The internet has enabled businesses to reach broader markets and enhance efficiency through computer-assisted automation. However, with these gains also comes the need to invest in cybersecurity.

Initially, most businesses only invested in cybersecurity to enhance consumer confidence or abide by data privacy standards.

As cybersecurity experts are still trying to unravel the recent Colonial Pipeline and JBS meatpacking company hacks, the White House urges all U.S. organizations to beef up their ransomware prevention measures. These warnings come in the wake of the Department of Homeland Security announcing revised cybersecurity requirements for pipeline companies.

If you’ve found yourself prompted for a second form of authentication when you log into a website or an app, you’ve experienced the wonders of multi-factor authentication (MFA). Adding it to your arsenal of cybersecurity protections can vastly improve your chances of keeping cybercriminals from accessing personal data or taking control of your Chicagoland company’s systems.

The COVID-19 pandemic caught everybody unawares. Several businesses were forced to scale down operations or shut down altogether. Those that managed to maintain some semblance of normalcy had to make several rapid, unfamiliar changes, especially on the digital front.

Bad cyber actors are increasingly becoming organized criminals with well-structured techniques. This, and globalization, has made the fight against cybercrime more challenging than ever before.

We are seeing an emergence of more and more nation-state cyber-terrorist groups targeting infrastructure from specific countries.

Insurance underwriters, as well as banking and financial institutions, extensively use credit ratings to estimate and manage risks. The higher your credit score, the lower your insurance and loan interest rates. With cybersecurity breaches and hacks at an all-time high, it is no surprise that insurance companies are now creating assessments to help them analyze the cyber risks of potential clients.

Ransomware has advanced over the years from simple hacks on personal devices to sophisticated, well-coordinated supply chain attacks that target thousands of organizations simultaneously. Nothing best demonstrates this aggravation than the continually rising costs of mitigating ransomware attacks, which according to CIO.com, now stand at $1.85 million.

Businesses in all industries have become targets for cybercriminals looking to access confidential corporate and client data. Contrary to popular opinion, large corporations aren’t the only businesses that have fallen victim to cyberattacks. Small-to-medium-sized businesses have also experienced their share of cyberattacks and are increasingly becoming targets for cybercriminals.

On the onset of July Fourth, bad cyber actors infiltrated Kaseya, a Florida-based IT firm's systems, and successfully launched a scathing ransomware attack. They managed to encrypt and seize tons of data and demanded $70 million for its release.

The hack, which CBC News calls "the biggest ransomware attack on record," is just the latest in a series of several recent ransomware incidents.

For several companies, IT support is one of the most costly ventures. Therefore, it only fits that you should get the maximum value from this investment. That's why it's essential to not only trust your IT company but also follow up to verify that they're doing their job to the fullest.