Are Your Business Tools Ticking Time Bombs For A Cyber-Attack?

1 Aug 2023

In June, a notorious cybercrime group linked to Russia, Cl0p, targeted a widely-used file-sharing software used by prominent companies like Shell, Siemens Energy, Sony, and various US federal agencies, including the Department of Health. Security Magazine reported that the breach impacted 138 known companies, compromising the personal information of over 15 million individuals. The investigation is ongoing, and more affected entities may come to light.

If you think your small business is immune to such attacks because you are not on the same scale as these large corporations, think again. Even with cybersecurity budgets in the millions, these companies fell victim not because they ignored cybersecurity but due to a vulnerable piece of software they relied on for their operations.

One such tool is Progress Software's MOVE it, ironically advertised as a secure file-sharing tool with data loss reduction and regulatory compliance assurance. The attack exploited a zero-day vulnerability, a security gap without available patches or defenses. Cybercriminals quickly released malware to exploit this vulnerability before it could be addressed, providing them "zero days" to react.

Zero-day attacks are especially dangerous as they are challenging to prevent and can cause severe damage to smaller businesses. The stolen data may be deleted, held for ransom, or sold on the dark web. Even if data is recovered, the aftermath may involve hefty fines, lawsuits, financial losses from downtime, and a damaged reputation leading to client attrition.

This incident emphasizes that cyber security is not just a concern for big corporations and government agencies. Small businesses can be even more vulnerable, often dedicating fewer resources to protection. Beyond the organization itself; third-party vendors and tools used in the business can also pose threats. Many of MOVEit's affected customers had robust cybersecurity measures, yet they still faced the consequences of the breach, having to disclose the incident to clients and endure the associated fallout.

The MOVE it hack serves as a stark reminder of the critical importance of cyber security for businesses of all sizes. In today's fast-evolving cyber threat landscape, companies cannot afford to overlook these risks. Cyber security must be a continuous effort involving regular assessments, updates, monitoring, training, and more. One single vulnerability can lead to a catastrophic breach with severe implications for the business and its clients.

In the digital age, cyber security is not just a technical issue; it is a fundamental business imperative.

If you have any concerns about your business's cybersecurity or want a second opinion on your network's vulnerabilities, we offer a FREE Cyber Security Risk Assessment. Schedule a quick consultation to discuss your situation and arrange an assessment by clicking here.

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