Connect with us

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

7 months ago

on

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.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Malware

Avis Reveals Massive Data Breach: Customer Information Compromised in Car Rental Empire

Car rental company Avis recently disclosed a data breach affecting customer data. The breach exposed sensitive information such as names, addresses, and phone numbers. Protect your personal information by staying vigilant and monitoring your accounts for any suspicious activity.

Published

1 day ago

on

September 6, 2024

By

Image removed

Image: Midjourney

Did you hear the news? American car rental giant Avis recently informed customers that cybercriminals breached one of its business applications last month and stole some of their personal information.

According to data breach notification letters sent to impacted customers and filed with California’s Office of the Attorney General, Avis took action to stop the unauthorized access and launched an investigation with the help of external cybersecurity experts after learning of the breach on August 5th.

What did the investigation uncover?

The investigation revealed that the attacker had access to Avis’s business application from August 3rd to 6th. The company managed to evict the malicious actor from its systems and blocked its access on August 6th. On August 14th, it also discovered that the attacker stole some customers’ personal information, including their names and other undisclosed sensitive data.

Since the breach, Avis says it has worked with outside experts to strengthen security measures for the affected application and implemented additional safeguards across its systems.

What has Avis done to protect its customers?

Avis has been actively reviewing security monitoring and controls to bolster security defenses and warned customers of identity theft and fraud risks following the data breach. The company advised those whose personal information was stolen to remain vigilant against threats of identity theft or fraud. They suggested customers do this by regularly reviewing and monitoring their account statements and credit history for any signs of unauthorized transactions or activity and contacting credit reporting agencies if they suspect any unauthorized activity.

Moreover, Avis offered those affected a free one-year membership to Equifax’s credit monitoring service, which provides assistance with identity theft detection and resolution.

About Avis and its global presence

Avis is a subsidiary of Avis Budget Group, a leading global mobility solutions provider that also owns Zipcar, the world’s leading car-sharing network. Its Avis and Budget car rental brands operate over 10,000 rental locations in 180 countries across North America, Europe, and Australasia. Avis Budget Group has reported more than $3.0 billion in revenues for the second quarter of 2024.

We reached out to Avis for more information about the attack’s nature, the number of affected customers, and the other personal information stolen in the breach, but the company has not responded yet.

Stay informed and protected

Cybersecurity is more important than ever, and we at IT Services are dedicated to helping you stay informed and protected. We encourage you to keep coming back to learn more about the latest cybersecurity news and trends. Together, we can make the digital world a safer place for everyone. If you have any questions or concerns, don’t hesitate to contact us!

Continue Reading

Malware

Massive Data Breach Exposed: Business Powerhouse CBIZ Reveals Customer Information Compromised

CBIZ, a leading provider of business services, has disclosed a data breach affecting customer information. The breach occurred when an unauthorized third party accessed an employee’s email account, potentially compromising clients’ names, addresses, and Social Security numbers. CBIZ is offering free credit monitoring services to affected clients and has implemented additional security measures.

Published

5 days ago

on

September 2, 2024

By

Imagine waking up one day to find out that your personal information has been stolen by hackers. Your name, contact details, social security number, date of birth, and even your health information are now in the hands of cybercriminals. This nightmare scenario recently became a reality for thousands of people when a major U.S. company fell victim to a data breach.

CBIZ: A Cybersecurity Wake-up Call

CBIZ Benefits & Insurance Services (CBIZ), one of the largest professional services companies in the United States, recently disclosed a significant data breach involving unauthorized access to client information stored in specific databases. This management consulting company, which provides financial and benefits and insurance services to various organizations and individual customers, reported that a threat actor exploited a vulnerability in one of its web pages and stole customer data between June 2 and June 21.

Upon discovering the intrusion on June 24, CBIZ launched an investigation with the help of cybersecurity professionals. They found that an unauthorized party was able to exploit a vulnerability associated with one of its web pages and acquire information from certain databases during the three-week period. To put things in perspective, CBIZ operates 120 offices across the country, employs 6,700 people, and recorded a revenue of $1.59 billion in 2023.

