A data breach is a grave issue for organisations of all sizes. In this post, we'll look at how to prevent and respond to a cyber assault and what to do if your system has been hacked.
Introduction
Given the chaos and instability generated by a worldwide epidemic, it should come as no surprise that cyber-attacks surged to record levels in 2020. With a 20% rise in attempted intrusions from 2019, 2020 was the busiest year on record for cyber-attacks against corporations. An assault was launched every 46 seconds on average, according to Beaming, with firms facing an average of 686,961 attempts to break their defences.
Simply because you own a small business does not mean you are immune to cyber threats. Small and medium-sized organizations account for 81 percent of all cybersecurity breaches. Small and medium-sized businesses are frequently unprepared for a cyber assault, making them particularly susceptible.
Table of contents.
What is at risk here ?
Cyber fraudsters are interested in gaining access to information and data about your company, workers, and consumers. They may do so by stealing or gaining unauthorized access to hardware, computers, and mobile devices, infecting computers with malware (such as viruses, ransomware, and spyware), attacking your technology or website, attacking third-party systems, spamming you with malware-infected emails, or gaining access to your data through your employees or customers.
A cyber-attack might result in financial loss due to money theft, information theft, business interruption, reputational harm, damage to other organizations with whom you do business, investment loss, and so on. Your money, information, technology, and reputation may be all in jeopardy. This might involve client data and personal information, financial records, and company plans being destroyed, exposed, or corrupted, new business ideas, marketing strategy, intellectual property, product design, and personnel data are all vulnerable to theft.
Different kinds of attacks
Although cyber-attacks are always changing, company owners should be aware of the most typical forms. There were noticeable changes in the frequency of attacks, the methods used by attackers, and the motives for their actions. We'll look at some of the most well-known types of attacks and how they impacted organizations in this article.
Ransomware attacks
In 2020, ransomware remained increasingly popular among cybercriminals, owing to its commercial viability for financially motivated attackers. It operates by encrypting a victim's sensitive data and keeping it for ransom after preventing them from accessing it. In the fourth quarter of 2020, ransomware assaults increased by 80% compared to the first half. In 2020, we'll see a slew of high-profile breaches involving ransomware, and it'll remain one of the most popular forms of assault.
While many people think of ransomware as mere software that infects and spreads across devices, encrypting the data and systems it touches, as the iconic Wannacry ransomware did in 2017, human-operated ransomware has emerged as a danger to businesses. Cyber thieves acquire access to corporate networks using several entry routes before moving laterally across the network and accessing multiple systems using compromised high-privileged account credentials. The attackers can distribute latent ransomware (for later activation and file encryption) and exfiltrate sensitive data as they travel. The attackers might threaten to release firm data if the ransom is not paid, causing more reputational harm and regulatory fines.
Phishing attacks and Email Campaigns.
Phishing is a technique used by cybercriminals to get private information such as online banking logins, credit card numbers, company login credentials, or passwords/passwords by sending phony communications (also known as 'lures'). To make the fraud more credible, these false letters typically claim to be from a huge organization you trust. Email, SMS, instant messaging, and social networking sites are all viable options. They frequently provide a link to a phony website where you are urged to submit personal information.
To completely comprehend the impact of phishing attacks on enterprises, you must first have a thorough understanding of the many forms of social engineering assaults available. Take a look at our social engineering guide.
On the other side, business email compromise is a type of social engineering that targets businesses and specific persons in specific jobs within those firms. This approach entails the attacker sending emails to their target that look to be from someone the victim would normally trust and expect to hear from. Attackers might, for example, impersonate a specific person or fake a firm domain that the victim frequently uses. If the attacker has acquired access to the business network through compromised credentials, they may be able to utilize hacked mailboxes to send emails asking for financial action from the victim using a valid email address from the organization.
DDoS attacks
DDoS attacks include cyber criminals sending a massive volume of web traffic to a single website, overloading it to the point where it becomes inaccessible for genuine business customers. For many businesses, the financial consequences of not being able to transact online may be significant. DDoS assaults increased by more than 20% over the previous year in 2020, setting a new high. As a result of the change to remote everything,' we now have a larger reliance on online services, as well as higher amounts of internet traffic. This was particularly important in the case of DDoS assaults because the financial consequences for enterprises were sometimes significantly bigger.
