Colonial Pipeline was hit by ransomware, forcing the corporation to shut down the entire fuel distribution pipeline, putting gasoline and jet fuel distribution throughout the US east coast in jeopardy.
Within hours of the attack, Georgia-based operators underpin the overwhelming stress of restoring gasoline and jet fuel for major cities on the East Coast and paid the ransom in a crypto currency that cannot be traced easily. They paid approximately 5 million for the case. (Source)
Whilst the data security company FireEye is facilitating the assessment and restoration operation for cyber-attack, the FBI reported that the attack had been carried out by a group called “DarkSide,” although FireEye hadn’t commented on the attack. Following the payment, the hackers provided the operator with a decrypting tool in order to restore the operator’s disabled computer network.
IF YOU CAN HACK A BIG ORGANIZATIONS, YOU CAN HACK A SMALL BUSINESS MORE EASILY.
Cyber-attacks, especially against small businesses, are becoming more frequent and more serious. According to industry analysts, violations of cybersecurity will cost companies over $5 trillion in the next five years. (Source) Cyber criminals are now well ahead of the game, to the point that almost every company will be breached at some point. It’s no longer a matter of whether, but when, a small business will be hit by a cybersecurity breach. In fact, cyber-attacks on small businesses are way more common than many think, with more than two-thirds (67 %) of companies with fewer than 1,000 employees having experienced a cyber-attack, and 58 % having experienced a breach. Furthermore about 60 % of small businesses could go out of business due to damages associated with a cyber-attack. (Source). In the first quarter of 2021, exposed records were pacing at an increase of 273% over last year. (Source). 2020 was an unusual year due to COVID-19 global epidemic. Disruption of normal life is also reflected in the business threat statistics. Online threats have tripled their normal levels (Source).
Why small businesses are more vulnerable to cyber-attack?
Small companies gather information that is easily available for profits on the Dark Web such as medical records, credit card information, social security numbers, passwords on a bank account or sensitive business information that is well known to cyber criminals. A small medical practise in Michigan, for instance, reported in 2019 that a ransomware attack encrypted patient records, schedules of appointment and payment information. The two physicians held by the organization did not pay ransom for accessing their files according to a published report. The owners locked their doors after the hackers removed their files. (Source).
Small companies in a variety of sectors are susceptible to data breaches. Malicious hackers are well aware that the majority of small businesses are unprepared for network security breaches, rendering them easy targets for cyber-attacks.
Unfortunately, most businesses of this scale are already on the wrong track. Many businesses lack a contingency plan in the event of a data breach, let alone the required safeguards to avoid a violation in the first place. Cyber criminals usually hack for one reason: to make money. This helps to understand why ransomware is such a common attack tool. Hackers will continue to use an attack technique as long as it is profitable. Although large corporations have whole teams dedicated to cybersecurity, several small companies have someone who wears several hats throughout the day-to-day operations of the company. These mentioned reasons makes small businesses especially vulnerable to hackers.
TRADITIONAL TECHNIQUES AREN’T ENOUGH TO PROTECT BUSINESSES FROM CYBER-ATTACKS!
As cyber-attacks become more common, small business network security must become a top priority. Approximately 83% of company owners do not have a plan in place to deal with security threats, and even minor attacks can be extremely costly and time consuming. New threats emerge on a regular basis, and most company owners consider cybersecurity to be critical. Despite this, only 42% of them invested in cybersecurity safeguards. (Source)
As IT infrastructures grow more complex to support today’s companies’ increasing digital demands, security policies must evolve to support these sophisticated setups. Businesses can use technology to provide surveillance, scan for threats, secure the network, and perform threat analysis to defend against the growing variety of cyber-threats, and gain the trust and confidence of their customers while making decisions about data protection. Fortunately, the information security landscape is littered with tactics designed to help small businesses take a more strategic approach to security. A managed service provider like Stufflebeem Technologies, can monitor and neutralize security threats.
Furthermore, businesses that outsource their IT see significant annual cost savings, meaning that a managed service provider will save you money as well. If your company hasn’t had a data breach yet, it’s just a matter of time. But, with a 100 % solution, small business owners don’t have to worry about being targeted. Stufflebeem Technologies Business Solutions will offer small business owners peace of mind with everything from firewall services to 24/7 monitoring and proactive threat detection.