Now we are almost halfway through the 2020 and ransomware attacks made an all-time high record. There is not a day that we do not see reports of new attacks or emerging of new malwares hurting businesses around the world.
1-99-employee businesses are the main target
There is no sector, segment, scale or group protected from the cyber scourge.
We know about those major ones. By just such an assault, industrial giant Honda saw their networks put to a halt. A version of Avaddon ransomware has reached millions of email inboxes. High profile entertainment law company Grubman Shire Meiselas & Sacks experienced a one-two punch of REvil ransomware attack accompanied by a dark network auction of client information from the business.
Small businesses are hurt all the way so it’s not surprising that they quit industry as a consequence. It doesn’t matter exactly how large the company is. What might matter more, in fact, is just how easy it is to hack and get hacked.
A compounding danger to companies
Although there is no lack of reports of ransomware attacks, a new report by Veritas data security company indicates a much bigger challenge that few, if any, businesses are preparing for: consumers are gradually putting the blame on firms, especially their Executives, rather than on hackers who conduct the attacks.
The numbers are sobering. 12000 participants surveyed in the U.S., U.K., Germany, Japan, France, and China claimed that corporations were to blame, with 40 per cent suggesting that CEOs must do a better job. In the same poll, 35 percent claimed CEOs would be prosecuted for a cyber loss, and 30 percent expected a CEO to lose their ability to operate every business following a major cyber incident. About 23 percent believed the CEO would serve a prison term.
Any of the results from the study indicate a strong conceptual dissonance. For example, 71 per cent of participants surveyed said companies would not offer hackers ransoms, but 55 per cent preferred companies to pay the ransom when their own private data were at danger. The figures point to a burgeoning blame game, which in effect shows the need for big and medium businesses to ensure they have cyber insurance — often the only barrier separating the business and a cyber incident at the extinction stage.
What would CEOs do?
Despite 44 percent of the Veritas survey participants say that after a ransomware-related attack they would avoid utilizing the services of a corporation irrespective of how the organisation reacted — it matters how you treat cyber.
Despite consumers shaking a finger at corporate leadership, Executives are confronting a fresh dimension of what was once a danger to extinction. If the total costs of paying the ransom and the subsequent infringement-related expenditures are not adequate to kill a company, suppliers and consumers are progressively prepared to hammer the final nail in the casket.
Just before the Covid-19 pandemic, avoiding data breaches and enforcing appropriate safety protections was a difficult task. A survey carried out in 2019 found that 80 percent of the business executives predicted a serious violation or a successful cyber-attack within one year, double what a related report had shown in 2015.
Any CEO cannot eliminate the inevitability of an effective cyberattack, ransomware-related and otherwise but they can handle the consequences.
Nothing has been said regarding the lack of qualified technology staff, to say nothing about flaws in the supply chain, unencrypted or obsolete applications or malfeasance by employees. But the response here for management team is to be prepared.
Although corporate security is complicated, a successful leader just has to be ready for the day the unthinkable ransomware attack occurs. More than half of the security staff interviewed in 2019 claimed that security measures were overlooked by CEOs, and 14 per cent said their CEOs have undergone no cybersecurity instruction. Another survey found that 40 per cent of IT workers directly pointed to the CEO of their organisation as the weakest link in their business security. Just you know if this is real about your company. Because if it does, then you can just take action to get cyber right.
There is an often-quoted expression that “culture eats strategy for breakfast” and when it comes to technology, that is very real. Know the dangers, find support where you need it, get insured, and take this seriously.
What do you think about this? Have you ever experienced any types of Ransomware Attacks in your company? Let us know in the comments sections below.