Armata Cyber Security’s Post

"According to the research, security leaders report that they are increasingly being targeted by ransomware actors, averaging nearly eight incidents per year and paying out an average of just under $2.5 million in ransom payments." https://lnkd.in/e4eem9bE #Security #Government #Ransomware #Cybersecurity #Ransom #GovernmentSector

In short, bad guys suck. With that said, read on into this insightful explanation of how the market is changing for this portion of the cyber security landscape.

So many techniques are used by hackers to put more pression on your business when they hit you with a ransomware. You should not pay for their ransom as you have no guarantee to receive your data back. How can you avoid being in this situation❓ Invest money to implement strong measures in place. Leverage the power of AI to help you optimize the detection and response in your activities. Train your staff with awareness workshops. #cybersecurity #ransomware #ai #ceo https://lnkd.in/dqJuZRrx

Add tattling to ransomware tactics. MerdianLink, a finance tech company headquartered in California, supposedly got hit with ransomware. How do we know? The malicious actors reported them to the SEC! The breach transparency rule hasn’t gone into effect yet, but criminals aren’t ones for keeping track of official laws are they? Interesting tactic but not surprising. At the end of the day malicious actors want to get paid and they’ll do just about anything to meet that end. It’s wonderful that there are so many people willing and able to help company’s stay safe. Happy Holidays, and may all your cybersecurity programs be well funded and well staffed! https://lnkd.in/g6nc8nsD #cybersecuritynews #ransomware #jobsintech

Check out the FINRA publication about Lockbit ransomware. 3rd party vendor management is essential for maintaining a robust cybersecurity posture and a resilient business. Here are the crucial reasons why 3rd party vendor risk management is a crucial cybersecurity control that every organization needs to have: Extended Attack Surface - Third-party vendors often have access to an organization's systems, networks, or data. Any vulnerabilities or weaknesses in the security practices of these vendors can become entry points for cyber attackers. Effective management ensures that vendors meet the same security standards as the organization itself. Data Security and Privacy Compliance- Many industries have specific regulations and compliance requirements related to data security and privacy. Organizations are responsible for ensuring that their third-party vendors also adhere to these regulations. Failure to do so can result in legal consequences and damage to the organization's reputation. Business Continuity and Resilience - Dependence on third-party vendors for critical services means that disruptions to a vendor's operations can impact the organization's business continuity. Vendor management involves assessing the resilience of vendors and establishing contingency plans to mitigate potential disruptions. Contractual Agreements - Vendor management involves establishing clear contractual agreements that define security expectations, responsibilities, and consequences for non-compliance. These agreements set the framework for cybersecurity practices and provide legal recourse in case of breaches. Incident Response Coordination- In the event of a cybersecurity incident, effective communication and coordination with third-party vendors are critical. Vendor management ensures that there are established protocols for incident response and that vendors are prepared to collaborate in resolving security issues promptly. Continuous Monitoring and Assessment-Cyber threats and vulnerabilities evolve over time. Regular monitoring and assessment of third-party vendors are essential to ensure that their security measures are updated and effective against emerging threats.

Ransomware on the Move: #RAWorld, #KillSec, #8Base, #Medusa - Halcyon publishes a quarterly #RaaS and data extortion guide, Power Rankings: Ransomware Malicious Quartile. Here's the #ransomware on the move last week... https://lnkd.in/gyjj_cGF #cybersecurity #infosec #security

Here's an interesting piece from our Head of Consulting Richard Frost on how organizations should respond after their #cybersecurity has been #compromised and the #cyberattackers are now holding #Data for #ransom and/or #extortion

My latest article in the Wealth Solutions Report discusses how Cyber criminals are using the SEC Reporting Rules to extort ransoms from companies. See how this can effect your #wealthmanagement firm! https://lnkd.in/eCpamVyP

In the face of rising cyber threats, the discussion around banning ransom payments gains traction. How will this impact our approach to cyber threats? This article in Cybersecurity dive sheds light on the potential implications. https://bit.ly/3ueP2yG #Allegiant #infosec #cybersecurity #MSSP

Can your business afford the true cost of a ransomware attack? The actual cost of a ransomware attack on a business extends far beyond the immediate financial impact of the ransom itself. It encompasses a wide range of direct and indirect expenses and consequences, including: - Operational Downtime: The time systems are offline can lead to significant losses in productivity, sales, and service delivery. - Recovery Costs: Expenses related to data recovery efforts, system repairs, and the deployment of emergency cyber security measures can be substantial. - Reputational Damage: The loss of customer trust and damage to the company's brand can have long-lasting effects on business prospects. Increased Insurance Premiums: Companies may face higher premiums for cyber insurance policies post-attack. - Legal and Compliance Costs: Potential legal fees and fines associated with data breach laws and regulations. - Enhanced Security Measures: Investments in upgrading cyber security infrastructure and training employees represent additional costs. Taking a proactive approach to cybersecurity, focusing on prevention and preparedness, is undoubtedly the best strategy for your cybersecurity efforts. #cyberresilience #ransomware #proactivesecurity #cybercommunity #threatvulnerabilitymanagement