December of 2016, a researcher messaged Equifax, a credit card reporting agency, about their website lacking security and being susceptible to a cyber attack. In May 2017, exactly six months after the warning, the company had a security breach, and hackers stole sensitive data of close to 145.5 million Americans. As hackers continue to burgeon with newer threats, targeting both large corporations and small businesses, organizations that were earlier hesitant to invest in cybersecurity training and prevention are asking themselves: Are we prepared enough in the event of an attack? Resoundingly, the answer is “no.” IT security preparedness calls for building a well-thought, complex and proactive strategy that is over and above a basic response plan.
Here are a few steps to strengthen your defenses and prevent ransomware attacks.
- Avoid ransomware attacks with robust backups – online and offline. A cyber attack would have a negligible impact if the data held ‘hostage’ for ransom is backed up
- Establish a firewall. It is your first line of defense against ransomware attacks and can identify signs of malicious activity for incoming and outgoing data
- Network segmentation is essentially setting up many network segments, each with its firewall, security checks, access strategies, and gateway, making it challenging for the malware to navigate through your security systems
- Ensure regular maintenance and updates on all network endpoints, such as tablets, laptops, desktop computers, and IoT devices that are vulnerable to enterprise security breaches
MOURI Tech as Your Cyber Security Solution Provider
To manage cyber security internally can be particularly overbearing and a perpetually tough grind. MOURI Tech delivers integrated cyber security solutions with security monitoring. With a robust security system in place, your organization can focus on business operations.
About Uday Bhoomagoud: Director – Infrastructure Services, MOURI Tech.
Uday leads the infrastructure services and cloud solutions practice of MOURI Tech. He brings a fresh perspective on how to optimize the IT infrastructure portfolio for customers across the globe.