DDoS assaults are also growing more common as crypto money becomes more widely accepted as a means of payment. Hackers used to target sites for non-monetary reasons, but it's now become a profitable sort of assault for financially driven cyber criminals. Attackers may easily call a business and inform them that their website will be taken down until they pay the attackers in cryptocurrency.
We're also witnessing a steady increase in low-cost, unprotected Internet of Things (IoT) devices that aren't adequately patched or secured. Thousands of IoT devices are frequently infected with malware and then linked together to form a Botnet, which serves as a platform for launching enormous DDoS assaults.
Malware attacks.
Malware is harmful software that is specifically designed to disrupt a system or network. It has easy access to both company and personal systems' private information. As a result, malware can erase vital information from enterprises, and so has a significant influence on corporations. Every organization is affected by numerous sorts of malware. Malware assaults are on the rise in today's digital environment. The increasing reliance on the internet and the networking of various devices are two major aspects that render systems vulnerable to the virus.
Malware compromises an organization's network and may quickly interrupt corporate activities. They can also stop important services provided by the firm in specific situations. This will result in significant business losses. Malicious malware will infiltrate your machine without your knowledge, via emails or downloads, and attempt to acquire personal information. It's also known as identity theft. Malware runs in the background and captures every action you do. Malware, for example, records your surfing history, watches the applications you use, and replicates personal information such as user IDs, passwords, bank account numbers, and so on.
Once the malware has your personal information, it will have complete control over your computer's functions. It will send spam e-mails on behalf of a person to disrupt the operation of other linked devices in the company. Identity theft is a worry for the banking industry, which conducts a large number of commercial transactions through the internet.
Some other forms of attacks that can cause harm are:
DNS cache poisoning, also known as DNS spoofing, is a type of cybersecurity attack that takes use of flaws in the domain name system (DNS). Hackers divert Internet traffic away from authentic servers and towards imposters that look like the real ones.
Password attack: Despite its widespread use, individuals continue to fall victim to the oldest cyberattack: password assault. Its simplicity is one of the reasons it is still so popular. Hackers get weak passwords that access lucrative internet accounts using traditional hacking tactics.
MITM attack: A man-in-the-middle (MITM) attack happens when a hacker intercepts data between two legal sites. Consider it the digital equivalent of listening in on a private discussion. The hacker can, however, plant fresh requests that look to come from a valid source in this situation.
The prevention
We know there is nothing that is 100% hackproof but implementing prevention strategies can decrease the attacks by 90%. Let's find out some of the methods to adopt in your organization or your business.
1. Create a data backup.
If your company's data and website are backed up, you'll be able to restore any information lost in the event of a cyberattack or computer problems. It's critical that you periodically back up your most crucial files and information. Fortunately, backing up doesn't have to be expensive and is simple to perform.
Make it a practice of regularly backing up your data to an external disc or a portable device such as a USB stick. Store portable devices separately offsite, giving your company a backup plan if the office is looted or damaged. Do not leave gadgets connected to the computer since they may become infected as a result of a cyber-attack.
Make sure you encrypt all your data before backup and deploy multi-factor authentications for accessing these files.
2. Make sure your devices and network are secure.
Make sure your operating system and security applications are set to automatically update. Important security improvements for recent infections and assaults may be included in updates. Most updates enable you to schedule them for after business hours or at a later time that is more convenient for you. Because updates solve major security problems, it's critical not to disregard update prompts.
To assist avoid infection, install security software on your company's computers and gadgets. Anti-virus, anti-spyware, and anti-spam filters should all be included in the program. Computers, laptops, and mobile devices can all be infected with malware or viruses.
Install a firewall. It serves as a checkpoint for all inbound and outbound traffic. A firewall will safeguard your company's internal networks, but it must be patched regularly to function properly. Remember to configure your firewall on all of your mobile business devices.
Reduce the quantity of spam and phishing emails that your company gets by using spam filters. Spam and phishing emails can infect your computer with viruses or malware, as well as steal your personal information. The best thing to do if you get spam or phishing emails is to delete them. By using a spam filter, you may limit the chances of you or your staff accidentally opening a spam or dishonest email.
3. Cybersecurity best practices should be taught to your employees.
When it comes to cybersecurity, the adage holds: "you are only as secure as your least knowledgeable employee." What if an unwitting employee at your company uses weak passwords or falls for a phishing scam, allowing their system to be hacked?
