Why is having secure systems so important to a firm's success? Is getting hacked actually detrimental to a company? Why are financial firms a big target for attacks?
Creating and maintaining exceptionally secure systems is important for a firm in order to pass audits and avoid being hacked. Secure systems can also aid your firm in becoming a more reliable company in order to draw in customers and keep their business overtime.
The Effects on Being Hacked
Being hacked can have drastic and permanent effects on a company’s business and reputation. In May of 2020, Fresenius, Europe’s largest private hospital operator, had a ransomware attack on their technology systems. An anonymous reader said that the ransomware was of a new strain which is “used to shake down large businesses, holding their IT systems and data hostage in exchange for payment in a digital currency such as bitcoin” (Krebs On Security, 2020).
Fresenius has admitted to the public that the attack has had impacts on basically all of their operations around the world and that they are doing their best to limit the spread of the attack. This attack goes along with many others directed towards healthcare companies amidst Covid-19. The article stated that hackers “may seek to obtain intelligence on national and international healthcare policy or acquire sensitive data on COVID-19-related research” or could potentially “use ransomware to hold hospitals and medical services digitally hostage, preventing them from accessing vital files and systems until a ransom is paid."
Fresenius will continue to work hard in ensuring that the attack will not spread and impact any more of their future operations. However, the impact has already been made and it will take a long time for Fresenius to completely recover from the attack.
Threats to Financial Firms
Attacks on financial firms have increased dramatically amidst the pandemic. One article said that “The Financial Industry Regulatory Authority (FINRA) has issued nine notices regarding the ongoing and widespread cybersecurity threats facing the industry since the COVID-19 pandemic began – and only issued seven cybersecurity notices in the 14 years before the pandemic” (JD Supra, 2020).
Although the financial industry is not the only industry being attacked, “Cybercriminals likely view [financial] companies as deep-pocket organizations that would be willing to pay significant sums in exchange for the return of confiscated information and for the restoration of their networks in response to a ransomware attack.” Since there is a lot at stake especially for financial firms in regard to cybersecurity threats, it is vital that firms continue to push for increased security training and developed tools and products that can help to prevent attacks.
Increasing Overall Security
Your firm’s systems may never be perfectly secure. However, doing everything you can to increase security can help your firm pass audits, fight against hackers and appear more reliable to consumers. Loffa has products that can help you to strengthen your internal processes and ensure that you will pass audits which will, in turn, lead to maximizing profits and reducing threats.
“Europe's Largest Private Hospital Operator Fresenius Hit by Ransomware.” Brian Krebs, krebsonsecurity.com/2020/05/europes-largest-private-hospital-operator-fresenius-hit-by-ransomware/.
“Financial Services Employers Face Significant Increase In Cybersecurity Threats.” JD Supra, www.jdsupra.com/legalnews/financial-services-employers-face-12962/.