October 27, 2020 | By stephen

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Cyberattacks Are Causing Severe Problems For Organizations During Pandemic

• Work From Home

Cyberattacks are causing losses for organizations that were already struggling to deal with the pandemic’s effects. We had about a breach every week before the pandemic. The frequency of these attacks has increased during the pandemic.

These breaches cause a lot of losses to organizations. Companies that fall victim to these attacks lose via ransom payments, repairs, downtimes, and damage to their reputation. These losses add up with the effects of the pandemic, depleting organizations’ resources.

LeadingIT noticed many businesses are victims of devastating breaches. LeadingIT provides IT services and support. This article will help you understand the problem and how to avoid it.

Percentage Of Claims By Attack Scheme

Statistics show¹:

1. 54% are email/phishing attacks.
2. 29% are remote access scams.
3. 6% are other social engineering attacks.
4. 3% is 3rd party compromise scams.
5. 3% is brute force (authentication) scams.
6. 3% involve other techniques.

Reasons For Increase In Breaches

Why are network breaches increasing? Some reasons for the surge can be:

• Adoption of remote work: Remote work facilitates social distancing to combat the pandemic. It has also exposed organizations to threats, such as remote access and theft of devices with access to networks.
• Organizations have scarce resources to sustain their cybersecurity protocols: Some organizations have had to prioritize resources because of the pandemic. They may have neglected some cybersecurity areas, leaving vulnerabilities for cybercriminals to exploit.
• People lost their jobs: Some people lost their jobs because of the pandemic. They may have turned to cyberattacks to pay their bills. Plus, they have a lot of time to breach networks.

The Severity Of Losses Caused By These Breaches

These increasing scams are causing substantial losses to organizations, such as:

• Financial losses: Organizations are losing their economic resources. For example, they pay ransom after ransomware attacks. Criminals now demand substantial sums from organizations, including small businesses. Companies also spend a lot of money to address the damage these scams cause. For example, fixing patches and comprehensive reviews to understand the effects of the attacks cost money. These monetary losses compound the challenges that organizations had because of the reduced business because of the pandemic.
• Downtimes: Organizations close their operations to address the effects of the breach. They may need days or weeks to review their system, understand the extent of the attack, and remedy the situation. Ransomware attacks may also cause shutdowns, as cybercriminals control your system. Downtimes result in lost business as your output decreases. You may not fulfill the orders of your clients.
• Damage to their reputation: You may have worked hard to build your brand. Cyberattacks jeopardize your work. Your stakeholders will be hesitant to deal with you if cybercriminals breach your network. They may also worry if another attack may risk your ability to fulfill their needs. Losing your good standing with them affects your business.
• Data loss: Breaches lead to the loss of data. For example, organizations lose stakeholders’ sensitive data, such as contact information and addresses. Cybercriminals sell this information, publish them online, or use them for crimes, such as identity theft.

How Can You Avoid These Cyber Losses?

Your organization can avoid these cyber losses by adopting reliable cybersecurity protocols and tools. Understand the risks you face and adopt mitigating measures. You will also need to train your employees on cybersecurity, encourage them to report suspicious activity, and revise your cybersecurity protocols to reflect changing threats. Working with a trustworthy IT company that cares can also be the right step towards securing your infrastructure.

About LeadingIT

LeadingIT offers 24/7, all-inclusive, fast, and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 10-200 employees across the Chicagoland area.

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Sources:

¹helpnetsecurity.com/2020/09/14/cyber-losses-are-increasing-in-frequency-and-severity/.