02 Feb Security Breach – 2 Feb 2024
What would you do if your business suffered a ransomware attack tomorrow? Do you have a contingency plan in case of a flood, cyclone, or fire? The unexpected can happen anytime, and small businesses can get hit particularly hard.
Small businesses are the backbone of many economies. They are critical for job creation, innovation, and community development. But running a small business comes with significant risks. This includes financial uncertainty, market volatility, and natural disasters. 60% of small businesses fail within 6 months of falling victim to a cyber-attack. This is why small business owners must prepare for the unexpected to ensure their longevity and success.
Recent Breaches
United States – The Government of Bucks County, Pennsylvania – Regional Government
Exploit: Ransomware
Risk to Business: Extreme: The Government of Bucks County, Pennsylvania is grappling with a cybersecurity incident that has knocked out services and communication systems including the Emergency Communications Department’s computer-aided dispatch (CAD) system. Operators were reduced to using pen and paper to take calls but were still able to respond to emergencies effectively. The system holds a myriad of sensitive data. The Pennsylvania National Guard has been called in to assist. Court proceedings were also snarled because of the incident.
United States – The GALA Hispanic Theatre – Theater
Exploit: Business Email Compromise
Risk to Business: Extreme: In a rare happy outcome for a business email compromise (BEC) story, The GALA Hispanic Theatre in Washington, DC is breathing a sigh of relief. The theater experienced a business email compromise attack that cost them more than $250,000. The January 11 attack kicked off a nightmare after the certified accountant for the theater initiated a standard wire transfer of $965 to a set designer for an upcoming show. When the transaction completed, a screen popped up telling them that they’d been locked out of their account. Bad actors then drained the theater’s CitiBank account. The transfer went to a Bank of America account belonging to a fake company called Infinity Source LLC. After filing complaints with Citi and Bank of America, the theater began working with law enforcement. The theater also launched a whirlwind fundraising effort to ensure that it was still able to stage its upcoming show, raising $70k. Fortunately, the theatre received a much more pleasant surprise – CitiBank informed them that the $255,000 stolen from their account would be returned to them by the bank.
Talk to a TCT team member today about implementing cyber security plan for your business.
Robert Brown
02/02/2024
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How to Improve Security Without Sacrificing Convenience?