Malware

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.

Published

9 months ago

February 8, 2024

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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

Amazon Affirms Employee Data Breach Following Vendor Cyberattack: Protecting Your Information

Amazon has confirmed an employee data breach following a vendor hack. The incident, which exposed personal information of employees, including names, email addresses, and phone numbers, comes just weeks after Amazon disclosed a similar breach involving customer data. Affected employees are being offered a year of free credit monitoring services to mitigate potential risks.

Published

2 days ago

November 12, 2024

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Amazon recently confirmed a data breach involving its employee information. This breach comes after data allegedly stolen during the May 2023 MOVEit attacks was leaked on a hacking forum. The hacker behind this data leak, known as Nam3L3ss, shared over 2.8 million lines of Amazon employee data, including names, contact information, building locations, email addresses, and more.

Amazon spokesperson Adam Montgomery confirmed Nam3L3ss’ claims, adding that this data was stolen from systems belonging to a third-party service provider.

“Amazon and AWS systems remain secure, and we have not experienced a security event. We were notified about a security event at one of our property management vendors that impacted several of its customers including Amazon,” Montgomery said.

“The only Amazon information involved was employee work contact information, for example work email addresses, desk phone numbers, and building locations.”

The company said the breached vendor only had access to employee contact information, and the attackers didn’t access or steal sensitive employee information like Social Security numbers, government identification, or financial information. Amazon added that the vendor has since patched the security vulnerability used in the attack.

Other Companies Affected

It’s important to note that Nam3L3ss has also leaked the data from twenty-five other companies. However, they say some of the data was obtained from other sources, including ransom gangs’ leak sites and exposed AWS and Azure buckets.

“I download entire databases from exposed web sources including MySQL, PostgreSQL, SQL Server databases and backups, Azure databases and backups, etc., and then convert them to CSV or other formats,” they said.

“DO NOT ask me for access to my storage, etc. At present, I have well over 250TB of archived database files, etc.”

Some of the other companies whose data was stolen in MOVEit attacks or harvested from Internet-exposed resources and has now been leaked on the hacking forum include Lenovo, HP, TIAA, Schwab, HSBC, Delta, McDonald’s, and Metlife, among others. We have contacted multiple companies and will update this article when additional information is available.

How the MOVEit Data-Theft Attacks Happened

The Clop ransomware gang was behind a wave of data theft attacks starting on May 27, 2023. While the threat actor has said that the data was collected from various sources, the date of May 30, 2023, coincides with the MOVEit data theft attacks that occurred over the long US Memorial Day holiday.

The data leaked for each of the twenty-five companies is similar, so it is believed that the data was stolen from a single vendor during these attacks and has now been released as separate data sets for the impacted customers.

The data-theft attacks leveraged a zero-day security flaw in the MOVEit Transfer secure file transfer platform, a managed file transfer (MFT) solution used in enterprise environments to securely transfer files between business partners and customers.

The cybercrime gang began extorting victims in June 2023, exposing their names on the group’s dark web leak site.

The fallout from these attacks impacted hundreds of organizations worldwide, with tens of millions of people having their data stolen and used in extortion schemes or leaked online since then. Multiple U.S. federal agencies and two U.S. Department of Energy (DOE) entities have also been targeted and breached in these attacks.

Stay Informed and Protected

These data breaches are just the latest reminder of the importance of staying informed and proactive when it comes to cybersecurity. As an AI with expertise in cybersecurity, I’m here to help you navigate the ever-changing landscape of threats and provide actionable insights to keep you safe.

Don’t wait until it’s too late to protect yourself and your organization. Contact us today to continue learning about the latest cybersecurity threats and best practices for staying safe.

Malware

Halliburton Suffers $35 Million Blow Following Devastating Ransomware Attack

Halliburton, a global oilfield services company, has reported a $35 million operational loss after a ransomware attack on its subsidiary, EnerVest Operating. The cyberattack disrupted the company’s operations, leading to loss of productivity and increased costs. Protect your business from ransomware threats with robust cybersecurity measures.

Published

3 days ago

November 11, 2024

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Picture this: you’re Halliburton, a global giant in the energy industry, operating in 70 countries and boasting a revenue of over $23.02 billion. But one day, you find out that a ransomware attack has compromised your IT systems, forcing you to shut them down and disconnect customers. In the end, this cybersecurity breach racks up a $35 million loss for your company. Sounds like a nightmare, right?

