Protecting Your Data and Company From Cyberthreats – Source: www.databreachtoday.com

Intrusion Prevention Systems (IPS)
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Training & Security Leadership

Why Cybersecurity Is a Public Imperative

CyberEdBoard

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September 20, 2024    

The reliance on technology is increasing in an increasingly digital world. This is true for both individuals as well as businesses. The dark side of cyberspace, cyberthreats, are a growing danger as we embrace digital transformation. There has never been a greater need to protect personal and corporate data from cyberattacks.

See Also: Nudge Toolkit: Your Key to Enhanced Cybersecurity

Cybersecurity Is Important

Data is one of the most valuable assets in today’s digital age. From sensitive customer information to proprietary business data, organizations and individuals must protect this information from malicious actors. This includes things such as your name, address and email address, which you share when shopping online or signing up for services. Your bank details, such as credit card numbers, are also critical to protect. Medical records, such as doctor visits and prescriptions, are personal data. Even photos or videos you post online or save to your phone count as data. Finally, your usernames and passwords keep your accounts secure.

For companies, data might include customer information such as names and contact details or what a customer has bought. Financial reports, employee information such as salaries, and company secrets such as product designs are also examples of business data. Contracts with clients or inventory records that track stock and supplies are critical business records.

Cyberthreats come in many forms, such as phishing attacks, ransomware, data breaches and malware infections. These attacks can cause severe financial, reputational and operational damage. The consequences of failing to protect your data are evident in the high-profile cyber incidents we have seen in recent years.

The Cost of a Cyber Breach: Companies That Pay the Price

Equifax Data Breach – 2017

One of the largest data breaches in history at the time was the Equifax breach, which exposed personal information of 147 million Americans, including Social Security numbers and birthdates. The company faced over $1.4 billion in settlements and security upgrades. Equifax’s reputation was severely tarnished, and the breach became a cautionary tale for organizations about weak cybersecurity protocols.

Colonial Pipeline Ransomware Attack – 2021

A ransomware attack on Colonial Pipeline, one of the largest fuel pipeline operators in the U.S., resulted in the shutdown of its operations for several days. This caused widespread fuel shortages. The company paid a $4.4 million ransom to control its systems, and the ripple effects of the attack highlighted critical infrastructure vulnerability to cybercriminals.

Target Data Breach – 2013

During the holiday shopping season in 2013, hackers accessed Target’s payment card data, compromising 40 million customers’ financial information. Target incurred $162 million in legal fees, settlements and system upgrades. This breach underscored the importance of safeguarding payment systems, especially for retail organizations that process sensitive financial data.

Yahoo Breach – 2013-2014

The Yahoo breach, which occurred over two years, affected all 3 billion user accounts. As a result, Yahoo’s reputation suffered a significant blow and its acquisition by Verizon was reduced by $350 million. This incident demonstrated the devastating effects of a long-term, undetected breach.

Hospital Breach: University of Vermont Health Network – 2020

In 2020, the University of Vermont Health Network suffered a ransomware attack that disrupted hospital operations, including cancer treatment and patient care, for over a month. The attack forced medical staff to revert to pen-and-paper operations, delaying critical surgeries and care. The breach cost the healthcare system around $63 million, including recovery expenses, lost revenue and additional security measures. This incident illustrated the significant financial and human costs that can arise when healthcare systems are compromised.

The Human Cost of Cyberattacks

It’s not just companies that face cyberattack risk. Individuals are often targeted as well. Personal data breaches can lead to identity theft, financial fraud and privacy loss. Criminals can use stolen data to open accounts in victims’ names, drain bank accounts and wreak havoc on their lives. Such incidents often cause long-term financial and emotional distress.

For example, in 2021, Robinhood, an online brokerage firm, suffered a cyberattack that affected 7 million users. Attackers accessed customers’ names and emails, leading to potential phishing scams targeting individuals.

What You Can Do to Protect Your Data

To protect both personal and company data, it is crucial to adopt proactive cybersecurity measures. Some essential steps include:

• Use strong passwords and two-factor authentication. Ensure that you use complex passwords and enable 2FA on your accounts to add an extra layer of security.
• Perform regular software updates. Keep all software, including operating systems and antivirus programs, up to date. Many cyberattacks exploit vulnerabilities in outdated software.
• Encrypt your data. Encryption ensures that hackers cannot read or use your data without the proper encryption keys.
• Provide cybersecurity awareness training. For businesses, providing employees with comprehensive training on identifying phishing emails and recognizing common cyberthreats can significantly reduce the likelihood of falling victim to attacks. Organizations should focus on thoroughly educating those who have direct access to critical company data, as they are the key guardians of the organization’s most valuable information.
• Back up your data. Regularly backing up your data and storing it offline or in a separate location ensures that, in the event of a ransomware attack or data loss, you can recover your information without being forced to pay a ransom. But relying solely on cloud-based backups may lead to extended system outages during restoration, making offline or geographically dispersed backups a critical component of your recovery strategy.

A Call for Vigilance

Cyberthreats are constantly evolving, becoming more sophisticated and damaging. Individuals and companies must adopt comprehensive strategies to safeguard their data and systems. The cost of ignoring cybersecurity is far too high, as seen in the numerous breaches that have already occurred. By learning from others’ mistakes and implementing robust cybersecurity measures, we can protect our data, safeguard our companies and build a more secure digital world.

By staying vigilant and proactive, we can mitigate risks and protect critical assets that fuel our digital lives. Cybersecurity is not a one-time effort but a continuous process that requires attention and adaptation to emerging threats.






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Shervin Evans excels in risk management, compliance, system/network design, and crafting robust security strategies. Before Deltec, he played pivotal roles in renowned financial services firms and multinational corporations, enhancing protection for critical assets and sensitive data. His specialties include cloud security, threat intelligence, SOC implementation, regulatory framework and incident response.