The New cybersecurity Executive order- and what that means for you, a consumer of technology.

In light of the recent ransomware attacks, SMB may wonder how cybercrime could impact their company and whether they are protected against such attacks. This blog will briefly review the recent cyber-attack on the Colonial Pipeline, what the recent Executive Order means, and how you can protect YOUR company by implementing the best security practices.

The attack on Colonial Pipeline

On Tuesday, May 12th, President Biden signed a cybersecurity executive order, following the ransomware attack that shut down the Colonial Pipeline on May 7th. The ransomware attack on the Colonial Pipeline was the work of a cybercrime group called DarkSide. This attack resulted in gaining remote access to computer systems, downloading critical data, and then encrypting it so that the data owners were are unable to access it. The hackers then ransomed the encrypted data for money, while threatening to leak the data if funds are not paid in sufficient time.

Ransomware attacks are one of the most common cyber-attacks, but that doesn’t mean they’re inevitable (Kessem, 2021). In this case, the Colonial Pipeline had to pay 5 million to get back access to their data and start running the pipeline again. Surprisingly, cybercrime experts say that the ransom was very low, as such companies are often expected to pay $25 to $35 million dollar ransoms (Turton, Riley, & Jacobs, 2021). 

The Executive Order

The Nation Cyber Security Executive Order is aimed at ensuring that the government is protected, focusing on demanding that all governmental agencies and companies doing business with governmental agencies implement and use cutting-edge security features. These include: 

·        Cloud-based data storage  

·        Encryption of data  

·        Multifactor authentication  

·        Rigorous software testing  

·        Open, communicative processes 

How will this affect you?

While this recent attack impacted a large portion of the nation, cybercrime does not avoid small businesses. Cybercrime is one of the fastest-growing forms of criminal activity. Research suggests that 43% of cyber-attacks are directly aimed at small businesses with more than half of all small businesses experiencing a breach within the last year (Steinberg 2019).  

However, small businesses may not realize how at risk they are, with only 14% prepared to defend themselves from a potential attack. But the risk is real, more than 60% of small businesses go out of business within 6 months of an attack (Steinberg, 2019). Cybercrime has become not a question of if it will happen, but when.

How you can protect your company?

As a managed service provider, Infotect Design Solutions has many ways to support you and keep your organization and data safe, consistent with the guidelines of the recent Executive Order. Is your business protected? You can start by asking yourself the following questions: 

·         Do you have Webroot or other anti-virus protection on every device? (Anti-virus, such as Webroot can protect against ransomware, phishing, viruses, identify theft, and more.)

·         Do you have monitoring systems in place to proactively detect threats and alert you to any potential threat?  

·         How do you constantly ntly review and update systems?  

·         Do you leverage multi-factor authentication (MFA) wherever possible? 

·         Do you have clearly defined password policies enforced by systems?  

·         Is your client and internal data backed up and encrypted? 

If you answered “No” to any of these questions, reach out to Infotect Design Solutions for more information on how we can help you protect your company from potential threats.  

We are here to support you! Please do not hesitate to reach out to us with any questions, comments, or concerns, please email them to startfresh@infotectdesign.com or call us at (813)-630-2400. 

Blog Written by

- Mary W & Aubrey C

To read the executive order: https://www.whitehouse.gov/briefing-room/presidential-actions/2021/05/12/executive-order-on-improving-the-nations-cybersecurity/  

Kessem, L. (2021, May 10). Shedding light on the DarkSide ransomware attack. Security Intelligence. Retrieved from https://securityintelligence.com/posts/darkside-oil-pipeline-ransomware-attack/  

Steinberg, S. (2013, October 13). Cyberattacks now cost companies $200,000 on average, putting many out of business. CNBC. Retrieved from https://www.cnbc.com/2019/10/13/cyberattacks-cost-small-companies-200k-putting-many-out-of-business.html  

Turton, W., Riley, M., and Jacobs, J. (2021, May 13). Colonial Pipeline paid hackers nearly %5 million in ransom. Yahoo! Finance. Retrieved from Colonial Pipeline Paid Hackers Nearly $5 Million in Ransom (yahoo.com)