Data is gold in today’s market. And as industries like finance, healthcare, and investment come to rely heavily on IT infrastructure, they have been on the receiving end of a string of recent cyber attacks in all their forms.
With these damaging attacks, people are questioning what they can do to stop them from happening again. If there is one silver lining in this, companies are heavily investing in cybersecurity: up to a projected $133.7 billion in 2022.
The importance of protecting data no matter the size of your company is paramount. Research shows that an average ransomware attack can cost a company up to $5 million. As part of being cybersecurity conscious, it’s essential to be informed of the current attacks and trends.
Let’s look at this string of recent cyberattacks, with some advice on what your company can do to protect your network better.
Money Heist Online: Hackers Steal Almost $100 million in Japan Cryptocurrency Attack
Cybercriminals targeted leading Japanese cryptocurrency exchange Liquid that serves over 100 countries worldwide and millions of customers all over the world. The hackers got away with almost $100 million in cryptocurrency. As an immediate response, the company moved all the assets to the “cold wallet” (offline).
Moving it to the cold wallet makes the accounts harder to access. Currently, they are tracking the movements of the stolen cryptocurrencies, and they are working with other exchanges to freeze and recover the assets.
While cybercriminals will always try to get access to accounts, your organization can benefit from extra security, no matter the size. Simple IT practices like using a secure password and partnering with an experienced MSP can help keep your business safe from cyber attacks.
HSE Ransomware Attack
In May this year (2021), the HSE, the Irish health system, suffered from a Conti ransomware attack. Conti ransomware is human-operated double extortion that not only steals information but also exposes information.
The attack, believed to be coming from a Russian-based Conti ransomware group, crippled 95% of the HSE’s systems. Staff couldn’t access their emails, and patients couldn’t access the website to schedule lifesaving treatments.
They finally recovered most of the data with the government’s help, but four months later, they are still reeling from the consequences of the attack. Experts believe that HSE could have prevented the threat with updated hardware and security updates.
The threat of ransomware is always looming. These criminals are always looking for the next easy target. To avoid being the next victim, ensure that your company’s hardware and software are always updated. It’s also a good idea to train your employees to recognize malicious emails to prevent them from clicking on them.
The Gift Card Gang
The gift card gang’s modus doesn’t involve a significant amount of money at one time or targeting an enormous public institution like the HSE. Instead, they take gift card and customer loyalty program data and resell it online.
It’s reported they access up to 100,000 email inboxes every day. They target emails that operate via “IMAP.” IMAP is an email standard used by Microsoft Outlook and Mozilla’s Thunderbird. As of this writing, the people behind the gift card gang are still at large.
This small but effective cyber-crime is a reminder for businesses to make sure they have a cybersecurity system in place because who knows what cybercriminals can do once they get a hold of your company’s emails.
The Takeaway
With all the recent cyber attacks, ensuring that your company has a practical and robust cybersecurity system in place has never been so important.
Our cybersecurity experts at Fresh Managed IT will help you identify the security gaps in your system and provide a cybersecurity solution tailored to your company’s needs.
