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In a challenging economy, every business is looking for ways to save money and retrench. But sometimes when companies go searching for ways to trim the fat, they put themselves at risk of cutting too close to the bone. Cybersecurity budget cuts can translate into weakened defenses that open your business up to cyberattacks. That’s not a good idea when 60 percent of companies go out of business within six months of experiencing a cyberattack.
Why? Cyberattacks are expensive in more ways than you might expect. You’re not just paying for immediate damage and repair like other damaging disasters. You’re also contending with loss of business costs, lost productivity, bad publicity, added payroll hours, new security tools, investigators, regulatory experts, penalties, legal costs, ransoms (if you choose to pay them) and many other factors that drive up costs while you struggle to repair your business and get it back on its feet. In addition, only about half of businesses have a cybersecurity incident response plan ready to swing into action in the event of a cyberattack, and that can lead to longer remediation times and wasted money.
It’s not just the initial hit in a cyberattack that’s driving companies into the red. In an expert breakdown of the cost of a data breach, it’s easy to see how the impact of a cybersecurity incident can linger. Companies that do survive the blow will still be paying for remediation, damage and lost business for years while wrestling with the ongoing reputation damage. After paying for immediate investigation, mitigation and repair, the bills from a cyberattack don’t stop coming. Around 61 percent of the cost of a data breach is paid in the first year after impact, an estimated 24 percent comes due in the next 12 to 24 months, and the bills for the final 15 percent can arrive more than two years later.
Building and maintaining a clear, manageable cybersecurity incident response plan is critical for reducing incident damage in the event of a cyberattack. Speed is of the essence when responding to a cybersecurity incident. The faster you start mitigating damage, the more you can minimize its impact on your operations. The most recent IBM/Ponemon Institute Cost of a Data Breach Report details the benefits of speedy recovery with an incident response plan. Companies with a defined incident response team that regularly ran drills and a comprehensive incident response plan saw savings of $2 million compared to those that had no such measures in place.
Another factor of rising importance in mitigating the cost of a data breach is security automation. Companies that have deployed security automation can save about 50% of the cost of a data breach. That means that choosing affordable, automated security solutions should be at the forefront of your security planning. Solutions that give you faster incident discovery and response times as well as lowering your risk of a data breach is key. With the right combination of solutions and investment in automation, you’ll not only reduce your company’s risk of falling victim to cybercrime now, but you’ll also put your business in a strong position to be ready to face tomorrow’s threats.
Contact the experts at IntegraMSP today to discover how our solutions can protect your business from cybercrime. Investing in the right solutions now can help prevent a disaster from happening. That’s the best way to save money — and maybe even save your business.
Gab: Social Media Platform
Risk to Business: 1.479 = Extreme
Right wing social media platform Gab was hacked by hacktivist group DDoSecrets. The platform is notorious for lax censorship of hate speech and is a haven for extremists including white supremacists, neo-Nazis, white nationalists, the alt-right, and QAnon conspiracy theorists. DDosSecrets has posted 70 GB of Gab content to its website including public posts, private posts, user profiles, hashed passwords for users, DMs, and plaintext passwords for groups in SQL format, along with over 70,000 messages in more than 19,000 chats with over 15,000 users in plaintext format.
Individual Risk: 1.447 = Extreme
It is unclear how many individuals may have been impacted. Gab users should be wary of spear phishing attempts, as well as potential legal consequences for nationalist or hate group activity.
Customers Impacted: Unknown
How it Could Affect Your Business: Hacktivists are growing bolder in their quest to expose hate in public and private spaces. Information like this will haunt users for years on the dark web.
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Exploit: Third Party Data Breach
Steris: Medical Equipment Sales
Risk to Business: 1.919 = Severe
The ransomware gang Clop is claiming to have snatched an unspecified amount of information belonging to the Steris Corporation during a ransomware attack at third party cloud solutions provider Accellion. A small amount of internal data including studies and communications was identified as Steris data.
Individual Impact: No sensitive personal or financial information was announced as part of this incident, but the investigation is ongoing.
Customers Impacted: Unknown
How it Could Affect Your Business Third party threats are growing more serious as cybercriminals collect information used in past breaches to fuel future attacks.
IntegraMSP to the Rescue: Is your company in danger from dark web data like lists of stolen credentials? Dark Web ID helps you find out fast LEARN MORE>>
Covenant Healthcare: Medical System
Risk to Business: 2.212 = Severe
Bad actors obtained access to two employee email accounts at Covenant Healthcare, leading to the exposure of personal information for an estimated 45K patients. The Michigan-based health system is undertaking an investigation with outside cybersecurity professionals.
Individual Risk: 1.712 = Severe
Potentially stolen patient information includes includes names, addresses, dates of birth, Social Security numbers, driver’s license numbers, medical diagnosis and clinical information, medical treatment, prescription information, doctors’ names, medical record numbers, patient account numbers, and medical insurance information. The hospital is offering identity theft protection to impacted patients.
Customers Impacted: 45K
How it Could Affect Your Business: Phishing is the gateway to dangerous cybercrime, and regular phishing resistance training helps keep that gate closed.
IntegraMSP to the Rescue: Learn the secret to keeping phishing away from your business and keeping your data safer. LEARN MORE>>
1 – 1.5 = Extreme Risk
1.51 – 2.49 = Severe Risk
2.5 – 3 = Moderate Risk