What Was Stolen?

Hackers managed to steal information belonging to nearly 36,000 individuals. The compromised data includes:

  • Name

  • Contact details

  • Social Security number

  • Date of birth/death

  • Retiree health information

  • Welfare plan information

Protecting Yourself and Your Data

CBIZ began sending personalized notifications to impacted clients on August 28, informing them of the breach. While the company has no evidence that the stolen data has been misused, they are offering guidance on how to enroll in a two-year credit monitoring and identity theft protection service to reduce potential risk. Additionally, impacted clients are advised to consider placing a credit/security freeze and adding a fraud alert to their credit report.

This incident serves as a stark reminder of the importance of cybersecurity and the need to protect our personal information. Cyberattacks are becoming more frequent and sophisticated, and businesses of all sizes must take the necessary precautions to safeguard their customers’ data. As individuals, we must also stay informed and vigilant to protect ourselves from the consequences of data breaches.

Don’t Be a Victim: Stay Informed and Take Action

Here at IT Services, our mission is to help you stay ahead of cyber threats. We provide the latest news, updates, and resources on cybersecurity to help you protect your digital footprint. Whether you’re a business owner or an individual user, knowledge is power when it comes to defending against cyberattacks. So don’t wait for a wake-up call like CBIZ – take action now to secure your digital life.

Stay informed and keep coming back to learn more. And remember, if you have any concerns or questions about cybersecurity, we’re here to help. Don’t hesitate to contact us for expert advice and support.

Continue Reading

Malware

DICK’S Sporting Goods Halts Email & Locks Employee Accounts Following Intense Cyberattack

US retailer Dick’s Sporting Goods suffered a cyberattack, prompting the company to shut down employee email accounts and reset passwords. Discover how the attack unfolded and what measures the company is taking to prevent future incidents.

Published

1 week ago

on

August 30, 2024

By

Last Wednesday, DICK’S Sporting Goods, the largest chain of sporting goods retail stores in the United States, discovered a cyberattack that exposed confidential information. With $12.98 billion in revenue in 2023 and over 857 stores across the country, this breach impacts a significant number of people.

Responding to the Cyberattack

In a filing with the U.S. Securities and Exchange Commission (SEC), DICK’S has hired outside cybersecurity experts to help contain the security breach and assess the impact. The company stated, “On August 21, 2024, the Company discovered unauthorized third-party access to its information systems, including portions of its systems containing certain confidential information.”

As soon as the incident was detected, DICK’S activated its cybersecurity response plan and engaged external cybersecurity experts to investigate, isolate, and contain the threat.

Keeping Information Under Wraps

According to an anonymous source, the company has been tight-lipped about the breach and has instructed employees not to discuss it publicly or put any information in writing. The same source revealed that email systems had been shut down, likely to isolate the attack, and all employees were locked out of their accounts. IT staff is now manually validating employees’ identities on camera before granting access to internal systems.

In an internal memo, DICK’S informed employees that most of them no longer have access to their systems due to a “planned activity” and that team leaders will contact them via personal email or text for further instructions.

Business Operations Unaffected

Phone lines at local stores are currently down due to the incident, but the company has reported no disruption to their business operations to date. In their SEC filing, DICK’S stated, “The Company has also notified federal law enforcement. The Company has no knowledge that this incident has disrupted business operations. The Company’s investigation of the incident remains ongoing.”

Although the company believes the incident is not material at this point, the investigation is still in progress, and the full impact remains to be seen.

What You Can Do

Cybersecurity is a critical concern for businesses and individuals alike. We at IT Services are committed to keeping you informed and protected. Stay tuned for updates on this situation, and don’t hesitate to reach out to us for advice and assistance in safeguarding your personal and professional information. Let’s work together to stay one step ahead of cyber threats.

Continue Reading

Trending

Copyright © 2023 IT Services Network.