It can be easy for any organization to focus only on its own concerns and challenges. But irrespective of industry or location, one thing that unites businesses is the constant threat of a cyberattack and the damage it might cause.
When sovereign wealth fund companies state cybersecurity is more of a concern than the market, or when Africa launches a new cross-continent cybersecurity center, it’s clear that cybersecurity is a global concern.
Cybersecurity – now of Greater Concern than Markets in Sovereign Wealth
When the Chief Executive of the world’s largest sovereign wealth fund states that he is now more worried about cybersecurity than markets, no organization can afford not to take cybersecurity seriously again. And that is precisely what happened this month, when Nicolai Tangen of Norges Bank Investment Management, which has $1.2 trillion in assets, admitted his company faced at least three serious cyberattacks every day.
The scale of the cyber threat only becomes apparent when you consider how important the markets are to sovereign wealth. Norges Bank Investment Management recorded its worst-ever loss in the first half of 2022, shrinking by $174 billion – yet the Chief Executive still stated that cybersecurity was the biggest concern.
Related Reading: MFT for Finance & Banking | Financial Services File Transfer
What to do in the Event of a Data Breach?
Data breaches are becoming more and more frequent. Each day that passes, it seems that another organization has fallen victim. The latest example of this is the video streaming service Plex, in what has been a very widely documented breach.
The hack allowed usernames, email addresses, and encrypted passwords to be stolen from the Plex servers. Users of the service were emailed that the company had found suspicious activity and that they should change their passwords. All payment information was said to be safe.
Any organization can be the victim of a data breach, but the key to minimizing any damage is having the right processes in place. In this case, Plex acted swiftly to contact its customers and to advise on the best course of action. Related Reading: How to Prevent Data Breaches with GoAnywhere
Ransomware Hackers Target French Hospital
That cyber criminals have no problem targeting even the worthiest of institutions is no surprise to anyone in the industry. But it still jars when you see that a health provider or other emergency service has been breached.
This month saw ransomware hackers target a hospital in Paris, France. The criminals have demanded $10M as a ransom, and the attack has left the hospital – which covers a population of about 600,000 - struggling to provide emergency services. Furthermore, nurses are managing patient data and prescriptions manually as they seek to maintain operations in the face of the attack.
Hospitals and health providers are obvious targets for hackers, given the type and volume of data they maintain. A typical health record holds great value on the black market, and the sensitivity of information makes it very vulnerable to blackmail. Since attackers have no scruples about such an attack, it is even more critical for hospitals to be well-protected and have the proper processes in place to mitigate any attack.
Related Reading: GoAnywhere MFT Healthcare
Time to Address the Common Cybersecurity Mistakes
On the topic of ransomware, a new study has revealed that more than 80% of ransomware incidents can be attributed to misconfigured cloud services, untested security tools, and the enablement of macros. Microsoft’s new Cyber Signals report states that if these cybersecurity errors were correctly managed, most victims could be prevented from falling prey to attacks.
These are the common areas cyber criminals look for when considering an attack, and not addressing them leaves organizations more vulnerable. But ransomware is a complex threat to stay protected against, even when an organization is not making the common mistakes cited in the report.
Employees need help from their employers to stay protected. This should include regular training in recognizing ransomware, ongoing cybersecurity hygiene tips, and established processes so people know what to do if they believe they have been the victim of an attack.
Cybersecurity Center to Address African Cybercrime
The days when cyber criminals restricted their attacks to the U.S., Europe, and South-East Asia are long behind us. Countries in South America and Africa are now just as vulnerable as their counterparts elsewhere in the world. Cybercrime is estimated to cost Africa $4 billion a year.
Such a big problem requires collective action. That’s the thinking behind a new cybersecurity center in Togo, the African Centre for Coordination and Research in Cybersecurity. Established as a partnership between the government and the United Nations Economic Commission for Africa (Uneca), the center will monitor, detect, and share cybersecurity intelligence with African governments, policymakers, law enforcement, and security agencies.
The center’s overarching goal is to make cybersecurity a top priority for African nations. As cyber criminals' sophistication and geographic reach increase, anything that can be done to restrict their activity can only be a positive.
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With fresh ransomware attacks and cyber criminals’ global expansion, there has never been a more opportune time for organizations to tighten their cybersecurity.
The right MFT can play a significant role in that, and we believe GoAnywhere is the best around. We would say that, though – so why not try it yourself? Visit here for a free, no-obligation trial of GoAnywhere, and see for yourself how it can help.