Essay Sample on Cybersecurity Challenges: From Vulnerabilities to Fresh Attacks

Introduction

The most intricate test in the process of curbing cybersecurity is the always-evolving nature of security risks themselves. In regards to this, the process of ensuring adequate cybersecurity is turning to be more stringent as time moves. Notably, the so-called cyber criminals are inventing fresh attacks, taking advantage of existing vulnerabilities, and also carrying out new-fangled attacks persistently. Customarily, companies and the administrative agencies have entitled the majority of their cybersecurity possessions on border refuge to safeguard their most vital system mechanism and guard against recognized threats. Presently, this move is inadequate since the risks proceed and revolutionize rapidly, prompting numerous organizations' failure to keep up with them.

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Currently, there have been quite numerous cyberattacks directed to various organizations, companies, and government agencies. One of the most recent cases is the Synoptek ransomware attack that took place in December 2019. Synoptek is an information and technology service provider based in the state of California. The company was accounted to have fallen casualty of a Sodinokibi ransomware attack (Novinson, 2019). Conversely, the company provides wide-ranging information and technology administration and consultancy services to agencies globally, inclusive of state and local administrations. Additionally, it offers its services to organizations in numerous fields such as monetary services, medical care, manufacturing, communication, trade, and application developing industries (Hashim, 2020). The corporation had to dig deep in its pockets so that it could pay for the ransom demanded by the hackers in a swap for the decryption keys.

The event of the attack was raised for the company's attention when the affected clients stated about it on Reddit on the eve of Christmas, December 24 (Paganini, 2020). However, this led to the company, Synoptek, to report about that particular attack after a couple of days on its Twitter account. Sodinokibi majors its target on the windows operating systems and encrypts files piled up on the victims' machinery. The company's chief executive officer Tim Britt later made it public that the attack had impacted a total of 1,178 clients.

Numerous sources substantiated that in cooperation, the State of California and the United States Department of Homeland Security have been getting out to the multiple characters who may have potentially incurred damage caused by the attack (Goud, 2019). One Synoptek customer who pleaded to remain anonymous provided some brief concerning the attack. In regards to the attack, he stated that the intruders utilized a remote management instrument to set up the ransomware on the company's system when they gained its access.

Significant Business Implications

Whenever a successful cyber attack takes place, it causes some considerable harm to any business or company set up. Cyber attacks usually have an effect on the company's underneath line. Additionally, they also affect the business' position and the clients' trust. In regards to the context of Synoptek ransomware attack, the implications of the attack could be categorized broadly into the following two categories:

Financial implications- The ransomware attack resulted in an extensive financial loss that arose from the larceny of corporate data and monetary information, interruption of trade operations, and loss of contract. The company also incurred costs related to renovating the computer systems that were affected, the networks, and various devices.

Reputational implications- Trust serves as an indispensable constituent of customer affiliation. About the Synoptek Company's context, the attack damaged the company's reputation and ate away the trust that the clients had. Consequently, it led to the potential loss of clients and a decrease in profits. Notably, the consequence of reputational damage affected the associations that the company had with its cohorts, investors, and other numerous third parties.

Cyber attacks on organizations and companies appear to be unavoidable, considering the established state of affairs in the cyber background (Cavelty, 2010). However, numerous security analysts state that to a vast degree, the majority of these cyber attacks are preventable if organizations opt to pursue the measures established purposely to safeguard themselves against cyber attacks. Based on the numerous implications faced by the Synoptek Company, the company must ensure that several steps are put in place to help curb the occurrence of another cyber attack. Below are some of the actions that can be put into consideration by the company;

The first action that will help in curbing the occurrence of another cyber attack is the installation of secure and sophisticated hardware. The security of the hardware can be achieved by the implementation of password protection and a two-way verification back up. Additionally, it is vital for the company not to ignore the efficiency of shielding the physical storage disks. Once they are uncared for, then this offers a clear chance to anybody to saunter away with the company's delicate information and data.

Encryption of data files- The act of encrypting the company's data files offers the company a higher hand whenever the data descends into the wrong hands. The data turns to be of no value whenever a cyber attacker blubbers it out. Remarkably, it's quite challenging to rupture into the encryption accessible in the marketplace in this era.

Backing up of data and information- Occasionally, despite how firm the company attempts to ensure data security, hackers will still find their way and gain access to the system and attempt to encrypt the company's data with ransomware. However, if the company has data backed up for them, then it does not have to bow down to the demands of the cyber attackers. Nevertheless, the procedure of backup ought to be carried out in an efficient approach that will guarantee a retrievable structure if a disaster occurs.

Utilization of anti-malware resolutions and protection of the company's networks with competent firewalls will also aid in ensuring safety in the company.

It is also a profound shift to invest in cybersecurity cover in this era we are living- As stated earlier, cyber attackers have turned to be too sophisticated; hence, they are inventing new methods to rupture into the most highly developed cyber defenses every day. As a result of these occurrences, all companies are susceptible to cyber-attacks. Due to this fact, cyber insurance can guarantee some rescue whenever an attack occurs. The majority of these insurance policies cover the monetary loss implicated by the theft of data and also assist in co-paying the charges involved in recuperating data and information and purchasing new hardware and software.

Conclusion

In conclusion, the company should ensure that it has the full authorization of each individual attempting to access its data and information. Granting of privileges and rights to unrecognized personnel should be ceased. Moreover, the company must halt its transactions of business and information with customers who appear to be suspected of any malicious operation.

References

Novinson, M. (2019, December 28). Blue-Chip MSP Synoptek Hit By Ransomware, Paid Ransom To 'Extortionists:' Report. Retrieved from https://www.crn.com/news/security/blue-chip-msp-synoptek-hit-by-ransomware-paid-ransom-to-extortionists-report

Hashim, A. (2020, January 5). Cloud Hosting And IT Service Synoptek Suffered Ransomware Attack. Retrieved from https://latesthackingnews.com/2020/01/05/it-service-synoptek-suffered-ransomware-attack/

Paganini, P. (2020, January 5). California IT service provider Synoptek pays ransom after Sodinokibi attack. Retrieved from https://securityaffairs.co/wordpress/96017/malware/sodinokibi-ransomware-attack.html

Goud, N. (2019, December 30). IT Services provider Synoptek hit by ransomware. Retrieved from https://www.cybersecurity-insiders.com/it-services-provider-synoptek-hit-by-ransomware/

Cavelty, M. D. (2010). Cyber-security. The routledge handbook of new security studies, 154-162.

Black, P. E., Scarfone, K., & Souppaya, M. (2008). Cyber security metrics and measures. Wiley Handbook of Science and Technology for Homeland Security, 1-15.