Ransomware attack at a national accounting firm
A well-known Canadian accounting company’s operations were ground to a digital halt after a cyberattack on its systems in mid-April.
This major firm was victim to a malware attack that penetrated their network, forcing employees to remain offline for at least one week to avoid further infection.
Ransomware attacks like these use encryption technology to lock and prevent users from accessing their files and information.
These cybercriminals then demand a ransom payment to restore access to the system.
The malware probably gained access to the accounting firm’s system through operating system susceptibilities, malicious email attachments, software downloads, or phishing spam.
The reality is that ransomware attacks have grown at an alarming rate in recent years, costing Canadian companies a total of $2.3B in 2019.
This leaves businesses – both small and large – vulnerable to dangerous and costly malware incidents.
As we can see in this firm-wide shutdown, cybersecurity attacks cause major disruption to business operations and profitability including:
- Losing revenue amid employee downtime,
- Incurring expenses to repair compromised devices and other recovery costs, and
- Damaging customer satisfaction, employee morale, and your business’s reputation.
Not only that, but ransomware often uses the theft of sensitive data as leverage.
A similar ransomware incident in Manitoba left two law firms locked out of their computers, emails, work applications, and cloud back-ups, putting the privacy of their clients and their ability to perform legal services at great risk.
Safely restoring this data will pose significant financial hardships for these firms.
Whether the attack on the accounting giant involved a data breach and leaked client records will be determined upon further investigation.
Nonetheless, these occurrences beg the question: how can businesses protect themselves from the serious threat of ransomware and similar cyberattacks?
Protecting your business from cyber attacks
The extent of damage ransomware can cause is linked to how well-protected a business is from a security standpoint.
The following strategies could have helped the accounting firm to mitigate the effects of the attack:
- Employ dependable, up-to-date antivirus software and firewall across all business endpoints.
- Update your software and operating system routinely to ensure you are receiving the benefit of updated security patches.
- Utilize mail server content scanning to filter and block any malware-infected attachments.
- Get a corporate data backup of all your files consistently to allow for easy restoration in the event of an attack.
- Develop a security awareness campaign and educational program for end users to underscore the importance of cyber safe practices (e.g., avoiding suspicious links, and spotting phishing emails).
- Implement MFA and password manager solutions so that employers adopt healthy data security practices, and avoid activities like password sharing and its risks.
In addition to implementing these practices, a multi-faceted security solution can actually be the best form of defence against ransomware.
Wingman Solutions’ proactive approach
Using a Managed Service Provider like Wingman Solutions can equip your business with the right tools to prevent and ward off ransomware attacks. Mapping your business’s digital landscape is a crucial first step.
By beginning with an in-depth security consultation of your organization’s IT infrastructure, we can pinpoint any security gaps your system may have.
Identifying unexpected and unique threats with agility and speed is also imperative.
With vigilant monitoring, auditing, and support, Wingman Solutions can quickly resolve security issues in real-time before they even reach your company’s end users.
Wingman Solutions’ best practices include Identity and Access Management (IAM) to define roles and access privileges within your organization, as well as using a network security platform to safeguard all endpoints, like workstations, laptops, smartphones, and tablets.
Wingman Solutions utilizes industry-leading antivirus solutions that have been proven to protect organizations in a variety of sectors, including healthcare, finance, education, and energy.
By using artificial intelligence and machine learning technologies, Wingman Solutions can effectively combat the entire cyber threat lifecycle facing your business.
A robust cybersecurity strategy is no longer a “nice to have” – it is essential for all businesses. We believe there is no better time than now to begin building your company’s cybersecurity capacity.
