The Expanding World of Cyber Crime
Cyber-attack rates continue to rise in 2018. As cybersecurity service counters attacks, new and more sophisticated threats arise. How bad is it and by what means do cybersecurity breaches occur? How does a cybersecurity monitoring service work to protect against cybersecurity threats?
As an example, CIS reported ransomware payments rose from $325 million in 2015 to over $2 billion in 2017. These were breaches of security systems, and theft of data. The criminal offender held the data with demands for ransom. This escalating trend of data theft shows no signs of slowing down.
Barkley summarized the 10 biggest data breaches of 2018 so far. The largest category (Cyber Crime) primarily involved data breaches theft from retailers, government institutions, and social platforms.
Data and Information at Risk
In the case of cybersecurity breaches identified in the Barkley report mentioned above, a range of cybersecurity threats resulted in a cyber-attack. Clearly, the level of cybersecurity monitoring service in place was insufficient to prevent an attack. Types of data stolen include:
- Health information (from health care providers and fitness retailers)
- Credit card information (primarily from retailers, but also from a 3rd party service that provides online chat support, including support for billing.
- Contact and personal information (from private industry and government databases), including names, email addresses, physical addresses, dates of birth, phone numbers, and gender
- Purchasing history including passwords and payment information
- Social Platform Activity and Profile Info (Facebook – unauthorized sharing)
Furthermore, Barkley also provided the names of the entities owning the databases that experienced cybersecurity breaches. They included many well-known brands, such as:
- Cheddars and Darden Restaurants (owned by Cheddars)
- Sears, Kmart, Best Buy, and Delta use this 3rd party customer service support partner
- Hudson’s Bay (includes Lord & Taylor and Saks Fifth Ave)
- MyFitnessPal app
- Panera Bread
- Forever 21
- Whole Foods
Certainly, the incidence of cybersecurity breaches remains a significant threat to all types of businesses. Therefore, a quality cybersecurity monitoring service is obviously necessary to contain these and similar cybersecurity threats.
Consequences and Recovery
Consequences of a cyber-attack are far-reaching, affecting the companies who own the hacked databases, and their customers whose data was stolen.
For example, when a business owner suffers a network security breach, recovering lost data costs time and money. Meanwhile, workflow efficiency suffers while disaster recovery processes are underway. Additionally, the distraction from normal business activity strains customer relations and can cause permanent damage. In many cases, this challenge becomes insurmountable. Cybersecurity breaches happen to more companies than you might imagine. The U.S. National Cyber Security Alliance found that when a small business is the target of a Cyber Attack, 60% of them go out of business within 6 months.
Implementing cybersecurity service, along with state of the art disaster recovery systems can mitigate the most severe consequences of data theft. Unfortunately, the majority of businesses do not have this level of service available. When disaster strikes, consequences are sure to follow. Do not get caught without the means to recover quickly and completely from a cyber-attack. That could be the end of your business.
Prevention of Cyber Attacks
To quote Benjamin Franklin, ‘An ounce of prevention is worth a pound of cure’. This certainly applies to network security protection. To be sure, network security protection is not free. It costs money. Nevertheless, the consequences of a cyber-attack can be catastrophic. When catastrophe strikes, most any business owner would gladly pay the cost of prevention to get out of trouble. Unfortunately, getting out of trouble after trouble strikes will always cost much more than the cost of protection. The use of a cybersecurity service will undoubtedly pay dividends when cybersecurity threats emerge.
Taking a strategic approach to IT system design and maintenance reduces the cost of network security protection to a reasonable fee. A competent IT MSP can help you determine your level of exposure, and help you plan and implement cost-effective network security protection. The right MSP will have up to date information on available systems, to assist you with system selection.
Preventative measures typically include:
- Routine system scans for virus and malware infection
- Maintaining up to date versions of your systems security protection software
- Running and reporting on routine system healthcare checks
- Ongoing reporting and advice regarding current cybersecurity threats and providing recommendations for cyber-attack avoidance
Prevention of Cyber Attacks
Your business should ensure that a good quality cybersecurity monitoring service is in place at all times. This will reduce the risk of cybersecurity threats from becoming cybersecurity breaches, and will serve to keep your business running smoothly.
You can contact Custom Information Services to for a review of the quality of cybersecurity you have in place.