06 Sep Security Breach – 6 Sep 2024
As cybersecurity threats are often linked to external actors, the growing risk of insider threats is drawing increasing concern. Insider threats are particularly dangerous because they originate from individuals who already have trusted access to critical systems and data, eliminating the need to breach a company’s network. A study by Cybersecurity Insiders highlights this alarming trend, with reported insider attacks rising from 66% to 76% between 2019 and 2024. As organisations confront these challenges, the demand for effective insider threat detection and prevention measures has become more urgent and complex.
A cybersecurity incident caused by an insider is no less expensive or dangerous than a cyberattack. This is especially evident when you follow the money. The financial impact of insider threats has surged dramatically. This cost includes direct expenses such as mitigation and remediation, as well as indirect costs like lost opportunities and reputational damage. While still a small subgroup of insider threats, malicious insider actions are often the most shocking and damaging insider threats. A malicious insider incident is financially painful for a company. But that’s not the only cost involved when a malicious insider threat comes to light. The shockwave that a malicious insider incident can send through a company’s ecosystem resonates negatively with employees, management, customers and business partners.
Recent Breaches
Australia – Bloom Hearing – National provider of hearing services
Exploit: Ransomware
Risk to Business: Moderate: A national provider of hearing services has been hit by a ransomware attack. Bloom Hearing Specialists operates hundreds of clinics around Australia under its own brand and other brands including HearClear Audiology and Hutchinson Audiology clinics, and confirmed this week that a “threat actor” had stolen data from the audiologist’s network via unauthorised access. In a statement, Bloom Hearing confirms that the data includes medical and financial records of current, past and prospective patients as well as current and former employees and contractors.
United States – JAS Worldwide – Trucking Company
Exploit: Ransomware
Risk to Business: Moderate: Atlanta-based JAS Worldwide, a global freight forwarder, confirmed a ransomware attack that caused technical disruptions affecting its operations and customer service. The company has not disclosed the extent of the impact on its customers, but its email system and website remain secure. No ransomware group has claimed responsibility yet.
Talk to a TCT team member today about implementing cyber security plan for your business.
Robert Brown
6/09/2024
Related Articles:
Cost Impact of a Data Breach for your business
Protecting Your Company from AI Data Breaches