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How SMBs Can Significantly Reduce Their Risk of Devastating Cyberattacks and Data Breaches

Explore vital steps SMBs can take to reduce the risk of cyberattacks and data breaches, including securing remote access, training employees, and implementing incident response plans. Stay ahead of cyber threats and safeguard your business with these essential cybersecurity measures.

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A group of SMBs sitting at desks in an office, working together to reduce the risk of cyberattacks.

The Akira ransomware group has been targeting small to medium-sized businesses (SMBs), with 80% of its victims since March 2023 being SMBs. According to Arctic Wolf, the group’s ransom demands range from $200,000 USD to over $4 million USD.

If organizations refuse to pay, the gang threatens to expose names and data. Most intrusions leverage compromised credentials to obtain initial access, according to the same source.

Akira is just one example of the growing security problem for SMBs. While breaches at large enterprises may make the news, 56% of SMBs experienced cyberattacks last year.

Why ransomware groups target SMBs

SMBs are attractive targets for cybercriminals. They typically have fewer resources like IT support and lack robust security procedures, such as employee cybersecurity training.

Hackers also target SMBs to find entry points to larger enterprises. Many of the biggest breaches in recent years resulted from third-party attacks that started with a smaller company that was digitally connected to another.

In 2023, several breaches of SMBs turned into large-scale attacks on major companies, including AT&T, Chic-fil-A, and 1Password.

The impact of cyberattacks on SMBs

A successful breach can cause significant damage. Globally, the average cost to recover from a data breach is $4.45 million, according to IBM’s Cost of a Data Breach Report 2023—a 15% increase over the past three years. For SMBs, the average cost of a data breach is nearly $150,000.

Indirect costs can also be significant. Breaches can undermine customer trust and damage reputations. Data may be lost forever. Even when the ransom is paid, nearly 40% of companies are unable to restore their data.

What can SMBs do to mitigate their risks?

Businesses should use best practices for cybersecurity, such as adopting the cybersecurity framework for SMBs developed by the National Institute of Standards and Technology (NIST). According to the framework, SMBs can mitigate risks by:

  • Controlling who can access your network and data
  • Having formal policies for use
  • Encrypting sensitive data, both at rest and in transit
  • Using network firewalls with integrated security
  • Monitoring for unauthorized access
  • Backing up data regularly
  • Creating plans for responding and recovering from attacks

These best practices can help reduce unauthorized access. However, 98% of cyber attacks start with some form of social engineering. If threat actors get their hands on an end-user’s valid passwords, they can bypass many of these security measures.

So, it is not only crucial to pay close attention to password policies, but to also block known compromised passwords.

Go beyond complex passwords

Enforcing a password policy that helps end-users create stronger passwords and blocks the use of weak and common phrases will make it more difficult for hackers. However, this must go beyond requiring basic password compliance requirements.

IT Services’ data shows that 83% of compromised passwords satisfied both length and complexity requirements of regulatory password standards.

Password attacks are often successful because users are predictable. They tend to reuse passwords and use similar patterns when creating passwords and trying to meet the complexity requirements.

For example, starting with a common word and then following it with a number or special character.

Robust password policy enforcement can help users create easy-to-remember, but hard-to-crack passphrases.

Use Multi-Factor Authentication

MFA reduces the risk of account takeovers by adding an additional layer of protection.

Even if passwords are compromised, unauthorized users can’t access your network without the second authorization, such as a push notification sent to mobile devices or third-party identity verification providers.

This helps mitigate the risk of stolen credentials and brute-force password hacking.

Block compromised passwords

The easiest way for cybercriminals to access networks is by using compromised credentials. At any one time, more than 24 billion user names and passwords are for sale on the dark web.

You can significantly reduce your risk by blocking the use of known compromised passwords with Specops Password Policy with Breached Password Protection.

Audit Active Directory accounts

Conduct password audit scans of your Active Directory with Specops Password Auditor to check end-user accounts against 950 million compromised passwords and other password-related vulnerabilities.

This is a free read-only scan that can help your organization proactively identify password vulnerabilities in multiple reports.

End-user awareness training

88% of data breaches can be traced back to human error, according to a joint study between a Stanford University researcher and Tessian. The World Economic Forum’s Global Risk Report puts that figure at 95%.

SMBs should require end-user training to help them better understand the importance of following cybersecurity policies and recognizing the signs of phishing, smishing, and other attacks aimed at stealing their credentials and falling victim to ransomware.

