Security Breach – 30 Nov 2021

Cyber-Insurance-Check-your-risk

Security Breach – 30 Nov 2021

In a time when budgets are tight, you may be looking at trimming security spending.

An estimated 62% of IT departments are tightening their budgets, yet cybercrime is increasingly prominent. Many business owners just don’t understand the danger or the lasting damage that a data breach can do to their business and their bottom line – 25% of small business owners in a recent cybersecurity awareness survey didn’t even realise cyberattacks would cost them money!

The cost of a data breach is significantly higher than many business executives think. The risk to your business is real.

Here are 6 unexpected long-term consequences of a Data Breach:

1. Insurance May Not Cover the Loss
2. Lasting Reputation Damage
3. Long-Term Loss of Business
4. Executive Hiring & Retention Troubles
5. Legal Bills That Pile Up
6. Compliance Costs That Add Up Fast

 

Recent Breaches

USA – GoDaddy – Web Hosting Provider

Exploit: Credential Compromise

Risk to Small Business: Severe: GoDaddy has reported a data breach that may impact more than 1 million customers who use the service for WordPress hosting. The company detailed the incident in an SEC filing, declaring that it had detected unauthorized access to its systems where it hosts and manages its customers’ WordPress servers when someone used a compromised password for access around September 6.

GoDaddy said it discovered the breach on November 17. The company warned that active customers had their FTP credentials (for file transfers), and the usernames and passwords for their WordPress databases, which store all the user’s content, exposed in the breach.

In some cases, the customer’s SSL (HTTPS) private key was exposed, which if abused could allow an attacker to impersonate a customer’s website or services. 1.2 million active and inactive managed WordPress users had their email addresses and customer numbers exposed in this incident.

Risk to Exploited Individuals: No consumer PII or financial data exposure was disclosed in this incident as of press time.

Customers Impacted: 1.2 million

Australia – Copyright Agency – Royalty Collection Agency

Exploit: Hacking

Risk to Small Business: Extreme: Australia’s Copyright Agency has suffered a data breach The agency which distributes royalties to authors, photographers and other creators for the reuse of their text and images, notified members of the incident last Friday. No information is yet available about what data may have been impacted, but there’s a possibility that extensive personal and financial data may have been exposed for the 37,000 creators that it services.

Customers Impacted: 37,000

Our locally based teams in Sydney, Melbourne and Horsham provide our clients with timely and specialised knowledge, letting you focus on running your business.

Protect your data and systems by implementing a solid cybersecurity plan today. Talk to a TCT team member today and we can show you how.

Robert Brown
30/11/2021

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