Are You Doing Enough to Combat Ransomware-as-a-Service Cybercrime?
“We do it that way because that’s the way it’s always been done.” We’ve heard that phrase a time or two over the years when we ask about an organization’s current disaster recovery or incident response plans. However, that logic doesn’t hold up anymore. Cybercriminals latest innovation includes offering ransomware-as-a-service, a cybercrime business model where ransomware developers create malicious software and release it out to their affiliates, or in this case – other hackers, who then execute attacks. In return, the developers receive a percentage of the ransomware payments, creating a crime ring with experts now assisting each other to make the most profit. Cybercriminals are evolving their tactics; it’s time to evolve your defenses.
Knights of Old
Knights of Old was a 160-year-old haulage firm that has sadly been shut down due to a cyber-attack. Financial data was corrupted, 730 jobs were lost, and they were put into administration in 2023. A Director and Board member, Pual Abbott, is now warning other companies and urging them to beware and prepare. Paul was quoted saying “We felt we were in a very good place in terms of our security, our protocols, and the measures we’d gone to to protect the business.”
Are You Doing Enough?
Organizations that don’t specialize in IT Security struggle to provide all of the necessary lines of defense against cybercrime, in-house. You might think that every crack is filled, and every hole has been plugged, but cybercriminals make it their job to find and exploit even the smallest of hairline fractures within your IT environment. Most of the time, organizations assume they’re doing a good enough job, but sadly according to statistics, you’re probably not.
Get IT Checked
Paul Abbot went on to say, “Whatever you think you’ve done, seriously get it checked by experts. People don’t think it’s going to happen to them.” We agree with Paul; defending your IT environment is a full-time job, one your internal IT Staff probably cannot comfortably take on. Partnering with an MSP/MSSP evolves your lines of defense and reduces your risk profile. Knights of Old, and so many companies like it, continue to run their businesses the way they always have – thinking their IT Security is “good enough,” when it rarely is.
Consulting with IT Security and Compliance experts is becoming a necessary step in today’s cybercrime-filled world. Cybercriminals are forming crime rings and uniting to form enterprises, designed solely to take down yours. Partnering with the IT Security and Compliance experts will help your organization evolve and stay ahead of the rest.