Improve cybersecurity with better password protection

SMBs can start enhancing their security posture by protecting their frontline.

Specops Password Policy protection helps enforce compliance requirements by automatically blocking the use of over 4 billion compromised passwords.

Learn more about Specops Password Policy solution to mitigate your cyber risks. Get a demo or free trial today.

Sponsored and written by Specops Software.

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Malware

RansomHub Launches Daring Cyberattack on Kawasaki, Warns of Massive Data Leak

Kawasaki faces a cyberattack from RansomExx, a ransomware group that threatens to leak stolen data on the RansomHUB dark web portal. The company confirms unauthorized access to European and Japanese servers, and is taking measures to prevent further damage.

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A person in a green and black outfit rides a green Kawasaki Ninja ZX-7R motorcycle on a road surrounded by lush greenery, seeming unaware of the cyberattack that had occurred earlier at RansomHub.

Picture this: You’re going about your day, and suddenly, your entire business comes to a screeching halt. You’ve been hit by a cyberattack, and your critical data is now in the hands of cybercriminals. This nightmare scenario recently played out for Kawasaki Motors Europe, as the RansomHub ransomware gang targeted their EU headquarters and threatened to leak stolen data.

But Kawasaki didn’t take this lying down. They immediately jumped into action, working diligently to clean their systems of any “suspicious material,” such as malware. According to their announcement, they isolated their servers and initiated a strategic recovery plan. By working with external cybersecurity experts, they began checking each server one by one before reconnecting them to the corporate network. Their efforts are paying off, with 90% of their server infrastructure expected to be restored by the start of next week.

Now, you might be thinking, “That’s great for Kawasaki, but what does this have to do with me?” The answer is simple: cyberattacks can happen to anyone, and they’re becoming more prevalent and sophisticated every day. In fact, RansomHub alone has breached 210 victims from a wide range of critical U.S. infrastructure sectors since its launch in February, according to a joint advisory between the FBI, CISA, and the Department of Health and Human Services (HHS).

Don’t become a statistic: Learn from Kawasaki’s experience

Kawasaki’s story serves as a valuable lesson for all of us. When faced with a cyberattack, it’s crucial to act quickly and decisively, partnering with cybersecurity experts to mitigate the damage and protect your valuable data. But even better than reacting to an attack is preventing one from happening in the first place.

So, what can you do to safeguard your business and personal data from cybercriminals? Here are a few key steps:

  • Keep your software up to date. Regularly updating your software helps to patch any security vulnerabilities that cybercriminals could exploit.
  • Invest in strong security measures. This includes firewalls, antivirus software, and secure network connections, as well as employee training on cybersecurity best practices.
  • Regularly back up your data. Having a secure, up-to-date backup of your data can help you recover more quickly in the event of an attack.
  • Monitor for suspicious activity. Regularly review your network logs and other activity to identify any potential threats or breaches.

Let’s work together to keep your data safe

Here at IT Services, we understand the importance of keeping your data secure and are committed to helping you protect your business from cyberattacks. Our team of cybersecurity experts is available to guide you through the process of implementing robust security measures and ensuring your business is prepared to face any potential threats.

To learn more about how we can help you safeguard your business and personal data, get in touch with us today. And remember, the best defense against cyberattacks is a proactive approach to cybersecurity. So, don’t wait for disaster to strike—take action now to keep your data safe and secure.

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Malware

Fortinet Acknowledges Massive Data Breach: Hacker Boasts Theft of 440GB Files

Fortinet, a network security company, has confirmed a data breach after a hacker claimed to have stolen 440GB of files. The breach is believed to have exposed client information, including email addresses and passwords. Fortinet is investigating the incident and taking steps to mitigate the potential impact on its customers and partners.

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The Fortinet logo, centered on a vibrant red background with streaks of light radiating outward, symbolizes robust cybersecurity against hackers and data breaches.

You may have heard about the recent data breach at cybersecurity giant Fortinet, and it’s worth taking a closer look at what happened to understand the risks and implications. The company is one of the largest cybersecurity providers in the world, offering a range of products and services such as secure networking devices, network management solutions, and consulting services.

A Threat Actor Strikes

Recently, a threat actor claimed to have stolen a whopping 440GB of data from Fortinet’s Microsoft Sharepoint server. This individual, going by the name “Fortibitch,” announced the theft on a hacking forum and even shared credentials to an alleged storage bucket containing the stolen data.

