GRC Viewpoint

Recent Ransomware Attacks: The Middle Market Was the Most Targeted

The security landscape was altered heavily due to covid-19. The changed strategies that were temporary in nature have also shown high susceptibility to cyber threats. The middle market was the favourite of hackers. Enterprises belonging to the middle markets are easy targets due to the enormous data volume. Also, unlike larger enterprises, the middle market is usually devoid of top organizations’ benefits. The record level of attacks spotlights the urgency for rectifying measures in the middle market.

The scenario was different a few years ago. Then, middle-market enterprises could once rely on their comparatively smaller or less complex infrastructure to remain safe from cybercrimes. However, the ever-increasing dependency on technology is what catalyzed the increased vulnerability of the middle market.

Overall, middle-market enterprises have become equally vulnerable to cyber-attacks but are yet to achieve the technical expertise required to act against them.

Barriers to the successful prevention of cyber-attacks are many. These apply to several industries. However, the latest surveys on middle-market cyber breaches highlight certain features.

For instance, some of the cyber security systems and their implementation could be highly expensive. Often, financial constraints surface as a significant roadblock as companies try to overcome technical challenges. Many a time, the budget for cyber security setup may go beyond $1 million.

Cyber attackers leverage software vulnerabilities to secure access to organizational networks, data, and systems. When these are discovered, IT experts fix them immediately. Delays in fixing such technical issues are totally destructive. Enterprises need adequate security systems in place to counter these attacks, which can quickly go beyond the planned budget.

Ensuring proper cyber security practices are in place is a significant aspect while trying to impress prospective buyers. In addition, many investors view the presence of an appropriate cyber security suite as proof that you pay attention to details and give importance to risk management.

Overcoming the human aspect is another hurdle in the efforts to overcome technical security vulnerabilities. This is especially true in the present times as more and more people suddenly shifted to work from home culture. But, unfortunately, many lacked the technical expertise to handle the requirements of remote work culture.

Email mis delivery is a common cause. Emailing to the wrong address is a common occurrence at work. Such misdirected mails may be the source of data theft or even loss at a massive level. Clicking on wrong links or using easily predictable passwords are other common causes. Many use similar passwords for multiple logins. Many a time, passwords are shared among many people casually. Thirdly, many are obsessed with the practice of retaining similar passwords for a considerable period.

It is all about minimizing human errors as it is impossible to completely avoid them.

After several years of ever-increasing cyber-attacks and successful threats, the middle market is now well aware of the risks that can happen due to them. As a result, more research is happening, and adequate safety measures could be implemented soon.

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