Ransomware Attacks Have Doubled in 2019

The scourge of ransomware attacks around the world are well documented, appearing in front-page headlines and disrupting everything from SMBs to local municipalities. 

Even so, the scope of the problem is even more extensive than many people realize. The latest McAfee Labs Threat Report found a 118% rise in ransomware attacks in the first quarter of 2019. 

The precipitous increase follows years of decline for malware as it appeared to fall out of vogue with cybercriminals. However, in 2019, the practice has been monetized by targeting SMBs and local governments, soft targets that don’t often have the resources to effectively update their defenses against ransomware.

The report found that three ransomware strains – Dharma, Ryuk, and GandCrab – are used in the vast majority of attacks, and McAfee notes that a large number of organizations are willing to pay six-figure payments to help ensure that such strategies will continue to adapt and remain relevant well into the future.

Given the high cost of recovering from a ransomware attack, the cybersecurity services that can fortify a company’s defenses are a relative bargain. Especially for SMBs, a strong defensive posture comes with the cost of doing business, and it’s more affordable than cybersecurity failure. 
https://www.zdnet.com/article/cyber-crime-ransomware-attacks-have-more-than-doubled-this-year/

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com

In Other News: Data Breaches Expected to Cost Businesses $5 Trillion by 2024

By now, every business should be aware of the costs associated with a data breach. Unfortunately, such damages are not being contained. Instead, they are rising steadily, culminating in a $5 trillion price tag by 2024, according to the latest report from Juniper Research. 

A recent report, “The Future of Cybercrime & Security,” found that regulatory fines and lost business will be the primary drivers of this expense. 

Consumers continually demonstrate a disdain for platforms that can’t protect their data, making opportunity cost one of the most arduous, often immeasurable consequences of a data breach.

At the same time, the report notes that cybercrimes are likely to accelerate as hackers deploy increasingly sophisticated technology, like AI, to perpetuate even more disruptive cybercrimes.

However, Juniper Research found that cybersecurity-related expenditures are only expected to increase by 8% over the next four years, meaning that enterprises are turning to other methodologies to protect their data. Most prominently, the report concluded, employee awareness training is seen as the most efficient and cost-effective way to protect a company’s data.

Regardless of the technique, one truth is certain. The cybersecurity landscape will not look the same in four years, and every business needs to be prepared to adapt and meet the shifting challenges of its time.

https://finance.yahoo.com/news/business-losses-cybercrime-data-breaches-060000378.html

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com

Google Estimates 1.5% of All Internet Passwords Vulnerable to Spearphishing

Sometimes cybercriminals get too much credit for their ability to infiltrate businesses’ IT infrastructure. In many cases, employees’ bad password practices actually cause the vulnerability, a reality that was confirmed in a Google study released this week. 

In the report, Google estimates that 1.5% of all logins used on the internet are a vulnerability to credential stuffing attacks because they were disclosed in previous data breaches. What’s more, even when companies or employees were notified of this vulnerability, only 26% of people changed their passwords to secure their accounts. 

However, there is one silver lining. For those who did update their information, 94% created a password that was as strong or stronger than the original password. Ultimately, it’s a reminder that many security vulnerabilities are fixable, and partnering with qualified cybersecurity experts can help you identify these vulnerabilities before they create a catastrophe. 
https://www.bleepingcomputer.com/news/security/google-estimates-15-percent-of-web-logins-exposed-in-data-breaches/

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com

In Other News: The First Half of 2019 Sees Precipitous Rise in Data Breaches

A recent report by Risk Based Security confirmed what many people already knew: data breaches are increasing in frequency and scope. 

In the first half of 2019, there were 3,816 data breaches, a 54% increase from the same period in 2018. In total, more than 4 billion records were stolen. While the majority of these records, 3.2 billion were stolen as part of eight high-profile breaches, more than one billion records were taken in lesser known data heists from smaller organizations. 

The healthcare sector led all industries with 224 data breaches while retail and finance accounted for 199 and 183 breaches respectively. Meanwhile government and education have collectively endured nearly 300 data breaches.

According to the report, email addresses and passwords were the most sought after data, occurring in more than 70% of data heists. In contrast, only 11% of data breaches contained financial information like credit card numbers.

Email addresses and passwords can be used to promulgate additional cybercrimes, and companies need to train their employees to protect this information as phishing scams and other attacks threaten the integrity of these credentials and business’ entire cyber infrastructure. For starters, implementing comprehensive awareness training can help strengthen the security of your company’s email addresses and passwords.

https://www.scmagazine.com/home/security-news/data-breach/first-half-2019-sees-4000-data-breaches-exposing-4b-records/

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com

ACSC Warns Australian Small Businesses About BlueKeep Vulnerability

According to a warning by the Australian Cyber Security Centre, thousands of Australian SMBs are at risk of being compromised by the BlueKeep vulnerability that can wreak havoc on outdated Windows operating systems. 

The warning comes on the heels of a disclosure by a security researcher who revealed a publicly available Remote Desktop Protocol that can scan for unpatched systems. 

The ACSC estimates that 50,000 Australian devices are vulnerable to this malady, which is easily defensible using a patch provided in a software update. 

Unfortunately, for companies that don’t take advantage of the update, their systems can be easily infiltrated by bad actors who steal and destroy company data.

Software updates are critical for ensuring that your business is protected in an ever-evolving threat landscape. Moreover, cybersecurity specialists (Like us!) can provide a comprehensive view of your cybersecurity readiness posture, ensuring that all vulnerabilities are accounted for.
https://www.cyber.gov.au/news/update-acsc-confirms-potential-exploitation-bluekeep-vulnerability


Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com

What are the top priority for hackers?

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In Other News: Canadian Government Launches Cybersecurity Certification Program for SMBs

A recent survey by StaySafeOnline.org found that 71% of data breaches occur at small businesses, a prolific problem that the Canadian government is trying to solve. Consequently, they’re instituting an incentive program for SMBs prioritizing cybersecurity initiatives. 

The new initiative, CyberSecure Canada, allows organizations to prove that they meet specific security criteria, then awards the organization with a certificate and logo that they can include on their website and promotional material. 

To become CyberSecure certified, SMBs must demonstrate compliance with 13 security controls that collectively create a safer internet experience for businesses and their customers. The program strives to encourage Canadian SMBs to spend time and resources on cybersecurity initiatives. Not only will this help shore up their own long-term viability, but it also supports customer data security, a top priority in the digital age.

Interestingly, the survey found that many companies aren’t equipped to defend against these threats. The research found that 64% of small businesses don’t have a security team, and only 1/3 provided cybersecurity training to their employees.

Notably, SMBs don’t have to tackle this priority alone. Partnering with qualified cybersecurity professionals can help augment your cybersecurity posture and transforming weaknesses into strengths.

https://www.itworldcanada.com/article/federal-government-launches-cybersecurity-certification-program-for-smbs/420823

Bit by bit helps client networks run smooth and secure.. visit our website at www.bitxbit.com