Today’s most deviant hackers have the capability to shut down huge entities, which was the case in May 2021 with the Colonial Pipeline hack. The nation’s largest pipeline for gas and oil products was the target of cybercriminals who demanded $5 million in ransom in order for Colonial to regain control of its pipeline. The company paid the ransom in cryptocurrency. Here’s a look at what this attack means for your business.
Hackers were able to shut down 550 miles of the Colonial Pipeline, which created fuel shortages for residents throughout the eastern region of the United States. The shortages triggered a spike on gas prices on the East Coast. As you may realize by now, the breach was one of the largest ransomware attacks in U.S. history. On a positive note, the FBI reported they recovered the ransom money.
IDC (International Data Corporation) found that about a quarter of businesses surveyed reported experiencing some type of data breach that led to a loss or expense of $10,000 to $20,000. More shocking is that over a third of respondents claimed they suffered at least 16 cyberattacks in the past few years.
The Colonial Pipeline hack is just one of several examples of a large organization getting hacked. Other huge recent attacks have struck Microsoft Exchange email servers and software developer Solarwinds. The point should be clear that no entity is immune from a cyber disaster. Ransomware has become one of the fastest growing crimes in cyberspace, so it’s wise to learn more about cybersecurity and plan ahead.
Just because no one has a bulletproof solution against the most deceptive hackers doesn’t mean you should give up defending your digital assets. Your objective should be to make life so frustrating for hackers, they’ll be the ones giving up after wasting too much time trying to crack the walls of your multi-layered cybersecurity. Some of the strongest solutions involve virtualization, encryption, multifactor authentication, and 24/7 network monitoring.
Your business cannot afford to rely on just antivirus software, since you need additional layers of security. An experienced IT team that keeps up with the latest threats through cybersecurity networks can recommend solutions based on your existing infrastructure. They can further help your system become more efficient, flexible, and scalable through cloud solutions.
President Joe Biden signed an executive order to strengthen cybersecurity in the United States. Here are some of the components of this initiative: