16 Aug Security Breach – 16 Aug 2024
Antiphishing solutions are more important than ever because today’s phishing attempts are highly targeted, well-researched, and often indistinguishable from legitimate communications. The availability of artificial intelligence (AI) has been extremely beneficial for cybercriminals. Generative AI tools like ChatGPT makes it simple for bad actors to create highly believable phishing messages that don’t have any of the usual red flags.
The cost of a successful phishing attack can be staggering. According to IBM, the average cost of a data breach caused by phishing is $4.76 million, which is higher than the overall average breach cost of $4.45 million. This doesn’t include possible regulatory penalties, reputational damage to consumers and potential business partners or lost productivity. Companies must take action to prevent an expensive nightmare.
One quick, easy step to take is to implement an antiphishing solution. While antiphishing solutions are highly effective at mitigating phishing risks, they are not foolproof. Cybercriminals are constantly developing new tactics to bypass technical defenses like security solutions, making it imperative that companies don’t just concentrate their efforts on reinforcing their technical security. Companies must reinforce their antiphishing solution with multiple layers. They also need to invest in their people-based defences. Security awareness training that includes phishing simulations is an essential component of building a powerful defence against cyber trouble from phishing.
Recent Breaches
Australia – Evolution Mining – Mine Operator
Exploit: Ransomware
Risk to Business: Moderate: Australian gold miner Evolution Mining reported a cyberattack last week, joining a wave of similar incidents. The company has notified the Australian Cyber Security Centre and stated that the attack is not expected to impact operations. Evolution worked with external cyber forensics experts to investigate the incident, which was discovered on August 8. The company believes the attack is now contained but did not disclose details about the ransomware or any potential extortion payment.
United States – ADT – Security Company
Exploit: Hacking
Risk to Business: Severe: ADT has disclosed a data breach resulting from a cyberattack, where threat actors accessed certain databases containing customer order information. However, ADT’s investigation indicates that customers’ home security systems and financial data, such as credit card or banking information, were not compromised. The company does not anticipate significant operational or financial impacts. The threat actor claims that over 30,800 records, including customer emails, addresses, user IDs and purchase details, were exposed in the breach.
Talk to a TCT team member today about implementing cyber security plan for your business.
Robert Brown
16/08/2024
Related Articles:
Cost Impact of a Data Breach for your business
Monetary Benefits of Cybersecurity Measures