MOVEit Hack: Could My Business Be at Risk? – Why You Need Cyber Security Essentials

Picture this: a staggering 60% of small businesses cease to exist within six months of a cyber attack. 

This statistic is not only chilling, but a wake-up call to businesses across the globe. It underlines the importance of cyber security essentials and, more specifically, the necessity of implementing comprehensive, robust solutions such as MOVEit file transfer to safeguard business data.

Keep reading to find out the cyber security essentials that you need to know and get on track to safeguard your business. 

Understanding the Scale of Cyber Attacks: An Invisible Battle

In our digital world, cyber attacks are happening more often and they’re getting more tricky. They’re not always easy to see, so we sometimes don’t know they’re happening until it’s too late. To really understand the risks businesses face, we need to understand how big these attacks can be and how they can vary.

Every day, there are about 3,000 cyber attacks reported. But we think only about 30% of all cyber crimes are actually found out. These attacks can be as simple as fake emails trying to get people to give up private information, or as complex as sneaky threats that secretly get into a network to steal data over a long period of time.

Another type of cyber attack that’s growing fast is ransomware. This is where cyber criminals lock up a victim’s data and ask for money in exchange for the data being released back to the victim. In 2022 alone, the cost of damage from ransomware was expected to be $20 billion. That’s a huge increase from $325 million in 2015. This big increase shows how fast cyber crime is growing, which makes it really important to have strong cyber security.

Cyber attacks can happen anywhere in the world, to businesses big and small. Small businesses are often targeted because they might not have strong security, while big businesses and governments are targeted because they have a lot of information.

Understanding how big and varied cyber attacks can be is an important first step for a business in defending itself. Once a company knows how big the threat is, they can start taking steps to protect their digital data. This might mean using secure file transfer tools like MOVEit, or coming up with a plan for how to respond if they get attacked.

MOVEit File Transfer: A Shield Against Data Exfiltration

Data is becoming more and more important for businesses. Because of this, it’s really important to protect this data from the increasing threat of cyber attacks. One kind of cyber attack to watch out for is data exfiltration. This is when someone unauthorised moves data from a computer. A lot of businesses choose MOVEit File Transfer to protect their important information.

MOVEit is a system that automatically transfers files in a secure and compliant way. This means businesses can move their important data safely. MOVEit can encrypt data transfers, keep detailed records of transfers and automate workflows, which all help to lessen the risk of cyber threats.

Unfortunately, recent news about a hack into MOVEit has made business owners worried: “Could my business be in danger?”

Unmasking the MOVEit Hack

Cyber criminals are always looking for weak spots they can take advantage of in popular file transfer solutions like MOVEit. The MOVEit hack is an example of a cyber attack where the bad guys found a hole in the system’s security and used it to steal data.

But it’s important to remember that any software or system, even the ones with the best security, can have weak spots. The MOVEit hack shouldn’t scare businesses away from using the software. Instead, it should make them want to add more security measures and stay on the lookout for threats.

Implementing Cyber Security Essentials: The First Line of Defence

A robust cyber security framework should be the cornerstone of every business. It should encompass the implementation of strong firewalls, antivirus software, and network security controls. However, there’s more to cyber security essentials than just technical defences.

Fostering a culture of cyber awareness among employees is key. You should ensure your business has a comprehensive incident response plan in place.

Is Your Business at Risk?

In a world that’s turning more and more digital, no business is safe from cyber attacks. The risk can be cut down a lot by having strong cyber security.

It is essential to be careful when choosing and using file transfer solutions like MOVEit and ensuring you have a detailed plan for what to do if an attack happens.

Pillars of a Strong Incident Response Plan: Laying the Foundation of Resilience

When it comes to cyber attacks, the question is not if, but when they will occur. This inevitability necessitates the development of a strong incident response plan, a strategic blueprint outlining how a business will respond to and recover from an attack.

It serves as the bedrock of a resilient cyber security infrastructure and is composed of several key pillars:

1. Preparation

The foundation of any effective incident response plan is thorough preparation. This involves conducting regular risk assessments, implementing preventive measures and training personnel to detect, respond to and mitigate threats.

2. Identification

Upon encountering an unusual activity or potential threat, swift and accurate identification is paramount. Employing advanced security tools can aid in detecting anomalies and flagging them for review.

3. Containment

Once a threat is identified, it must be contained to prevent further damage. This can involve isolating affected systems or networks, limiting the attacker’s access and implementing temporary measures to ensure business continuity.

4. Eradication

After containing the threat, the next step is to remove it from your system. This might involve deleting malicious code, patching software vulnerabilities, or even rebuilding entire systems if necessary.

5. Recovery

Once the threat is fully eradicated, businesses must work to restore their systems and operations to their normal state.

This includes restoring data from backup, testing the security of restored systems and ensuring that no remnants of the attack remain.

6. Lessons Learned

Lastly, every incident should be followed by a thorough review to extract key learnings.

Identifying what went wrong, what worked well and how the response can be improved is vital to strengthening the organisation’s cyber security posture for future threats.

Securing Your Digital Frontier: Don’t Wait Until It’s Too Late

While the MOVEit hack may have raised concerns, it also serves as a reminder of the evolving nature of cyber threats. Your business could indeed be at risk, but with the right cyber security essentials in place, that risk can be mitigated.

Investing in cyber security tools and measures ensures that your business data is protected from data exfiltration. Adopt secure MFT solutions like MOVEit for file transfers, implement cyber security essentials and plan ahead with an effective incident response strategy.

Don’t let your business become another statistic. Safeguard your digital frontier today and enquire about our cyber security essentials