About Us | Contact Us
View Cart

The Cost of Being Unprepared

By Vigilize | Monday, April 30, 2018 - Leave a Comment

A new study has identified the most profitable malware, showing just how much unprepared businesses have paid.


An article review.


ServIcons_ITAudit_01

Despite pleas from various experts and authorities, it looks like a significant number of organizations ultimately decide to pay the criminal organizations who have held their data hostage. That’s something that many people have probably assumed to be the case, but the MIT Technology Review recently publicized research that appears to confirm those assumptions, showing bitcoin transactions associated with known malware easily totaling in the millions of dollars.

While the article focuses mainly on the financial cost of malware and some of the effort that goes into tracking down its sources, our friend Joe Cychosz suggested a different angle when he shared the piece with us: The only reason to pay the ransom is because you failed.

In many cases it’s not just one failure, it’s a series. Take this hypothetical scenario for example:

  • An employee, who didn’t get adequate awareness training, opens an attachment or follows a suspicious link.
  • The employee’s user access levels weren’t ever subjected to a regular review and no one noticed they had far more access than they needed.
  • The organization had nightly backups, but they were on servers not segregated in any way from the primary network.
  • The less-frequent offline backups had not been verified in a long time, and no one noticed that the tapes were unreadable.

The proper policies and procedures here could have mitigated the crisis at multiple points before it became necessary to pay a ransom…but with this hypothetical company, even a fire or flood could have wiped out their data–without giving them the chance to buy it back! There will always be new, unexpected threats out there, but having a solid set of basic policies and procedures–and enforcing them–can stop one failure from turning into a disaster.


Original article by the MIT Technology Review.


same_strip_012513


 

Latest News
    Community Banking and their layers of security. . . Michael Hartke’s first post as Executive Vice President! Thinking back to my first talk to security professionals in community banking almost 10 years ago, the question continues to this day. First some background… infotex was moderating the Indiana Bankers Association Security Conference when one of the […]
    Reasons why we should be considered! infotex provides a number of services that can be checked out if you click over to offerings.infotex.com! We even made a movie with all the reasons why infotex should be your next MSOC!  
    infotex and GoTo To all infotex managed security service Clients: As recently reported by major news outlets there was a data breach affecting GoTo (formerly LogMeIn) wherein attackers stole encrypted backups containing customer information in November 2022.  Based on the advisory from GoTo the products they offer that are affected include LogMeIn Pro, LogMeIn Central, […]
    An option for increasing security for ALL organizations. . . The threat landscape is evolving daily, and it is becoming increasingly difficult for even large organizations providing cyber defense services to keep up. As Brandao (2021) notes, it is important for organizations to adapt holistic technologies that can correlate all attack events. Therefore, developing XDR […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape) You are welcome to print out and distribute this around your […]
    A relic of the internet’s less secure past, many small firms struggle to secure their email systems… An article review. With a great deal of cybersecurity related news focused on new threats and similarly new techniques aimed at combating them, it can be easy to forget some of the older threats that have never gone […]
    Seven Trends . . . …that small bank Information Security Officers face in 2023 Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Welcome to the Magnificent Seven, my annual predictive article about the seven trends in technology that will impact the Information Security Officers of […]
    System Security and Cybersecurity are not the same thing. . . Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Regarding “information security,” the last thirty years have seen an evolution of frameworks, laws, and assessment approaches which intimidate the management team with their complexity.  […]
    The cryptographic algorithm is vulnerable to attack and is no longer considered secure… An article review. NIST has announced that it plans to retire the SHA-1 cryptographic algorithm by the end of 2030, citing multiple vulnerabilities in the standard, effectively ending its use after nearly 30 years.  Introduced in 1995, SHA-1 used a 160-bit hash […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape) You are welcome to print out and distribute this around your […]