Cyberattacks Are Rising: 7 Real-World Scenarios + Tips on Protecting Your Business

In 2024, actively protecting your business against cyber attacks has never been more crucial. The digital landscape is filled with cyber threats that are growing not just in number but in cunningness and complexity. As your dedicated Managed Service Provider, we're not just aware of the risks – we're your frontline defense, committed to protecting your business.

With that in mind, here are 7 real-life scenarios of businesses falling prey to cyber threats along with tips and best practices that can make all the difference between success and total catastrophe for your business.

1. Invest in a Robust Perimeter Security Strategy to Build a Fortresses Against Cyber Threats:

You most likely remember this attack. In 2013, Target fell victim to a massive data breach that compromised 40 million customer credit and debit card details. The attackers gained access through a vulnerable HVAC system. Had the victim invested in a robust firewall with advanced threat detection, it could have stopped unauthorized access and prevented one of the most significant breaches in retail history.

Tip: A strong online defense starts with a reinforced perimeter. Implementing an updated and state-of-the-art firewall with advanced next-generation technologies is your absolute minimum first line of defense against unauthorized access and potential breaches in your business.

2. Regularly Update Software and Systems

Outdated software and systems is a breeding ground for vulnerabilities. The 2017 NotPetya ransomware attack crippled organizations globally, exploiting unpatched systems. Maersk, a major shipping company, suffered severe disruptions due to outdated software. This incident highlights the urgency of regular updates – had Maersk maintained up-to-date systems, the impact could have been significantly mitigated.

Tip: You must ensure that all your business applications, operating systems, and security software are regularly updated to patch potential weaknesses. If your organization does not have an organized and standard approach to patching and proactive maintenance, you are missing a fundamental step in ensuring your organization’s security.

A one-time vulnerability scan is a great place to start as your work towards developing mature vulnerability management at your organization.

3. Regular Data Backups: Safeguarding Against Havoc

Ransomware attacks can destroy your business if you're not prepared. The WannaCry ransomware attack crippled thousands of organisations in 150 countries around the globe, most notably the NHS. Of those affected, many were quick to implement their tried and tested disaster recovery strategies and return to normality within a matter of hours, which is commendable considering the scale and nature of the attack. Others were not as lucky and recovery took days before they were fully operational, suffering huge disruption.

Tip: Regularly back up your critical data, and ensure that backup systems are secure and easily accessible in the event of an attack. The longer it takes to get your systems back to running means the longer it will take for your business to recover. And always test your back ups often. Never trust the technology to just work without verifying that you can actually recover the data.

4. Incident Response Plan (IRP): Preparing for the Inevitable

An incident response plan (IRP) is a structured set of instructions that guide organizations and help them detect, respond to, and recover from security incidents. IRPs typically address cyber attacks, ransomware incidents, data breaches, and service outages. Equifax, in 2017, faced a massive data breach that exposed sensitive information. An effective incident response plan could have minimized the impact and expedited recovery.

Tip: Every business should have an incident response plan in place because it is not a matter of if your organization will suffer from a security breach, but when. An IRP is a critical part of a successful security program because it establishes what measures your organisation will take when responding to a breach, when minutes wasted can mean millions lost.  

5. Third-Party Security Assessments: The Chain is Only as Strong as its Weakest Link

Don't leave any stone unturned. In 2014, the hackers who broke into Target's computer network and stole customers' financial and personal data used credentials that were stolen from a heating and air conditioning subcontractor. The HVAC firm used their access rights to Target's network for carrying out tasks like remotely monitoring energy consumption and temperatures at various stores. They used the remote access rights to gain a foothold on the retailer's network and subsequently leapfrog onto the company's payment systems.

Tip: Regular security assessments of third-party vendors can identify vulnerabilities before they become gateways for attackers. Closing the loop on third-party security is critical to fortifying your organization's overall defenses. Supply chain attacks are a serious risk for any size business.

6. Encrypt Sensitive Data: Shield Secrets from Prying Eyes

In April of 2023, global firm Proskauer Rose revealed that a threat actor was able to access files containing “private and privileged financial and legal documents, contracts, non-disclosure agreements, financial deals and files relating to high-profile acquisitions.” This information was stored by a third-party vendor on an unsecured Microsoft Azure cloud server and was publicly accessible by anyone with internet access and the knowledge of where to look. What is worse? This data was left exposed for six full months before the threat actor accessed it.  

Tip: Protect your sensitive information by encrypting it. This adds an extra layer of security, making it significantly more difficult for unauthorized entities to make sense of intercepted data. Take the extra step and encrypt data everywhere.

7. Continuous Monitoring and Threat Intelligence

Without continuous monitoring and threat intelligence, your teams are essentially flying blind. Consider this situation: a suspicious object shows up in your system logs, like an unfamiliar IP address. How does your team immediately identify what this IP means and how to address it effectively? 

In all honesty, without threat intelligence, they can’t. 

Manual research would be needed instead, requiring your team to pull data from various open-source sources to understand the threat. This process takes an incredible amount of time, and time is something you can’t afford to lose during an active cyber attack. Finding a needle in a haystack can be easier than trying to find a threat in millions of lines of log files unless you have the proper systems to detect and alert for the threat before it becomes a problem.

Tip: Cyber threats are dynamic, and so should your defenses. Your business should implement continuous monitoring and leverage threat intelligence to stay ahead of these emerging threats and vulnerabilities.

The stakes are higher than ever for business leaders. The cost of a cybersecurity breach extends far beyond financial losses; it jeopardizes your reputation, customer trust, and the ultimate survival of your business. The reality is stark - cyber threats will happen. The question is whether you are prepared. 

Fear, in this context, is not a negative emotion; it's a wake-up call. The fear of the unknown, of potential cyber threats lurking in the shadows, is what should drive you to take decisive action. Your business's success and safety depend on your ability to confront this fear head-on.

Partner with Us for Peace of Mind:

Today, having a cybersecurity partner is not just an option; it's a necessity. With a proven track record and an ISO-Certified program, Infinite IT offers more than just protection; we provide peace of mind. Don't let fear paralyze you or your business; let it move you towards proactive cybersecurity measures that will safeguard your business for years to come.  Let us worry about your cyber security so you can focus on running your business.

Contact us today to ensure a secure and successful future for your business.