We have not accessed this storage bucket to verify its contents, but it’s important to note that the threat actor claimed to have attempted to extort Fortinet into paying a ransom to prevent the data from being published. Fortinet, however, refused to pay.

Fortinet’s Response

When we reached out to Fortinet about this incident, the company confirmed that customer data had indeed been stolen from a “third-party cloud-based shared file drive.” They described the breach as involving “limited data related to a small number of Fortinet customers.”

Initially, Fortinet did not disclose the number of affected customers or the nature of the compromised data, but they did state that they had “communicated directly with customers as appropriate.” In a later update on their website, Fortinet revealed that the breach affected less than 0.3% of its customer base and had not resulted in any malicious activity targeting those customers.

It’s also worth noting that Fortinet confirmed the incident did not involve data encryption, ransomware, or access to their corporate network. We have contacted Fortinet with additional questions about the breach, but have not received a reply at this time.

Not the First Time

This isn’t the first time Fortinet has been targeted by threat actors. In May 2023, an individual claimed to have breached the GitHub repositories of Panopta, a company acquired by Fortinet in 2020, and leaked stolen data on a Russian-speaking hacking forum.

A Call to Stay Informed and Vigilant

As this incident demonstrates, even the most prominent cybersecurity companies can fall victim to data breaches. That’s why it’s crucial to stay informed about the latest threats and to take steps to protect your own data and networks. We’re here to help you navigate the ever-evolving cybersecurity landscape and to provide the expertise and support you need to safeguard your digital assets.

Don’t hesitate to reach out to us to learn more about how we can help you stay ahead of the curve in cybersecurity, and be sure to keep coming back for the latest updates and insights.

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Malware

Transport for London Reveals Alarming Cyberattack: Customer Data Compromised

Transport for London (TfL) has confirmed customer data was stolen in a cyber attack. TfL’s Oyster card and contactless payment systems were targeted, resulting in a partial shutdown of online services. The transport operator urges users to change their passwords and remain vigilant for potential phishing emails or fraudulent activity.

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A red double-decker bus, marked with advertising, is parked on a street in front of a large building exhibiting vertical lines on its facade. This scene is emblematic of Transport for London’s iconic transport system.

Did you know that on September 1st, the urban transportation agency, Transport for London (TfL), was hit by a cyberattack? Initially, they assured customers that there was no evidence of data being compromised. However, after further investigation, it turns out that some customer data was indeed impacted, including names, contact details, email addresses, and home addresses.

A Quick Recap of the Cyberattack

The attack was first made public on September 2nd, and since then, TfL staff has been dealing with system outages and disruptions. This includes the inability to respond to customer requests submitted via online forms, issue refunds for journeys paid with contactless methods, and more.

As we now know, the impact on customer data was not as minimal as initially thought. According to TfL’s status page, the investigation revealed that certain customer data had been accessed during the cyberattack.

Moreover, the agency discovered that the hackers may have accessed some Oyster card refund data and bank account number and sort codes for approximately 5,000 customers.

Worried about being affected? We can confirm that affected customers are receiving personalized notifications informing them of the data breach, so be sure to check your email to see if you’re among those impacted.

What Does This Mean for TfL Customers?

As TfL continues to work on remediation efforts, some services remain unavailable. Here’s a quick rundown of what you should be aware of as a customer:

  • Live Tube arrival info is unavailable on some digital channels, but in-station and journey planning info is still accessible.
  • Applications for new Oyster photocards, including Zip cards, are temporarily suspended. If you need to replace a lost card, call 0343 222 1234 (option 1).
  • If you can’t apply for a photocard, keep records of your fares; you might be able to get a refund once the cyber incident is resolved.
  • Contactless users can’t access their online journey history.
  • Refunds for incomplete journeys using contactless payment methods are unavailable. Remember to always touch in/out. Oyster users can manage refunds online.
  • Staff has limited system access, causing delays in online responses.

As of now, no ransomware gang has claimed responsibility for the cyberattack on TfL.

A Wake-Up Call for Better Cybersecurity

This incident serves as a reminder that we must be vigilant when it comes to cybersecurity. Businesses and individuals alike should take the necessary steps to protect their data and systems from cyber threats.

As an IT Services expert in cybersecurity, we’re here to help you stay informed and ensure you’re taking the right precautions to protect yourself from cyberattacks. So, don’t hesitate to reach out to us for advice or assistance. And keep coming back to learn more about how you can stay one step ahead of cyber threats.

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