This is why your employees must understand how fraudsters might deceive them into disclosing sensitive information. They should be able to spot a questionable phone call or email in a matter of seconds. They should be taught how to protect the company from such threats. An excellent place to start is with robust regulations for cybersecurity best practices.
4. Have a Plan for Recovering from a Disaster
If your company is ever subjected to a cyberattack, a well-planned and successful Disaster Recovery Plan will pave the road for a quick response. In the event of such an unpleasant incident, it should have a well-defined escalation process, and proactive communication should be prioritized.
Be aware of the latest threats that are happening in the wild and make sure you are not vulnerable to that attacks.
5. Monitor the use of computer equipment and systems
Keep an eye on how computer systems and equipment are being used.
Keep track of all the computer hardware and software that your company employs. To prevent unauthorized access, make sure they are secure.
Be wary of the networks to which we connect our devices, such as public Wi-Fi; unknown viruses and other hazards might be mistakenly transmitted from your house to your workplace on USB sticks or portable hard drives. Past workers gaining unauthorized access to systems is a prevalent security risk for corporations. Remove access from persons who no longer work for you or who have changed positions and no longer require it.
Cyber attack response.
Even after taking all the necessary safeguards, your company was attacked or penetrated (it can happen!!). If you're unsure what to do after a cyber assault, take these measures to assist reduce the damage.
1. Keep Your Cyber Security Breach to a Minimum
While it's tempting to remove everything after a data breach, evidence preservation is essential for determining how the breach occurred and who was involved. After a breach, the first thing you should do is figure out which servers have been hacked and isolate them as fast as possible to avoid infecting additional servers or devices.
If an attack is an ongoing disconnect the servers from the internet to isolate the affected server from others to prevent speeding. All passwords that are impacted or susceptible should be changed right away. For each account, create a fresh, strong password, and avoid using the same password on numerous accounts. If a data breach occurs again in the future, the harm may be reduced.
2. Determine the extent of the security breach
If you are a victim of a larger assault that has impacted several firms, make sure you stay up to current on developments from reputable sources that are watching the situation so you know what to do next. Whether you're a victim of a larger assault or the only victim, you'll need to figure out what caused the breach at your particular facility so you can act to prevent it from occurring again.
Checking your security data logs through your firewall or email providers, your antivirus application or your Intrusion Detection System may help you figure out how the breach happened. Consider employing a skilled cyber security expert if you're having trouble pinpointing the source and breadth of the intrusion.
You'll also need to figure out who was impacted by the breach, such as workers, customers, and third-party providers. Determine what information was accessed or targeted, such as birthdays, postal addresses, email accounts, and credit card numbers, to determine the severity of the data breach.
Your staff should be informed of your company's data security procedures. Adjust and disclose your security policies after determining the source of the breach to help prevent a repeat of the situation. Consider limiting data access to your staff depending on their job titles. You should also teach your personnel how to prepare for a data breach or how to avoid one in the first place regularly.
3. Manage the Repercussions of Your Cyber-Attack.
Managers and staff should be notified about the violation.
Inform your employees about the situation. Establish explicit permissions for team members to communicate about the problem both internally and outside. While your company recovers from a data breach, it's critical to be on the same page with your employees. You may need to get legal advice to determine the best manner to notify your consumers about the breach.
Notify your insurer if you have cyber liability insurance.
The purpose of cyber liability insurance is to assist you in recovering from a data breach or cyber security assault. As quickly as possible, contact your carrier to see how they can assist you with what to do.
Customers should be informed.
Consider establishing a separate action hotline dedicated to answering queries from affected folks to demonstrate your commitment, to being honest with your consumers. Maintaining strong, professional connections with your customers may be difficult without effective communication. A data breach can be stressful, but if you take the proper precautions, your company will be better equipped to recover. Conduct regular security inspections in the future to help prevent the probability of a similar occurrence occurring.
Final Thoughts.
Cyber attacks can happen to anyone big or small, Most of the attacks are caused by our negligence or not having enough knowledge about the attacks that can happen. We can't hackproof anything 100% but what we can do is improve security by continuous monitoring or patching, Having cyber incident insurance will come in handy some days. Always be vigilant and updated about various attacks and vulnerabilities. Always remember if you want to beat a hacker you need to think like one.