Ever noticed how catastrophic events always happen when we least expect them?
A few months ago we saw the biggest global shipping delay in history.
The Ever Given vessel blockage literally brought global shipping to a standstill.
Nobody could have anticipated this.
And yet, the stranded vessel held up an estimated $9.6bn of global trade each day it was blocked.
So what’s my point?
Business crippling incidents like this always happen when we least expect it.
And it got me thinking…
This is exactly the same with cyber-attacks.
You see, many businesses bury their heads in the sand hoping it’ll never happen to them.
So they wait and they wait and nothing happens.
Until it one day out of the blue, it does…
And then, it’s too late.
Image Source: ABC.net.au
It can literally cost businesses hundreds of thousands (and in some cases millions) of dollars in lost profit and reputation damage.
I’ve seen this happen to so many businesses.
The worst bit is, most of these major incidents could have been avoided.
And when it comes to cyber-attacks, the numbers are increasing.
According to a study by Deep Instinct, in 2020 malware attacks increased 358% while ransomware attacks increased 435%.
And according to Cybercrime Magazine, the overall impact is predicated to inflict damage of $6 trillion USD globally in 2021 and is set to rise to $10.5 trillion USD by 2025.
So here’s the thing…
Don’t wait for an ‘Ever Given’ level cyber attack to destroy your business.
If you want to safeguard your business with bulletproof cybersecurity, then get in touch today.
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Posted from my blog with Exxp : https://itsmrhino.com/blog/the-ever-given-of-cyber-attacks/
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How are you doing with the news about cyber attacks in the United States? In the Russian Federation, the news yesterday reported that the United States accused Russian hackers of another attack and extortion of funds. The Russian government denies this.
I believe that groups of people-extortionists do not have state identification. Another thing is if it is done by the special services of a country deliberately against another state. This is already a diversion, a war.
I am not sure it is really news to many of us in the IT profession. I think it is news now because it is hitting areas (food, fuel, transit, etc.) that affect everyday people at an everyday level.
That is the thing with cybercrime of this nature, it would be somewhat hard to trace if the crime is even backed by nation-states, corporate/industry competitors, or other.
I just wanted to say that the governments of states with such statements impose on the citizens of their country the image of a specific enemy. And it does not matter which country's government is meant in this case.
You can buy insurance for business interruption and cyber risk. I guess with any insurance if you managed the risk well you can often get a better deal. Just think of why insurance companies ask if you have deadlocks on your windows, equally I would expect them to ask what cyber protection you have as well.
Just some food for thought.
In this case, the firm can organize a cyberattack through a front company to get insurance. But at the same time, the company will not suffer serious losses.
I have not heard that the Russian Federation offers insurance services against cyber attacks. To check the hacking of the system, the insurance company must have a professional staff of hackers.
This is a possibility, but most small businesses, the target of this article, are not going to sabotage themselves like this.
Yes, cyber insurance is something, but for SMBs that insurance can be very expensive and cost-prohibitive, especially if they are already carrying several other levels of insurance to manage risk (think small medical practices). It also doesn't repair the reputation and trust lost for that SMB.
You bring up a great point though, which is what I try to tell clients all the time, solutions are not always technical, they are not always administrative (policy/process). They are oftentimes a combination of both, plus people.