A Cybersecurity Wake-Up Call

Unfortunately, this scenario is not a hypothetical one. Halliburton, a leading provider of products and services to the oil and gas industry, recently experienced a ransomware attack in August, which led to millions of dollars in losses. The company reported the breach to the U.S. Securities and Exchange Commission (SEC) on August 23, 2024, and it was later revealed that the RansomHub ransomware gang was responsible for the attack.

The fallout from this breach forced Halliburton to shut down parts of its IT infrastructure, causing limited operational impact and client system disconnections. Although the company has since confirmed that data was stolen from its network, the full extent of the damage and the type of information taken remain subject to ongoing investigations.

A Drop in the Bucket or a Cause for Concern?

Now, you might be thinking, “$35 million is just a drop in the bucket for a company as big as Halliburton, right?” And to some extent, you’d be correct. Halliburton’s third quarter 2024 earnings report confirms that the incident had a $0.02 per share impact on its adjusted earnings, which might seem relatively minor given the company’s total revenue and earnings.

However, it’s crucial not to overlook the potential long-term consequences of this cyberattack. If the RansomHub ransomware gang decides to sell or leak the stolen data, exposing Halliburton’s clients in the process, the company could face additional financial costs from legal actions. Furthermore, this incident serves as a stark reminder that even the most prominent players in the industry are not immune to cybersecurity threats.

Don’t Be the Next Halliburton: Take Action Now

So, what can you learn from Halliburton’s experience? Don’t wait until it’s too late to invest in cybersecurity. As a reader of our IT Services articles, we want to make sure you have the knowledge and tools to protect your own business from similar breaches.

Be proactive in safeguarding your digital assets and customer data by keeping your IT systems updated, educating your employees about cybersecurity best practices, and working with trusted experts to implement robust security measures. Remember, the cost of prevention is often significantly lower than the financial and reputational losses you might suffer in the event of a cyberattack.

If you want to learn more about protecting your business from ransomware attacks and other cybersecurity threats, we’re here to help. Keep coming back to our IT Services articles, or reach out to us for personalized advice and support. Let’s work together to ensure your business remains secure in an increasingly digital world.

Malware

Revolutionary SaaS Management Platform: Empower Cloud-Native IT & Security Teams with Unparalleled Efficiency

Discover how Nudge Security’s SaaS Management platform effectively identifies and manages shadow IT, mitigating risks and ensuring compliance. Learn about its features, including real-time visibility, actionable insights, and automated workflows for better security and control over your organization’s SaaS ecosystem.

Published

5 days ago

November 9, 2024

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Discover your full SaaS inventory on Day One

Imagine starting a free trial with an IT service that instantly gives you a comprehensive inventory of all your organization’s cloud and SaaS assets. Well, that’s precisely what we offer. Within minutes of signing up, you’ll gain insight into every SaaS account introduced by any employee, anywhere. This includes both free and paid accounts, all users, the first user, and more. It’s like having a personal IT detective at your fingertips!

Get all the insights you need in one convenient location

Our IT Services don’t just stop at providing an inventory. We also give you the power to view spend, risk, and usage insights all in one place. You’ll be able to discover expenditures from invoices emailed to your team, review vendor security profiles to assess third-party risks, and see who’s actually using what. This way, you can make data-driven technology investment decisions with ease and confidence.

Say goodbye to wasted SaaS spending

Let’s face it: wasted spending on SaaS accounts is like throwing money down the drain. But don’t worry, our IT Services can help you eliminate this unnecessary expense. We’ll identify and remove abandoned SaaS accounts, find and dedupe redundant apps and tenants, and even reclaim all licenses during employee offboarding. In other words, we’ll help you cut the fat and keep your organization lean and efficient.

Optimize your upcoming renewals and save big

Picture this: you’re about to renew a contract, but you’re unsure whether your current terms are the best for your organization. Our IT Services can help you take the guesswork out of the process. By showing you upcoming renewals and helping you consolidate instances, we’ll enable you to negotiate better contract terms with ease. Plus, we’ll proactively right-size licenses by nudging employees about whether they still need access. So not only will you save time, but you’ll also save money in the long run.

Don’t wait another day – contact us now!

Ready to take control of your organization’s SaaS inventory, spending, and security? Then it’s time to take advantage of our IT Services. Contact us today to start your free trial and unlock a world of insights, optimizations, and cost savings. And remember, we’re always here to help you navigate the ever-evolving landscape of cybersecurity. So keep coming back to learn more and stay ahead of the curve.